Cuban Convertible Peso

Cuban Convertible Peso

Currency Code

CUC

ISO 931

Symbol

CUC

Native: $

Decimal Digits

2

Rounding: 0

Countries

CU

Using this currency

Currency Units

Major Unit

Name: convertible peso

Symbol: $

Minor Unit

Name: centavo

Symbol: ¢

Value: 0.01

Banknotes

Frequently Used

$1$3$5$10$20$50$100

Coins

Frequently Used

1¢5¢10¢25¢50¢$1

Rarely Used

$5

Plural Forms

English Plural

Cuban Convertible Pesos

Native Plural

Cuban Convertible Pesos

Overview

The Cuban Convertible Peso was Cuba's secondary currency from 1994 to 2021, pegged to the US dollar. It was officially discontinued in January 2021 as part of Cuba's monetary unification process, leaving only the Cuban peso (CUP) in circulation.

Economy

  • Cuba is a member of Non-Aligned Movement, Group of 77, CELAC.
  • Main industries include: Petroleum, Nickel, Cobalt, Pharmaceuticals, Tobacco, Construction, Steel, Cement, Agricultural machinery, Sugar.
  • Cuba is part of the World Trade Organization.
  • Imports are petroleum, food, machinery, chemicals.
  • Major exports include petroleum, nickel, medical products, sugar, tobacco, fish, citrus, coffee.
  • GDP: $107.4 billion (2020 est.).
  • GDP per capita: $9,478 (2020 est.).
  • Unemployment rate: 2.6% (2017 est.).
  • Inflation rate: 5.5% (2017 est.).
  • Main trading partners: Venezuela, China, Spain, Canada, Brazil, Netherlands.
  • Trade agreements: Limited due to US embargo, Various bilateral agreements.

History

  • Previous currencies used: US dollar (circulated alongside), Cuban peso (CUP continued parallel).
  • The CUC was introduced in 1994 during Cuba's 'Special Period' economic crisis as a parallel currency to the Cuban peso, initially pegged to the US dollar at par.
  • 1994: CUC introduced alongside CUP during economic crisis
  • 2004: US dollar banned from circulation, CUC became sole hard currency
  • 2011: Economic reforms announced under Raúl Castro
  • 2020: Monetary unification process announced
  • 2021: CUC officially discontinued, CUP became sole currency
  • Exchange rate peg: USD (1994-2021) at 1:1 parity.
  • Currently pegged to USD (was 1:1, currency discontinued) at 1.00 (discontinued January 2021).

General Information

  • ISO 4217 Code: CUC
  • Symbols: CUC/$
  • Currency Subunits: 100 centavos
  • Central Bank: Central Bank of Cuba
  • Monetary Policy: Currency was discontinued in 2021 as part of monetary unification, replaced by unified Cuban peso (CUP) system.
  • Bills: 1 CUC, 3 CUC, 5 CUC, 10 CUC, 20 CUC, 50 CUC, 100 CUC
  • Coins: 1 centavo, 5 centavos, 10 centavos, 25 centavos, 50 centavos, 1 peso
  • USD Exchange Rate: 1.00 (discontinued January 2021)
  • Pegged To: USD (was 1:1, currency discontinued) at 1.00 (discontinued January 2021)
  • Capital: Havana
  • Population: 11,212,191 (2023 est.)
  • Area: 110,860 km²
  • Languages: Spanish (official)
  • Time Zones: UTC-5 (Cuba Standard Time)
  • Government Type: Communist state
  • Head of Government: President (head of state and government)
  • Independence: May 20, 1902 (from Spain)
  • Ethnic Groups: White 64.1%, Mulatto or mixed 26.6%, Black 9.3%
  • Religions: Christian 58.9%, Folk religion 17.6%, Other 0.4%, None 23.2%
  • Literacy Rate: 99.8% (2015 est.)
  • Transport: José Martí International Airport, limited road network, railway system, major ports
  • Communications: Limited telecommunications, 68% internet penetration, restricted mobile access
  • Energy: Oil 93%, Hydroelectric 0.6%, Other renewables 6.4%
  • Countries Using This Currency: Cuba
  • Data Sources: Central Bank: Central Bank of Cuba (discontinued currency), Economic Data: National Office of Statistics Cuba, World Bank estimates, Trade Data: Ministry of Foreign Trade and Investment, Demographic Data: National Office of Statistics Cuba, Geographic Data: Institute of Meteorology Cuba, Historical Data: Central Bank of Cuba archives
  • Last Updated: 2025