PGK 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.

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PGK - Papua New Guinean Kina (PGK)

Papua New Guinean Kina

The Kina is the official currency of Papua New Guinea. It is divided in a hundred toea. The Kina was issued on 19 April 1975, replacing the Australian Dollar. The term Kina comes from the Tolai area of Kuanua and refers to a precious pearl shell widely used in the area for buying and selling.

The Papua New Guinea Kina is the currency in Papua New Guinea (PG, PNG). The symbol for PGK can be written K. The Papua New Guinea Kina is divided into 100 toeas. The exchange rate for the Papua New Guinea Kina was last updated on May 24, 2019 from Yahoo Finance. The PGK conversion factor has 5 significant digits.

Economy

• Over 75% of the nation's inhabitants are completely reliant on a subsistence economy.
• Vast amounts of mineral resources (oil, copper, and gold) can be found in Papua New Guinea, making up nearly 3/4 of exports. Coffee, cocoa, tea, and palm oil are also major exports.
• Papua New Guinea faces numerous challenges that prevent high economic growth, including its rugged terrain, high infrastucture development costs, law and order issues, and a poor system of land title.
• Papua New Guinea’s economy is highly dependent imports for manufactured materials.

History

• In 1975, a 1 Kina coin was introduced - spherical with a hole in the centre. This designation was gotten smaller since 2006 while its larger predecessor was removed from circulation in December, 2008.
• Large denomination bills were introduced starting in 1977 with the 20 kina note. In 1990, a 50 kina banknote was inroduced, and in 2005 they launched the 100 kina note.
• In 1980, 50 toea coins were introduced, though they were intended for commemorative means and were not consistent in design.
• In 2008, a new, bimetallic, 2 kina coin was introduced to replace the two kina note.

More information about PGK - Papua New Guinean Kina (PGK)