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The Cuban peso (in Spanish peso cubano, ISO 4217 code: CUP) also known as moneda nacional, is the official currency of Cuba.. The Cuban peso historically circulated at par with the Spanish-American silver dollar from the 16th to 19th centuries, and then at par with the U.S. dollar from 1881 to 1959.
Country or currency union Central bank interest rate (%) Change Effective date of last change Average inflation rate 2017–2021 (%) by WB and IMF [1] [2] as in the List Central bank interest rate
The Central Bank of Cuba (Spanish: Banco Central de Cuba, BCC) is the central bank of Cuba. It was created in 1997 to take over many of the functions of the National Bank of Cuba (Spanish: Banco Nacional de Cuba ), which was established on 23 December 1948 [ 2 ] and began operations on 27 April 1950.
The economy of Cuba is a planned economy dominated by state-run enterprises. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. In the late 2010s, private property and free-market rights along with foreign direct investment were granted by the 2018 Cuban constitution.
TIIE (Spanish: Tasa de interés interbancaria de equilibrio, English Interbank Equilibrium Interest Rate) is a reference rate for the currency Mexican peso. The TIIE is a representative rate of credit operations between banks and is calculated by the Bank of Mexico .
Cuba and the Soviet Union signed a trade agreement according to which the Soviet Union would provide 900,000 tons of oil to Cuba. [15]: 40 The United States viewed the agreement as a provocation, and successfully urged Esso, Texaco, and Shell to refuse to process Soviet crude in their Havana and Santiago de Cuba refineries.
The National Center for Foreign Commerce (Spanish: Centro Nacional de Comercio Exterior, CENCOEX), [2] formerly the Commission for the Administration of Currency Exchange (Comisión de Administración de Divisas CADIVI), is the Venezuelan government body which administers legal currency exchange in Venezuela.
In July 2006, Fidel's younger brother, Raúl Castro, took over as acting President of Cuba and in 2008, Raúl became official President of Cuba. In 2009, Argentine President Cristina Fernández de Kirchner paid a visit to Cuba and visited with both Fidel and Raúl Castro. President Fernández de Kirchner would re-visit Cuba in 2013. [9]