01/01/2021: End of Monetary Dualism
The Cuban government completed the currency unification process, eliminating the convertible peso (CUC) and establishing a single currency system with the Cuban peso (CUP).
15/01/2015: Removal of Minimum Exchange Rate
The Swiss National Bank unexpectedly abandoned the minimum exchange rate, causing the Swiss franc (CHF) to surge in value.
20/12/2013: Currency Unification Implementation
The Cuban government officially started the process of currency unification, gradually phasing out the convertible peso (CUC) and improving monetary policy.
25/10/2011: Currency Unification Announced
The Cuban government announced plans to eliminate the dual currency system and unify the CUP and CUC.
06/09/2011: Implementation of Minimum Exchange Rate
The Swiss National Bank imposed a minimum exchange rate pegging the Swiss franc (CHF) to the Euro to prevent excessive appreciation.
08/12/2004: Elimination of US Dollar Circulation
The Cuban government announced the withdrawal of the US dollar as legal tender and introduced the convertible peso (CUC) as a replacement.
13/09/1999: Introduction of Euro
Switzerland decided not to join the Eurozone and maintain the Swiss franc (CHF) as its official currency.
07/12/1994: Dollarization Decree
Cubans were allowed to hold and transact in foreign currencies, primarily the US dollar, to counter the economic crisis.
01/08/1994: Special Period
The Cuban economy faced a severe crisis due to the collapse of the Soviet Union, leading to currency devaluation and economic reforms.
08/05/1973: Floatation of Swiss Franc
Switzerland abandoned the fixed exchange rate system, allowing the Swiss franc (CHF) to float freely against other currencies.
01/01/1961: Nationalization of Banks
The Cuban government nationalized all private and foreign-owned banks, including their currency holdings.
01/05/1936: Introduction of Swiss National Bank
The Swiss National Bank was established as the central bank responsible for issuing and managing the Swiss franc (CHF).
24/11/1907: Gold Standard Referendum
Switzerland voted to adopt the gold standard, making the Swiss franc (CHF) fully convertible into gold.
06/06/1850: Currency Act of 1850
The Swiss franc (CHF) was introduced as the official currency of Switzerland.