NAD 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$)

NAD - Namibian Dollar ($)

Namibian Dollar

The Namibian Dollar is the official currency of Namibia. After the country gained its independence in 1990, the Dollar was introduced in 1993 to replace the South African Rand. The Rand is still legal tender, since the Namibia Dollar is pegged to the Rand.

The Namibian Dollar is the currency in Namibia (NA, NAM). The symbol for NAD can be written N$. The Namibian Dollar is divided into 100 cents. The exchange rate for The Namibian Dollar was last updated on May 24, 2019 from Yahoo Finance. The NAD conversion factor has 5 significant digits.

Economy

• Namibia’s economy is dependent on mining and developing minerals for export.
• Mining accounts for 20% of Namibia’s GDP. Its valuable diamond deposits make Namibia the primary source of gem-quality diamonds.
• Namibia is the fourth-largest exporter of non-fuel minerals in Africa, produces large amounts of zinc, lead, tin, tungsten, and silver, and is the fifth-largest uranium producer.
• Almost half of the population depends on agriculture for survival.
• Privatization of Namibian enterprises is one of the reasons for future investment.

History

• The South African Rand was the official currency from 1920 to 1990. The Rand is still considered legal tender in Namibia; the Namibia Dollar is pegged to the Rand at a rate of 1:1.
• Namibia was a member of the Common Monetary Area after it gained independence in 1990 until the introduction of the Namibia Dollar in 1993.
• In September 15, 1993, the first banknotes were issued by the Bank of Namibia; the first coins were introduced in December of the following year.

More information about NAD - Namibian Dollar ($)