Editing Economy of Cuba (section)

===Currencies===
{{Main|Dual economy of Cuba}}
From 1994 until 2021, Cuba had two official currencies: the [[Cuban peso|national peso]] (or CUP) and the [[Cuban convertible peso|convertible peso]] (or CUC, often called "dollar" in the spoken language). In January 2021, however, a long-awaited process of currency unification began, with Cuban citizens being given six months to exchange their remaining CUCs at a rate of one to every 24 CUPs.<ref>{{Cite web|url=https://blogs.lse.ac.uk/latamcaribbean/2021/02/10/day-zero-how-and-why-cuba-unified-its-dual-currency-system|title=Day Zero: how and why Cuba unified its dual currency system|last=Yaffe|first=Helen|website=LSE Latin America and Caribbean blog|date=10 February 2021 |access-date=17 February 2021}}</ref>

In 1994 the possession and use of US dollars were legalized, and by 2004 the US dollar was in widespread use in the country. To capture the hard currency flowing into the island through tourism and [[remittances]] – estimated at $500–800&nbsp;million annually – the government set up state-run "dollar stores" throughout Cuba that sold "luxury" food, household, and clothing items, compared with necessities, which could be bought using national pesos. As such, the standard of living diverged between those with access to dollars and those without. Jobs that could earn dollar salaries or tips from foreign businesses and tourists became highly desirable. Meeting doctors, engineers, scientists, and other professionals working in restaurants or as taxicab drivers was common.

However, in response to stricter [[United States embargo against Cuba|economic sanctions by the US]] and because the authorities were pleased with Cuba's economic recovery, the Cuban government decided in October 2004 to remove US dollars from circulation. In its place, the convertible peso was created, which, although not internationally traded, had a value pegged to the US dollar 1:1. A 10% surcharge was levied for cash conversions from US dollars to the convertible peso, which did not apply to other currencies, thus acting as an encouragement for tourists to bring currencies such as [[euro]]s, [[pound sterling|pounds sterling]] or [[Canadian dollar]]s into Cuba. An increasing number of tourist zones accept Euros.