Provide details on the Cuban currency
There are two types of official currency that are used in Cuba, which are Cuban peso and convertible peso. Depending on a particular kind of shop, one of them might be more accepted than the other.
Cuban peso is referred to as “national currency”, and it is used to buy and sell basic goods and services. Most of the wages of state workers are paid in this currency, and it is accepted in shops that sell local products and everyday necessities. At the same time, Cuban peso might not be accepted in shops that are specialized in imported goods and the tourist industry.
Convertible Cuban peso was initially introduced to be used by foreign diplomats and tourists. The exchange rate of this currency is fixed against the United States dollar, so one convertible peso is always equal to one American dollar. Convertible peso is widely used in the tourism industry and can be exchanged with other world currencies in state banks. Learning about the specifics of the work of Cuban banks might help visitors to save money, obtaining convertible peso, as the commission might depend on a particular currency. At the same time, the exchange rates in the country are set by the government and do not differ among banks.
Thus, visitors of the country mostly use convertible peso, whereas Cuban citizens have regular Cuban money. The rate of convertible peso to regular peso is twenty-five to one, but it has changed historically. American dollars and other foreign currencies are not accepted in the country and need to be exchanged to convertible peso. The Cuban government announced that it has plans for the unification of its financial system, but for now, the situation regarding the Cuban currency remains the same.
"Provide details on the Cuban currency." Custom-Writing, 30 Mar. 2020, custom-writing.org/qna/details-on-the-cuban-currency/.
1. Custom-Writing.org. "Provide details on the Cuban currency." March 30, 2020. https://custom-writing.org/qna/details-on-the-cuban-currency/.
Custom-Writing.org. "Provide details on the Cuban currency." March 30, 2020. https://custom-writing.org/qna/details-on-the-cuban-currency/.
Custom-Writing.org. 2020. "Provide details on the Cuban currency." March 30, 2020. https://custom-writing.org/qna/details-on-the-cuban-currency/.
Custom-Writing.org. (2020, March 30). Provide details on the Cuban currency. Retrieved from https://custom-writing.org/qna/details-on-the-cuban-currency/
Custom-Writing.org. (2020) 'Provide details on the Cuban currency'. 30 March.