What is the Cuban peso (CUP)?

The Cuban peso, denoted by CUP, is one of two official currencies used in Cuba. The CUP does not have any value outside of Cuba, and is used almost exclusively within the nation. For many years, the United States Dollar (USD) has been used by tourists and for “luxury” items. However, usage of the USD is now being replaced by the CUC, or the Cuban convertible peso. Thus, Cuba has two parallel currencies: the CUP and CUC.

Coins in circulation are 1, 2, 5, 20 & 40 centavos and 1 and 3 pesos. Banknotes in circulation are 1, 3, 5, 10, 20, 50, 100 pesos.

Economic Overview:

The government of Cuba continues to balance its need to loosen the economy and its desire for firm political control. It has undertaken limited reforms to increase enterprise efficiency and alleviate scarcity of food, consumer goods and services. A major feature of the Cuban economy is the striking dichotomy between efficient export enclaves and inefficient domestic sectors. The average standard of living in Cuba remains lower than before the 1990s depression (which was caused by loss of Soviet aid and domestic inefficiencies). In 2004, the government was able to strengthen its control over dollars coming into the economy from tourism, remittances and trade.

Key Industries:

Sugar, petroleum, tobacco, construction, nickel, steel, cement, agricultural machinery and pharmaceuticals.

Agricultural Products:

Sugar, tobacco, citrus, coffee, rice, potatoes, beans and livestock.

Export Commodities:

Sugar, nickel, tobacco, fish, medical products, citrus and coffee.

Import Commodities:

Petroleum, food, machinery and equipment, and chemicals.