History of Cuban peso

1914165438+17 October, the Cuban peso was pegged to the US dollar, which was equivalent to the US dollar. Since 196 1, the Cuban peso has been pegged to the pound. The Cuban peso is no longer pegged to the pound. On June 1978, the Cuban peso began to float. Since the 1980s, the Cuban peso has been changing with the ups and downs of the US dollar. At the end of 1980, the Cuban peso exchange rate was 1 USD 0.7045, and at the end of 1 USD 0.797.

Around 1993, the Cuban government began to allow the direct circulation of US dollars in Cuba, which facilitated the government to withdraw US dollars. Since then, the exchange rate between the US dollar and the Cuban peso has remained at 1 26. Around 2005, Cuba banned the circulation of US dollars and had to use convertible pesos. This peso is different from the Cuban peso, which is equivalent to the foreign exchange certificate in the early days of China's reform and opening up. Before 2005, the exchange rate with the US dollar was 1 to 1, which was equivalent to the US dollar. After 2005, because the US dollar can't circulate, foreigners or Cubans have to exchange US dollars at the price of 1 to 0.8 convertible pesos to spend. This is equivalent to an appreciation of 20% in cuban convertible peso.

Cuba has a multi-level market, and the consumption occasions of Cuban peso and convertible peso are different. Cubans generally spend in Cuban pesos and use vouchers. Foreigners generally spend in convertible pesos in Cuba, which is very expensive.