A Cuban content creator has taken to TikTok to showcase a 50-second video that perfectly captures the daily economic absurdity faced by Cubans: receiving over 200,000 Cuban pesos entirely in 10-peso bills, a sum that equates to just about $384 on the informal exchange market.
José Luis Llanes Matos, known on TikTok as @motollanes, uploaded the video on April 6. In the clip, he is seen counting the bills aloud while joking, "Look at that, they robbed a bank... there's not that much money in the grocery store, nor in the bank either."
The joke has a stark logic: a payment of 200,000 pesos in 10 CUP bills requires physically handling 20,000 bills, a hefty stack of paper money that, in reality, isn't enough to cover basic monthly expenses.
The Broader Economic Challenge
This scene is far from unique. Cuban state banks continue to distribute salaries and payments in low-denomination bills due to a shortage of higher-value currency, a practice that private businesses reject by refusing to accept denominations of five, ten, and twenty pesos.
The refusal has reached the extent that self-employed workers in Havana only accept bills from 100 CUP upwards, leaving those paid in smaller denominations with no practical way to spend their money.
The Peso's Devaluation
The underlying issue is the drastic devaluation of the Cuban peso, which has lost over 95% of its value against the dollar between 2020 and 2026, plummeting from 42 pesos per dollar to more than 520 pesos per dollar on the informal market. In March, a Cuban teacher reported waiting four days in line to receive 2,000 pesos in five and ten bills, describing the situation as "humiliating."
In a delayed response, the Central Bank of Cuba introduced new 2,000 and 5,000 peso bills starting April 1. However, these new high-denomination bills barely address the issue: a 5,000 CUP bill equals about ten dollars at the informal exchange rate, prompting Cubans to joke with the phrase "my salary in one bill."
The Central Bank defended the move as a way to "facilitate transactions, address rising prices, reduce logistical costs, and speed up operations," though the institution admitted these new bills do not offer a structural solution to the currency crisis.
The Viral Impact of the Video
@motollanes's video garnered over 111,200 views and was shared more than 1,100 times, becoming one of the most viral portrayals of Cuba's economic collapse, a collapse that has been decades in the making under 67 years of dictatorship. No new bill, regardless of its denomination, can mask the reality of this ongoing crisis.
Understanding Cuba's Financial Crisis
Why are payments in low-denomination bills an issue in Cuba?
Payments in low-denomination bills create logistical challenges, as handling large quantities of cash is cumbersome and inefficient. Furthermore, it limits the practical usage of money since many businesses refuse to accept such small denominations.
How has the Cuban peso devalued over time?
Between 2020 and 2026, the Cuban peso has significantly devalued, losing over 95% of its value against the US dollar, dropping from 42 pesos per dollar to more than 520 pesos per dollar on the informal market.
What measures has the Central Bank of Cuba taken to address the currency issue?
The Central Bank of Cuba introduced new 2,000 and 5,000 peso bills to facilitate transactions and reduce logistical costs. However, these measures have been criticized for not addressing the underlying structural issues of the currency crisis.