Travel Reference
In-Depth Information
their converted value. For that reason, it is always more economical to use Cana-
dian currency or Euros when converting to CUC.
The Cuban Peso
The Cuban peso is usually referred to as the Moneda Nacional. Its name is com-
monly abbreviated as CUP or MN. It was the historical currency used in the coun-
try and its purchasing power has been highly eroded over the years. Most state
workers are still paid in Moneda Nacional and the majority of Cubans use this cur-
rency for most of their daily transactions.
1 CUC is equal to 24 pesos in Moneda Nacional (MN). Calculated the other way
around, 1 peso (MN) equates to about 4 cents CUC (4 centavos).
Interesting Fact: The Cuban government has recently decided that it will eliminate
the dual currency system. They plan to eventually merge the CUC and the
Moneda Nacional into a single common currency. A time-line for this unification
has not yet been established. In preparation for this merger, many state stores
(restaurants in particular) have begun accepting payment for their offerings in
either currency. The exchange rate which many of these locations offer is usually
1 CUC = 23 MN. This is slightly inferior to the 1:24 rate charged at CADECA ex-
change houses.
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