The convertible peso was the twelfth-highest-valued currency unit in the world, according to the pegged rate, and the highest-valued “peso” unit in the world.
|Cuban convertible peso|
|Central bank||Central Bank of Cuba|
CUP is the currency acronym for the Cuban peso, sometimes known as the “national peso,” which is one of the two official currencies used in the country. The Cuban peso is the country’s official currency, and it is the primary means of exchange for Cuban nationals, as well as the currency in which the vast majority of Cubans get their salary.
The Cuban Peso Nacional (CUP) is the country’s official currency, and it is largely used by Cubans themselves. Exchange rates fluctuate but are normally about 25CUP per $1USD on a daily basis. When traveling, it is beneficial to exchange a little amount of your money into CUP.
As a traveler, you will be unable to spend US dollars in Cuba due to the government’s efforts to dedollarize the country’s economy. US dollars are no longer being exchanged for CUPs at any currency exchange offices, including those in airports. You will also be unable to use credit or debit cards issued by US-based financial institutions.
The existence of a dual currency separated the economy into two distinct sections. The branch in which a Cuban functioned relied on whether or not they received their money only from a state payroll paid in CUP, or whether or not they had access to dollars or CUC. A large number of Cubans had a foot in each of the four sectors.
The Cuban currency is tied to the US dollar at a rate of 24 Cuban Pesos to the dollar. Prior to 2021, when the dual currency system was in existence (one currency for visitors and another for residents), there existed a tourist “convertible” Cuban Peso (a currency that could be converted into other currencies) (or CUC). As of June 2021, the CUC, sometimes known as the “convertible peso,” will be phased away.