The
convertible peso (sometimes given as
CUC$) (informally called a
cuc or
chavito), is one of two official currencies in
Cuba, the other being the
peso. It has been in limited use since 1994, when it was treated as equivalent to the
U.S. dollar: its value was officially US$1.00. On 8 November 2004, the U.S. dollar ceased to be accepted in Cuban retail outlets leaving the convertible peso as the only currency in circulation in many Cuban businesses. Officially exchangeable only within the country, its value was increased to US$1.08 on 5 April 2008, and reverted to US$1.00 on 15 March 2011. The convertible peso is, by the pegged rate, the twelfth-highest-valued currency unit in the world and the highest valued "
peso" unit.