AWG to CUC

AWG - Aruban Florin (AWG)

Aruban Florin

The Aruban Florin is pegged to the US Dollar at 1.79 Florin = 1 USD. The Central Bank of Aruba issues the currerncy. Aruba is a 33-km long island in the southern Caribbean Sea, 27 km north of the coast of Venezuela and approximately 130 km east of the peninsula of Guajira in Colombia. Together with Bonaire and Curacao, it is part of a group known as the ABC islands of the Leeward Antilles, the southern island chain of the Lesser Antilles.

The Aruban Florin is the currency in Aruba (AW, ABW). The Aruban Florin is also known as the Aruba Guilder, and the Aruban Gulden. The symbol for AWG can be written Afl. The Aruban Florin is divided into 100 cents. The exchange rate for the Aruban Florin was last updated on May 24, 2019 from Yahoo Finance. The AWG conversion factor has 3 significant digits.

Economy

• Aruba enjoys one of the highest living standards in the Caribbean region and has a low unemployment rate.
• Tourism and related activities account for about 75% of Aruba’s GNP. Most tourists are from Venezuela or the United States.
• Before the “Status Aparte”, when Aruba became a separate, completely autonomous country/state in the kingdom of the Netherlands, oil processing was the dominant industry in spite of the expanding tourism sector.
• Today the influence of the oil processing business is minimal. The agricultural and manufacturing sectors are also minimal.

History

• In 1986, the Aruban Florin replaced the Netherlands Antillean Guilder, inheriting its peg to the United States Dollar. Coins were introduced in denominations of 5, 10, 25 and 50 cents, as well as 1 and 2½ guilders. Later, the 5-florin note was replaced by a square coin and the 2½ guilder coin was discontinued.
• In 2005 the 5-florin note was replaced by a gold coin. All coins are struck in nickel-steel except the 5-guilder, which is a combination of copper and other metals. The 50-cent coin is the only square coin and is also known as the Yotin.

More information about AWG - Aruban Florin (AWG)

CUC - Cuban Convertible Peso (CUC$)

Cuban Convertible Peso

The Cuban Convertible Peso (CUC) is one of two currencies used in Cuba. The other currency is simply called the Cuban Peso and has been in limited use since 1994. Retail stores and other businesses mainly use the Cuban Convertible Peso. The Convertible Peso can only be exchanged in Cuba itself. It is pegged to the US Dollar at par. The Convertible Peso is rated as the strongest Peso currency, as well as the 10th highest currency worldwide.

The Cuban Convertible Peso is the currency in Cuba (CU, CUB). The exchange rate for the Cuban Convertible Peso was last updated on Today from The International Monetary Fund. The CUC conversion factor has 6 significant digits.

Economy

• Cuba’s economy is run by the state and seen as a planned economy.
• The majority of the labor force works for the government. The unemployment rate is 1.7%.
• Services account for 74% of the total GDP.
• Top industries are tobacco, petroleum, steel, cement, pharmaceuticals, construction, nickel, agricultural machines, and sugar.
• Export products are tobacco, shellfish, coffee, citrus, and medical products.
• Import products are chemicals, equipment and machinery, food, and petroleum.
• Cuba recently started attracting world-class pharmaceutical and biotechnology industries.
• 80% of Cuba’s food is imported.
• Tourism is growing rapidly, however the retail sector in Cuba is poorly run.
• The Netherlands is the largest importer of Cuban products.

History

• In 1994, the Cuban Convertible Peso was introduced alongside the existing Cuban Peso.
• Until 2004, Cuba used the Peso (CUP) for non-luxury items and staples; the Convertible Peso and the US Dollar were used mainly in the tourism trade and for luxury items.
• In 2004, the USD was take off the market due to sanctions. A 10% tax was charged for converting USDs to convertible pesos. This tax does not apply to any other currency.
• In 2011, Cuba pegged the Convertible Peso to the USD at par.

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