Cuban peso

1 CUC = 24 CUP (fix) 25 CUP = 1 CUC (fix) 1 EUR = 32.88 CUP 100 CUP = 2.91971 EUR 1 CHF = 26.874 CUP 100 CUP = 3.26931 CHF

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

In addition, since 1994 there is the convertible peso ( CUC), which is pegged to the U.S. dollar in particular for the purchase of imported goods. Numerous consumer goods and daily food are offered only in CUC, as well as some government services such as the issuing of a passport (as of 2013: 100 CUC ). The range of goods that are available for Cuban pesos, has increased noticeably in recent years, but remains scarce. Especially foreign tourists offered goods and services (accommodation, car rental, catering) are to be paid only in CUC.

In exchange offices CADECA (Casa de cambio ) pesos convertibles can be exchanged into Cuban pesos and vice versa. The exchange rate is fixed by the state and is currently (as of April 2009) at 1 CUC = 24 CUP (selling CUP) or 1 CUC = 25 CUP (purchase ). In the national accounts, a relation holds of 1:1 between the two currencies.

Since 2009, open in Cuba increasingly restaurants and shops where goods are offered for Cuban pesos that were available previously only convertibles for pesos ( CUC). The measures are considered to be a move by the government of Raúl Castro to overcome the unpopular two- currency system. Goods sample according to the true are slightly cheaper than in foreign exchange transactions, it is probably an exchange rate of 1:20 compared to the official rate of 1:24 calculated by Cuban opposite Konvertible pesos, yet they remain very expensive in relation to the Cuban average income.

In October 2013, the Cuban government announced to have agreed a timetable for the merger of the two currencies, without, however, specific information on the expected length of the conversion process were made.