DEFINITION of 'CUP'

The ISO 4217 currency code for the Cuban peso, one of two official Cuban currencies. The Cuban peso (CUP) is the national currency of Cuba and is used by Cuban nationals. The CUP's subunit is the centavo. CUP coins are minted in 1, 2, 5, 20, 40, $1 and $3 denominations. Banknotes are printed in $1, $3, $5, $10, $20, $50 and $100 denominations. The CUP is issued by the Central Bank of Cuba.

BREAKING DOWN 'CUP'

Cuba's other currency is the Cuban convertible peso, which is represented as CUC. The CUC is considered the "tourist dollar" because it is tied to the U.S. dollar and generally traded/used by Americans within the country. In November 2004, the American dollar ceased to be accepted by Cuban businesses. The country withdrew the dollar in retaliation for continued U.S. sanctions.

The currency market, also known as the foreign exchange market, is the largest financial market in the world.

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