Cuba Headlines

Cuba News, Breaking News, Articles and Daily Information

Cuba Currencies, the Cuban Peso and the Cuban Convertible Peso

Peso Cubano
The Cuban Convertible Peso (CUC) replaces the dollar as currency where previously dollars were quoted in places such as hotels, restaurants and so called 'dollar shops', and is the new 'tourist' currency. Some places only accept Cuban pesos and others only Pesos Convertible (usually tourist related establishments).

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.

First of all, you will need to know that you will not find Cuban Convertible Pesos in any country except Cuba. This currency is not internationally recognized, not used.S o you will obtain and use it ONLY in Cuba.

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.

 

 

Related News

Comments