Cuban Pesos (CUP)

Cuban Pesos (CUP), also known as the Cuban National Peso, is the official currency of Cuba. It is one of the two currencies used in the country, the other being the Cuban Convertible Peso (CUC).

CUP is primarily used by the local population for everyday transactions, such as buying groceries, paying utility bills, and receiving salaries. It is not widely accepted by tourist establishments, which usually prefer the CUC or foreign currencies like the US dollar.

The symbol for Cuban Pesos is “$” or “MN” (Moneda Nacional). The currency is issued and regulated by the Central Bank of Cuba.

CUP is subdivided into 100 centavos, although centavo coins are rarely used in practice. Instead, prices are typically rounded to the nearest whole peso.

Banknotes in circulation for CUP include denominations of 1, 3, 5, 10, 20, 50, and 100 pesos. Coins are available in denominations of 1, 5, 20, and 40 centavos, as well as 1 and 3 pesos.

It’s important to note that the exchange rate between CUP and other currencies, such as the US dollar or euro, is fixed by the Cuban government. This means that the value of CUP is not determined by market forces but by government policy.

Foreign visitors to Cuba will typically use the Cuban Convertible Peso (CUC) for transactions in tourist areas, hotels, restaurants, and for purchasing goods at stores that accept foreign currency. CUC is pegged to the US dollar at a 1:1 ratio.

In summary, Cuban Pesos (CUP) is the official currency of Cuba primarily used by the local population for everyday transactions. It is not widely accepted by tourist establishments, and visitors to Cuba usually use the Cuban Convertible Peso (CUC) or foreign currencies.