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Cuban Pesos:
The rate of change of the Cuban Peso with the USD or
the Convertible Peso is of 1/26 (October/2002). There are
different emissions of the bills, we will show only the
latest version because currently are the most used. You will
only need pesos to access to a limited number of
products/services: Take a public transportation (guaguas),
buying market food (vegetables and fruits), perhaps some
juice or a pizza in the streets.
Dinero en Cuba
El asunto del dinero y la moneda cubana es un tema dificil
de explicar pues es necesario vivir en cuba para entender
este asunto, pero haremos nuestro mejor esfuerzo para que
usted entienda la esencia del problema. En cuba la gente
maneja diariamente diferentes monedas y es para ellos un
asunto rutinario pues el peso cubano es muy inestable y en
realidad carece de valor. Hay lugares que solo aceptan
dollares americanos(USD), otros que aceptan dollares o su
equivalente en pesos cubanos y otros que solo aceptan pesos
cubanos.
1.-PURCHASING GOODS: If you meet all of the Office of
Foreign Assets Control (OFAC) requirements for legal travel
to Cuba, you are allowed to bring $100 worth of consumer
goods into the United States. This includes rum and tobacco
for personal use. There is no limitation on educational
materials, which includes books, periodicals, paintings,
sculpture, tapes, CDs, films, videocassettes, photographs,
posters, etchings, lithographs, microfilm, and microfiche.
2.-CIGARS: Customs officials do not generally ask for
receipts for purchases made in Cuba, but our recommendation
is 1 box of cigars and 1 or 2 bottles of rum. If you are
traveling with more cigars, it may be a red flag to customs
officials that you have spent more than $100. Remember to
declare all your products when entering the Bahamas, Mexico,
and the U.S. (See travel information.) Black market cigars
are of varying quality and you can’t be sure they are good.
The safest cigar purchases are made in a state store.
3.-DEPARTING FROM CUBA Check-in time is 2 hours before the
time of departure. Cancun flights usually leave from
Terminal 3 and charters usually leave from terminal 2. You
will have to pay a departure tax of $25 and for overweight
baggage (more than 44 lbs.) Overweight charges can usually
be negotiated in the Havana airport. Make an offer.
4.-TRAVELING THROUGH A THIRD COUNTRY IN ROUTE TO THE U.S.
Customs officials in other countries are not usually
concerned with whether or not you have cigars or other Cuban
consumer goods, they just don’t want you to sell them in
their country. Mexico has its own way of keeping track of
your cigars. If you have more than one box, you will be
asked to store them in their office until your flight
departs. They will bring them to you at your gate. You
should declare your rum and tobacco products both on the
declaration form and if asked by a customs official.
5.-RE-ENTERING THE UNITED STATES U.S. Customs: You will go
through customs in the first U.S. city you enter. The only
exception is if you are traveling through Nassau, you will
pass through U.S. customs there. Be prepared to present your
passport and declaration. You should honestly fill out the
form stating that you were in Cuba and declaring all
consumer goods that you purchased there.
Authorized travelers can enter the U.S. with up to $100
worth of consumer goods and an unlimited amount of
informational material. (See our "Cuba Information" page for
more details on purchasing goods in Cuba, or check out the
Treasury Department web site at http://www.ustreas.gov/ofac/t11cuba.pdf).
6.-EMERGENCY CASH POSSIBILITIES FOR USA CITIZEN.
Although it is not convenient to leave a
paper trail of expenses in Cuba
Some travelers’ reports indicate a possibility of getting a
cash advance on a US MasterCard from Transcard in Cuba, and
sometimes a US MasterCard will work at restaurants and
hotels, even though it's issued from a US bank. If you have
run out of all your money, and you have a MasterCard, you
can go to Transcard, in Cuba, and they can allow a cash
withdrawal.
Transcard:
Calle 2 No. 302, esq. 3ra. Ave., Miramar, Playa, Ciudad de
La Habana, Tel: 24-4823,24-4824,
or
Desamparados # 166 entre Habana and Compostela, Habana Vieja.
Tel: 862 9900 Extension 5555
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Como se puede ver para
un visitante esta cantidad de monedas puede traer confusion,
en esta pagina trataremos de aclarar las dudas al respecto.
En este momento hay hasta 4 monedas en circulacion en cuba
por la incorporacion del euro, pero este es solo aceptado en
algunas areas turisticas como varadero y cayo coco.
