Cuban peso

Common card · No. 232335

The Cuban peso (peso cubano in Spanish, ISO 4217 code: CUP) also known as moneda nacional (Spanish for 'national currency'), is the official currency of Cuba. The Cuban peso was established by a Cuban law on October 29, 1914. It began circulating in 1915 at parity with the U.S. dollar until 1959–1960. The Castro government then introduced the socialist planned economy and pegged the peso to the Soviet ruble. The Soviet Union's collapse in 1991 resulted in what the Castro government called a "Special Period" of difficult economic adjustments for Cuba. From 1994 to 2020 the Cuban peso co-circulated with the Cuban convertible peso (ISO 4217 code "CUC"; colloquially pronounced "kook" in contrast to the CUP, often pronounced "koop"), which was convertible to and fixed against the U.S. dollar, and which was generally available to the public at a rate of US$1 = CUC 1 = CUP 25. State enterprises under the socialist planned economy, though, were entitled to exchange CUPs into CUCs and U.S. dollars...

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