KES to CUC

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.

More information about CUC - Cuban Convertible Peso (CUC$)

KES - Kenyan Shilling (Ksh)

Kenyan Shilling

The Kenyan Shilling is the official currency of Kenya, an East African nation that lies on the equator, with the Indian Ocean to its south-east. It is bordered by Tanzania to the south, Uganda to the west, South Sudan to the north-west, Ethiopia to the north, and Somalia to the north-east.

The Kenyan Shilling is the currency in Kenya (KE, KEN). The symbol for KES can be written K Sh. The Kenyan Shilling is divided into 100 cents. The exchange rate for the Kenyan Shilling was last updated on May 24, 2019 from Yahoo Finance. The KES conversion factor has 5 significant digits.

Economy

• Kenya has traditionally been a liberal market with minimal government involvement (such as price controls) in the oil industry. However, recent legislation allows the government to establish price controls for staples such as maize flour, kerosene, and cooking oil.
• Since May 2010, the economic outlook has been positive, with 4-5% GDP growth expected due to the expansion of tourism, telecommunications, transportation, and construction, as well as a recovery in the agriculture sector.
• The World Bank predicts 4% growth in 2010 and potential growth of 4.9% in 2011.
• In March, 1996 the presidents of Kenya, Tanzania, and Uganda re-established the East African Community (EAC). The objectives of the EAC include harmonizing tariffs and customs regulations, free movement of people, and improvement of regional infrastructures.
• In March 2004, the three East African countries signed a customs union.

History

• In 1966, the Kenyan Shilling replaced the East African Shilling at par. The first coins were issued that year in denominations of 5, 10, 25, and 50 cents and 1 and 2 shillings.
• Twenty-five cents coins were minted after 1969, and 2-shilling coins in 1971.
• In 1985, 5-shilling coins were introduced, followed by 10-shilling coins in 1994 and 20-shilling coins in 1998.
• Between 1967 and 1978, the portrait of Jomo Kenyatta, Kenya's first president, appeared on the front of the currency.
• From 1980 to 2005, a portrait of Daniel arap Moi replaced Kenyatta.
• In 2005 the central bank introduced a number of new coins that restored the portrait of Kenyatta. The stainless steel coins are valued at 50 cents and 1 shilling and the bimetallic coins at 5, 10, and 20 shillings.
• In 2003, a bi-metallic 40-shilling coin was issued with the portrait of President Kibaki to commemorate the fortieth anniversary of independence (1963-2003).
• New coins with the image of Kenyatta were minted in 2005.

More information about KES - Kenyan Shilling (Ksh)