* Multiple exchange rate system since 4 August 2022. With effect from 1 January 2021, the dual currency system consisting of the convertible peso (CUC) and the Cuban peso (CUP) has been abolished and the Cuban peso designated as the country's sole legal tender. Existing sums in convertible pesos could be exchanged at banks and bureaux de change at a rate of CUC 1 = CUP 24 until 31 December 2021. Exchange rates up to 2020 see BBEX3.A.CUC.USD.CM.AC.A04. In addition to the existing official exchange rate of USD 1 = CUP 24, which is to be used only for government sector transactions, a new official exchange rate of USD 1 = CUP 120 was introduced with effect from 4 August 2022. This is to be applied in the government foreign exchange bureaus (CADECA - casas de cambio) as well as for all transactions by households and enterprises. Exchange rates for non-governmental transactions, see BBEX3.A.CUP.USD.CA.AC.B04. In addition, it is understood that there is a black market where, according to press reports, the exchange rate to the US dollar stood at 265 Cuban pesos at the beginning of January 2024. The euro is also an accepted form of payment in some tourist locations.
Methodology
Calculated on the basis of month-end rates (up to July 2022 on the basis of month-end buying and selling rates).
Source
Since August 2022: Banco Central de Cuba, Havana. 2021 - July 2022: Banco Metropolitano, Havana.
