In 2004 Cuba legislated that all establishments that until then had accepted payment in US dollars could only accept convertible Cuban pesos (CUC). The measure is still in effect, for the Cuban population as well as for foreign visitors. It is applicable in stores, hotels, restaurants, bars, cafeterias, taxis, car rental agencies, among others.
The CUC is convertible at a rate of one convertible peso equal to one US dollar, but if you want to purchase CUC with US dollars in cash, you must pay a 10% tax. The rest of the currencies that are currently exchanged in Cuba: euro, Canadian dollar, pound sterling and Swiss franc, are not taxed, and take as reference the international market exchange rates. Exchange can be carried out in Casas de Cambio (CADECA) and bank branches throughout the country.
Author
Mayle González Mirabal
