General Cuba Tourist Information - Real Havana: Explore Cuba Like a Local and Save Money - page 27

Cuban Currency
In order to make any purchases in Cuba, you must use Cuban currency. There are
two types of currency in Cuba. The convertible peso (Peso Convertible) and the
Cuban peso (Moneda Nacional). It sounds complicated, but it is not.
Contrary to some popular myths, foreigners cannot buy goods using American dol-
lars. This might have been the case at some point in the past, but it is no longer an
option.
The Convertible Peso
The convertible peso is traded at the same value as the American dollar. It is typic-
ally referred to as the CUC (pronounced like the English word cook ). It is the cur-
rency that most foreigners use in Cuba. It has a high buying power and is the only
form of currency accepted at hotels and large state-run stores. The CUC can be
broken down into 100 centavos (cents).
Since the CUC is pegged at a 1 for 1 rate to the American dollar, all you have to do
to calculate the exchange rate for your money to CUC is to calculate the exchange
rate of your native currency to the American dollar.
Note: If you are exchanging American dollars to CUC, there is an additional 10%
tax for the conversion, meaning that your American dollars will only get 90% of