Las monedas que se aceptan actualmente en cuba son las
siguientes:
--Dollar norteamericano (USD)
--Peso Cubano Convertible
--Euro
--Peso Cubano
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Peso Cubano Convertible:
El "Peso Cubano Convertible" no es mas que un intento
del las autoridades financieras de la isla de sacar de
circulacion los dollares americanos para tenerlos en los
bancos cubanos y ofrecen esta moneda como sustitucion del
dollar que tiene todo el valor del mismo dentro de cuba, es
decir usted puede pagar si lo desea cualquier cosa con pesos
convertibles como si lo estuviera haciendo con dollares. El
final de este proceso pensamos que sea eliminar de la
circulacion totalmente el dollar americano en el futuro y en
su lugar usar los pesos convertibles.pero en estos momentos
el banco de cuba no puede suplir todos los dollars por pesos
convertibles, es por ello que circulan las 2 monedas.
Hay algunas veces que los viajeros se confunden con los
pesos convertibles y no convertibles y pueden ser victimas
de algun que otro engaño. Para esto ofrecemos en la
siguiente tabla las fotos de todas las denominaciones de los
billetes y monedas que estan actualmente en circulacion.
Billetes:convertiles
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THE CUC
$1
$3
$5
$10
$20
$50
$100
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Frente
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Reverso
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These are a problem,
there are not any specific distinction of the convertible
from the not convertible coins, the main difference are that
all convertible coins have a representation of different
tourist/historic places of Cuba. The not convertible ones
have instead an image of some Cuban patriot/historical
personality in the front.
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Value
$1
$3
$5
$10
$20
$50
$100
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Front
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Back
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5 cent |
10 cent |
25 cent |
50 cent |
1$ |
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Resolution No. 80/2004
WHEREAS: In the last few months the U.S.
government has intensified its economic
war on the people of Cuba by dictating
new measures aimed at systematically
hindering the external financial flows
of our country, thus causing serious
damage and creating grave risks for the
exercise of our normal international
financial activity.
WHEREAS: As part of this policy, the
U.S. government has increased its
pressure on and threats to foreign banks
to prevent Cuba from depositing the U.S.
dollars spent by the population and
foreign visitors in Cuban establishments
that sell merchandise or lend services
in that currency abroad in order to meet
its commercial obligations.
WHEREAS: Recently, the assistant deputy
secretary for Western Hemisphere Affairs
attached to the Department of State
announced the creation of a “Pursuance
of Cuban Assets Group” composed of
officials from various government
agencies to interfere with and halt the
flow of hard currency to and from Cuba,
which constitutes a new aggression
unprecedented in the history of
international financial relations.
WHEREAS: The situation thus created
demands the urgent adoption of measures
to protect the country’s interests faced
with the serious damage that such
actions will cause it.
WHEREAS: In its Article 36 (Clause a])
Decree Law No. 172 “From the Central
Bank of Cuba, “ dated May 28, 1997
establishes that the faculties of the
president of the Central Bank of Cuba
include that of drawing up resolutions,
instructions and other dispositions
necessary for the execution of the
functions of the Central Bank of Cuba,
with an obligatory nature for all
agencies, bodies, enterprises and state
economic or other associations,
cooperatives, the private sector and the
population.
WHEREAS: The person with that faculty
was designated government minister and
president of the Central Bank of Cuba by
the Council of State Agreement dated
June 13, 1997.
THEREFORE: In the execution of the
faculties conferred upon me, and in
prior consultation with the president of
the Councils of State and Ministers;
I RESOLVE:
I “On the holding by the population of
U.S. dollars and other freely
convertible currencies that circulate in
the country”
Article 1: The population may maintain
in its power any quantity of U.S.
dollars or any other freely convertible
currencies without restrictions of any
kind, as is the case to date.
II “On cash payments in freely
convertible currency, starting November
8, 2004”
Article 2: From November 8, 2004 all
entities that currently accept U.S.
dollars in cash on charging for their
transactions in national territory, will
only accept convertible pesos.
This measure is to be universal, both
for the population and for visitors from
abroad. Its application covers: stores,
hotels, restaurants, bars, cafeterias,
taxis, car hire agencies, and any other
entity currently charging in U.S.
dollars in cash.
As has been previously stated, the
application of this measure does not
imply any kind of limitation on holding
U.S. dollars or any other freely
convertible currency.
