The convertible peso (sometimes given as CUC$) (informally called a 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. On November 8, 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 is currently pegged to $1.08 U.S. The convertible peso is, by the pegged rate, the tenth-highest-valued currency unit in the world and the highest valued "peso" unit.
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