What is the currency in Cuba?
- Submitted by: admin
- Editorial Articles
- Business and Economy
- 06 / 24 / 2007
Two currencies circulate in the Island: the Cuban peso (national currency) and the convertible peso (CUC). The latter is the only monetary standard accepted by establishments and services operating in convertible currency in the country, as is the case of hotels.
The Cuban government substituted the American dollar of the domestic circulation by the CUC, due to the increasing risk that implies the use of the American currency in the islands commercial transactions, considering the embargo established by Washington.
Therefore, any currency that arrived to the country has to be changed into CUC.
In the case of the American dollar it has been imposed a 10 per cent charge. If to the previous we add the fact that the CUC has been revaluated in 8 per cent to the American dollar, by every US dollar in cash you will received 0.80 CUC. On the contrary if you are going to leave the country, you will receive 1, 0435 US dollars.
Other foreign currencies are evaluated in relation to the CUC according to the situation of the international finances, and to an exchange rate to sale the different currencies.
Either the American dollar or the Canadian one, the euro, the Swiss franc, the sterling pound, the Japanese yen, the Venezuelan bolivar and the Mexican peso can be exchanged in the largest Currency Exchange House in Cuba in Obispo Boulevard, in the Old Havana.
Some tourism sites in the country, as Varadero beach and the northern keys, accept euros as currency for payment.
On the other hand, the quote price of the national currency, the peso, is 24 units per CUC you sell, and 25 per each you buy.
Most of the Cubans receive their wages in pesos and pay in this currency their main needs and services as electricity, telephone, housing, water, gas, etc.
All the products in the groceries are commercialized in the national currency and there is variety of food services "restaurants, bars, cafeterias and ice cream parlors..." that you can also visit as a tourist.
For more information about the Cuban currencies please visit: www.cubacurrency.com