Currency Unification to Begin January 1

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In a televised address to the nation, Cuban President Miguel Díaz-Canel, in the presence of Raul Castro, First Secretary of the Communist Party, made the announcement that the country will begin the currency unification process on January 1, 2021. The Official Gazette of Cuba released the regulations and procedures related to the monetary change. The CUP will become the single currency of the nation. The exchange rate is set at 24 Cuban pesos (CUP) to one dollar. For more than 20 years Cuba has had two currencies, the CUP and the convertible peso (CUC) that was introduced in the late 1990s, but the two-tiered monetary system was problematic. Over the last six months the Cuban government has been informing the public of the upcoming move…




Unbiased reporting on economic news and business developments in Cuba by industry sector


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