Peso Cubano Convertible.
As of November 8, 2004 the US dollar, the common currency of exchange for tourists in Cuba, is no longer legal tender. Cubans continue to be allowed to hold dollars, but transactions in shops, restaurants, .... will have to be in "peso convertible" (CUC).
This will leave Cuba with two currencies, two "peso" circulating: the "peso nacional" that is the currency in which Cuban citizens are paid and in which they do most of their purchases (except for those goods that are only available in the "divisas" shops) and the "peso convertible" (also referred to as "chavito").
On April 9, 2005 the peso convertible has in turn been revaluated with 8% versus all currencies. The currency was revaluated again by 3% in May 2006. This is reflected in the exchange rates listed on this page.
This "peso convertible" has by now replaced the dollar as currency in the so called "dollar shops" or "tiendas in divisa". Restaurants, taxis, hotels, ... which previously denominated their prices in dollars now charge peso convertible and this is now the "tourist" currency. Any payments you make with credit cards will also be in peso convertible for which you will be charged your local currency equivalent of the current value of the CUC when you receive your credit card bill.
The special 10% "tax" imposed on any transaction exchanging dollars to peso convertible remains in place. This means that the "exchange value" (as listed in the banks) of the US dollar is effectively reduced by and additional 10% for both tourists and Cubans.
The calculator below gives some indicative (daily adapted) exchange rates:
These are "pure" exchange rates without the effect of the 10% exchange tax on the dollar.
Exchange rates for notes may be less favorable due to bank commissions.
Links to Cuban bank pages with exchange rates:
Banco Metropolitano: exchange rates for notes (infrequently updated).
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Page created 22/10/2006
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