the Cuban peso
, or CUP, and the convertible peso, or CUC), and the creation of wholesale markets where nonstate producers (e.
TOP TIP Cuba has two currencies - the convertible peso (CUC) and the Cuban peso
So for the moment there is the convertible peso (CUC) and the Cuban peso
Whereas, one Cuban CUC is worth one American dollar, one Cuban peso
currently is worth 3.
Currencies highlighted by this initiative are the Cuban Convertible Peso or CUC and the Cuban Peso
or CUP (national currency) whose exchange rate varies from 1 CUC to 24 CUP for the population and 1 to 1 in the entrepreneurial sector.
The still-to-be-established date will end the simultaneous circulation of two currencies (the Cuban peso
and the convertible peso) and is a measure that, according to the communist government, has been considered necessary for two decades to make the economy more efficient.
Stephen Hart contemplates Cuban santeria from the complexities of a double economy and points out the existence of a third, "supernatural economy" that intersects with the "money economy," itself bifurcated between the Cuban peso
economy and the more lucrative CUC/tourist economy and its "peso convertible" (worth 24 Cuban pesos
In this system, most Cubans are paid in the Cuban peso
, or CUP.
In his first speech as president in February 2008, Raul promised to make the government smaller and more efficient, to review the potential revaluation of the Cuban peso
, and to eliminate excessive bans and regulations that curb productivity.
What it is likely to accomplish is the further flight from the Cuban peso
into convertible currencies such as North American dollars and European euros.
While the message of no major political change was clear, Raul indicated at least one economic change was being contemplated: revaluation of the Cuban peso
, the national currency.
Cuba even uses a dual currency: for tourists, the convertible peso, which matches the dollar, and for its citizens, the Cuban peso
, at about 24 pesos to the dollar.