Cuba Currencies, the Cuban Peso and the Cuban Convertible Peso
In November 8/2004, the Cuban authorities eliminated the circulation of dollars and any other "convertible currency" in all the country. On a related measure, the Cuban Central Bank (BCC) resolution 80/2004, establishes that from November 8/2004 onward, the exchange of US dollars for Convertible Pesos will bear a 10 per cent tax. The measure is applied to nationals and foreign visitors .
Additionally, after these measurements, the Central Bank of Cuba stablished that the exchange rate of the Cuban Convertible Peso will not longer be fixed with the american dollar, and revaluate, at that time, the Cuban Convertible Peso 8% against the US dollar.
There are two official institutions where you could exchange foreing currency into Cuban convertible pesos: Banks and Casas de Cambio (CADECA). We strongly recommend that you do not exchange currency on the streets.