However, in response to stricter 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 euros, pounds sterling or Canadian dollars into Cuba. An increasing number of tourist zones accept Euros.
However, in response to stricter 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 11. 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 euros, pounds sterling or Canadian dollars into Cuba. An increasing number of tourist zones accept Euros.