Cuban peso

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peso
Country: CubaCuba Cuba
Subdivision: 100 centavos
ISO 4217 code : CUP
Abbreviation: Cub $, kub $
Exchange rate :
(August 27, 2020)

1 CUC = 24 CUP (fixed)
25 CUP = 1 CUC (fixed)
1 EUR = 28.334 CUP
100 CUP = 3.38811 EUR
1 CHF = 26.358 CUP
100 CUP = 3.72093 CHF

One Cuban Peso from 1896 (obverse)
One Cuban Peso from 1896 (back side)
Three Cuban Pesos from 2002

The Cuban peso , Spanish peso cubano , currency code CUP , is the original of currently two official currencies in Cuba . In Cuban language it is often referred to as moneda nacional and abbreviated to MN . The currency is mainly used to pay for state-subsidized goods and services. However, the demand for everyday items by far exceeds the supply .

In addition, the convertible peso (CUC), which is pegged to the US dollar , has existed since 1994, particularly for the purchase of imported goods . Numerous consumer goods and everyday groceries are also offered exclusively in CUC, as are some government services, for example the issuing of a passport (as of 2013: 100 CUC). The supply of goods that are available for Cuban Pesos has increased noticeably in recent years, but remains scarce. Goods and services specifically offered to foreign tourists (accommodation, car rental, catering) are to be paid for in CUC only.

In CADECA's (Casa de cambio) exchange offices, convertible pesos can be exchanged for Cuban pesos and vice versa. The exchange rate is set by the state and is currently (as of December 2018) 1 CUC = 24 CUP (sale of CUP) or 1 CUC = 25 CUP (purchase). In the national accounts there is a ratio of 1: 1 between the two currencies.

Since 2009, more and more restaurants and shops have opened in Cuba selling goods for Cuban pesos, which until then were only available for convertible pesos (CUC). The measures are seen as a step taken by Raúl Castro's government to overcome the unpopular two-currency system. Although random samples show that the goods are slightly cheaper than in foreign exchange transactions, an exchange rate of 1:20 compared to the official rate of 1:24 for Cuban pesos against convertible pesos, they remain very expensive in relation to the average Cuban income.

In October 2013, the Cuban government announced that it had adopted a timetable for the merger of the two currencies, but without giving any specific information on the expected duration of the conversion process.

CUP banknotes exist in denominations 1, 3, 5, 10, 20, 50 and 100, and since February 2015 also in 200, 500 and 1000. The recent introduction of the higher denominations became necessary after the process of merging the two In Cuban monetary transactions, currencies that have previously existed in parallel in most of the state-owned shops that have previously only accepted CUC can be paid for in CUP at the unchanged exchange rate of 1:25. For high-priced goods such as electrical appliances or furniture, however, in practice payment in CUP was only possible with an impractically large number of banknotes, which made the payment process considerably more complicated.

Web links

Individual evidence

  1. Que no se seque el oasis , Granma of February 7, 2014 (Spanish)
  2. Casas de Cambio (Exchange Offices) SA: Exchange rates accessed December 12, 2018
  3. Federal Agency for Foreign Trade: Economic Development Cuba 2007  ( page no longer available , search in web archivesInfo: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. accessed April 3, 2009@1@ 2Template: Dead Link / www.gtai.de  
  4. ^ Reuters: In Cuba, peso makes a comeback, pleasing customers
  5. ^ Nota Oficial. ( Memento of the original from October 23, 2013 in the Internet Archive ) Info: The @1@ 2Template: Webachiv / IABot / www.granma.cubaweb.cu archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. In: Granma of October 22, 2013 (Spanish)
  6. Hinnerk Berlekamp: CUP and CUC: Cuba abolishes dual currency , Berliner Zeitung of October 22, 2013
  7. Emiten nuevos billetes de alta denominación, in: Granma from January 14, 2015, accessed on February 4, 2015 (Spanish)
  8. Pagar con la moneda a mano, in: Granma from August 21, 2014, accessed on February 4, 2015 (Spanish)