The Cuban monetary unit refers to the official currency used in the Republic of Cuba. The Cuban monetary unit is officially known as the Cuban peso (CUP) and is subdivided into smaller denominations called centavos. It is worth noting that Cuba has two official currencies, the Cuban peso (CUP) and the Cuban convertible peso (CUC), although the latter is being gradually phased out.
The Cuban monetary unit, the Cuban peso, has been the country's currency since 1857 and is issued by the Banco Central de Cuba (Central Bank of Cuba). The currency is predominantly made up of banknotes, with different denominations such as 1, 3, 5, 10, 20, 50, and 100 CUP notes in circulation. Additionally, centavo coins in denominations of 1, 5, 10, 25, and 50 are also used.
The Cuban monetary unit is primarily used for domestic transactions within Cuba, including everyday purchases, payments, and services. It is important to mention that the Cuban peso (CUP) has a fixed exchange rate with the Cuban convertible peso (CUC), which is used mainly by tourists and for certain transactions in the international sector.
The Cuban monetary unit plays a crucial role in the country's economy, and its value is regulated by the Central Bank of Cuba. It symbolizes the official means of exchange within Cuba's borders and facilitates economic activities throughout the nation.
