CUP meaning in Country Currency ?

Answer:

What is Cuban Peso mean?

The Cuban peso (in Spanish peso cubano, ISO 4217 code: CUP) also known as moneda nacional, is the official currency of Cuba.

Until 1 January 2021, there were two currencies in use in Cuba, each called a peso. One was the "Cuban peso"; the other, the Cuban convertible peso (ISO 4217 code "CUC", often called "dollar" colloquially). Each currency was subdivided into one hundred centavos. The CUC was pegged to the US dollar at par, while the CUP was 25 CUP = 1 CUC = US$1, for cash exchanges. Neither currency was traded internationally, and neither could be bought in advance outside Cuba. Both importation and exportation of CUCs is prohibited.

On 10 December 2020, it was announced that CUCs would gradually be withdrawn from circulation, beginning 1 January 2021, leaving the CUP as the only currency in circulation, pegged at US$1 = 24 CUP. From that date, CUCs could only be exchanged in banks or CADECAs, or used in certain shops. This move technically devalued the peso, compared to the "official" 1:1 rate used by Cuban state-owned businesses.

Prior to unification of the currencies on 1 January 2021, Cuban state workers received their basic wages in CUPs, but some also received a portion of their salary in CUCs. Until 2014, most shops accepted payment only in one of the two currencies, depending on whether they were selling staple domestic goods or imported goods. From 2014, many state-owned shops began to accept either currency, in preparation for future unification of the two currencies.

CUC coins are distinguishable from CUP coins, as CUC coins have an octagonal shape within the outer round rim. The only exception is the most common CUP coin, the 1 CUP peso, which also has this octagonal shape; while CUC currency shows monuments, and CUP bills have portraits.

reference

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