Cuban Peso
Peso cubano
Currency Code
CUP
ISO 192
Symbol
CUP
Native: $
Decimal Digits
2
Rounding: 0
Countries
CU
Using this currency
Currency Units
Major Unit
Name: peso
Symbol: $
Minor Unit
Name: centavo
Symbol: ¢
Value: 0.01
Banknotes
Frequently Used
$1$3$5$10$20$50$100
Coins
Frequently Used
1¢2¢5¢20¢$1$3
Plural Forms
English Plural
Cuban pesos
Native Plural
Pesos cubanos
Overview
The Cuban Peso is the sole legal currency of Cuba since 2021, when the dual currency system was unified. It is managed by the Central Bank of Cuba and faces challenges due to economic sanctions and ongoing structural reforms.
Economy
- Cuba is a member of Non-Aligned Movement, Group of 77, CELAC.
- Main industries include: Petroleum, Nickel, Cobalt, Pharmaceuticals, Tobacco, Construction, Steel, Cement, Agricultural machinery, Sugar.
- Cuba is part of the World Trade Organization.
- Imports are petroleum, food, machinery, chemicals.
- Major exports include petroleum, nickel, medical products, sugar, tobacco, fish, citrus, coffee.
- GDP: $107.4 billion (2020 est.).
- GDP per capita: $9,478 (2020 est.).
- Unemployment rate: 2.6% (2017 est.).
- Inflation rate: 77% (2021 est., post-unification).
- Main trading partners: Venezuela, China, Spain, Canada, Brazil, Netherlands.
- Trade agreements: Limited due to US embargo, Various bilateral agreements.
History
- Previous currencies used: Spanish colonial real, Dual currency system (CUP/CUC 1994-2021).
- The peso has been Cuba's currency since 1857, but the current unified system began in 2021 when the dual currency system (CUP/CUC) was eliminated and CUP became the sole national currency.
- 1857: Cuban peso introduced during Spanish colonial rule
- 1994-2021: Dual currency system with CUC
- 2021: Monetary unification, CUP becomes sole currency
- 2021: Major devaluation from 1:1 to 24:1 vs USD
- 2022-present: Economic reforms and gradual price liberalization
- Exchange rate peg: Multiple exchange rate system with official rate around 24:1 vs USD.
General Information
- ISO 4217 Code: CUP
- Symbols: CUP/$
- Currency Subunits: 100 centavos
- Central Bank: Central Bank of Cuba
- Monetary Policy: Controlled exchange rate system with ongoing reforms. Focus on monetary unification and gradual economic liberalization measures.
- Bills: 1 CUP, 3 CUP, 5 CUP, 10 CUP, 20 CUP, 50 CUP, 100 CUP, 200 CUP, 500 CUP, 1000 CUP
- Coins: 1 centavo, 5 centavos, 20 centavos, 1 peso, 3 pesos
- USD Exchange Rate: Variable (official ~24:1, black market much higher)
- Pegged To: None (Floating)
- Capital: Havana
- Population: 11,212,191 (2023 est.)
- Area: 110,860 km²
- Languages: Spanish (official)
- Time Zones: UTC-5 (Cuba Standard Time)
- Government Type: Communist state
- Head of Government: President (head of state and government)
- Independence: May 20, 1902 (from Spain)
- Ethnic Groups: White 64.1%, Mulatto or mixed 26.6%, Black 9.3%
- Religions: Christian 58.9%, Folk religion 17.6%, Other 0.4%, None 23.2%
- Literacy Rate: 99.8% (2015 est.)
- Transport: José Martí International Airport, limited road network, railway system, major ports
- Communications: Limited telecommunications, 68% internet penetration, improving mobile access
- Energy: Oil 93%, Hydroelectric 0.6%, Other renewables 6.4%
- Countries Using This Currency: Cuba
- Data Sources: Central Bank: Central Bank of Cuba (bc.gob.cu), Economic Data: National Office of Statistics Cuba, World Bank estimates, Trade Data: Ministry of Foreign Trade and Investment, Demographic Data: National Office of Statistics Cuba, Geographic Data: Institute of Meteorology Cuba, Historical Data: Central Bank of Cuba archives
- Last Updated: 2025