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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: its value was officially US$1.00. 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 was increased to US$1.08, still current , on the same date, and reverted to US$1.00 on 15 March 2011. 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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