Since its beginning until 1960, all of the Cuban money had been printed in the United States and afterwards in former socialist countries until 1995. The National Currency of the Republic of Cuba was created officially under the command of the government of Mario Garcia Menocal (the third president of the Island).Īlthough before this time, the first Cuban pesos began to circulate around the Greater Antilles, printed by the Spanish Bank of Cuba.īefore 1959 the currencies of the island were made out of nickel and silver and differently valued bills also circulated around. What is the origin of the National Currency of Cuba? Later, after foreign currency was decriminalized, family remittance was approved and foreign currencies (the US dollar) began to circulate freely on the island, the BBC adopted the measure of licensing for the emergence of Casas de Cambio CADECA S.A. The creation of this Cuban entity with its own legal personality facilitated the change and exchange of foreign money into CUC, and also to buy the national currency CUP. The CADECA of Cuba is a national banking institution that came about in the 90s due to the BBC. You can view the exchange rate of Cuban currency live here: The Euro has a stronger value than the CUC in Cuba but the exchange rate varies constantly, so it’s best to consult with one of the changing booths on the Island.įor example, sometimes 1 Euro is equal to 1.1CUC, white 1 CUC is equal to 0.91 Euro. The rate of change continues until now, with the peculiarity that a 10% tax is added when cash is exchanged. Until the year 2015 one (1) CUC was equal to one (1) USD, later it became 1CUC=1.08USD and in 2011 it retook the former value. Nevertheless, buying in reality one (1) CUC in Cuba is equivalent to 25 CUP in the changing houses everywhere on the Island. The exchange from CUC to CUP is done in exchange houses or CADECA from the second form, 24 CUP for each CUC. You can check the current exchange rate on the Island in the bank branches and in the Exchange houses (Casas de Cambio or CADECA S.A.), which include the next kinds of exchange and others: The different kinds of exchanges of the Central Bank of Cuba vary and they are updated constantly. These currencies are the Canadian dollar, the Euro, the Mexican peso, the Pound sterling, the Swiss franc and in the case of the American dollar it will have a tax of a 10%. How much value does a CUC have? The value of the CUC depends on the buying made with other currencies accepted in the country. 100 CUC (Bolivarian Alternative for the Americas).The current CUC bills emitted by the BCC have a size of 150×70 mm and have the face values of: The value of the CUC replaced the USD since the Central Bank of Cuba (BCC according to its abbreviation in Spanish) decided in 2004 that this last one won’t be in circulation on the Island anymore. Since 1994 until the present, the convertible Cuban peso or CUC is in circulation, and it is also known as Cuban currency. The existing security elements were incorporated to these, as well as new ones that were added.Īs part of the CUP we can also have the coins valued at 5 and 20 cents which were minted in 19 respectively as well as the face values of 1, 3 and 5, minted in 1983, 19 (this last one is the only bimetallic coin on the Island). The bills of 200, 500 and 1 000 Cuban pesos started being in circulation since February 1 st, 2015 as part of the 4 th Resolution published in the Official Gazette on January 15 th, 2015. The Cuban peso or CUP corresponds to the bills at face value of 1, 3, 5, 10, 20, 50, 100, 200, 500 and 1 000 pesos. In most business in Cuba both currencies are accepted, which makes the payment of services easier without needing to exchange them. The Cuban currencies that are in circulation at the present are the CUC or convertible peso and the CUP or Cuban peso.īoth kinds of currencies can be used throughout the country by both nationals and tourists. What is the origin of the National Currency of Cuba?.What is the currency in Cuba and the exchange rates of the Cuban Peso and the CUC.
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