Article 3: The convertible peso will
maintain its conversion on the basis of
one convertible peso to one U.S. dollar.
Article 4: From November 8, 2004 persons
wishing to acquire convertible pesos
with U.S. dollars in cash will have to
pay a 10% surcharge as compensation for
the costs and risks to the national
economy originating with the handling of
U.S. dollars as a consequence of the
above-mentioned U.S. government
measures.
The remainder of hard currencies
exchangeable in Cuba: the euro, Canadian
dollar, GBP sterling and Swiss francs
can be exchanged for Cuban convertible
pesos without any tax whatsoever, taking
international market exchange rates as a
reference point and always considering
one convertible peso as equal to one
U.S. dollar.
In time, bank branches and Exchange
Bureaus will be able to change other
hard currency as part of their services.
From November 8, 2004, there will also
be a 10% surcharge on U.S. dollars in
cash used to buy Cuban pesos in the
Exchange Bureaus. Cuban pesos can be
purchased with euros, Canadian dollars,
GBP sterling and Swiss francs as is the
case to date, without any 10% surcharge.
Article 5: Euros will still be accepted
in the tourism complexes that currently
do so.
III- “On the use and operation of bank
accounts and credit cards in freely
convertible currency by Cuban or foreign
persons”
Article 6: Current U.S. dollar accounts
held by the population in Cuban banks
are totally guaranteed. Withdrawals in
U.S. dollars or convertible pesos from
such accounts can be made at any point,
with no time limit and without any kind
of restriction, according to the
client’s choice, at the present rate of
1 to 1, and the 10% surcharge will not
be applied. From November 8, 2004, cash
deposits in U.S. dollars in such
accounts will not be accepted. Those
accounts can receive funds via bank
transfers in any freely convertible
currency, as well as receiving cash
deposits in convertible pesos, Canadian
dollars, GBP sterling, and Swiss francs,
taking the international market exchange
rates as a reference.
The same dispositions laid out in the
last paragraph will be applied to
current U.S. dollar accounts held by
foreigners in Cuban banks.
Article 7: From November 8, 2004,
persons wishing to open new accounts in
U.S. dollars or constitute deposit
accounts in that currency will be able
to do so, but deposits and withdrawals
can only be made in U.S. dollars cash in
these new accounts.
Article 8: Accounts in convertible pesos
will continue to enjoy all the bank
guarantees and services presently
available. From November 8, 2004 these
accounts will not accept U.S. dollar
cash deposits.
Article 9: Current deposit accounts and
savings certificates in U.S. dollars and
convertible pesos are totally
guaranteed, they are not subject to the
10% surcharge and will maintain the
conditions agreed by the holder at the
moment of their constitution. The
principal and interest accrued in
deposit accounts or savings certificates
in U.S. dollars in force on November 7
can be collected in U.S. dollars or
convertible pesos when they are due,
according to the client’s choice, at the
rate of 1 to 1 without the application
of the 10% surcharge, or converted into
convertible pesos deposit accounts at
the rate of 1 to 1 without the 10%
surcharge being applied. These deposits
can be renewed as many times as the
client wishes without losing these
prerogatives.
Article 10: Operations made with credit
or debit cards accepted in Cuba, whether
for the realization of payments or cash
withdrawals can continue as is the case
to date without any 10% surcharge.
IV- “On the use of cash and the
operation of bank accounts in
convertible pesos by private
individuals”
Article 11: From November 8, 2004, U.S.
dollars in cash will not be accepted
into the current accounts maintained by
trading associations based on joint or
foreign capital, and foreign
representations in Cuba, including
diplomatic ones. At the request of the
account holder, withdrawals can be made
in U.S. dollars cash or in convertible
pesos without applying the 10%
surcharge. Exceptionally, the Central
Bank of Cuba will be able to authorize
cash deposits in U.S. dollars without
applying the 10% surcharge into the
accounts of certain of the
aforementioned holders, but in that case
the 10% surcharge will be applied.
Article 12: In terms of accounts in
convertible pesos held by state
enterprises, trading societies with 100%
Cuban capital, budgetary units and other
authorized agencies, cash may continue
to be withdrawn in line with the
existing regulations. From November 8,
2004, these accounts will not accept
cash deposits in U.S. dollars.
Exceptionally, the Central Bank of Cuba
can authorize cash deposits in U.S.
dollars for certain of the
above-mentioned account holders, but in
such cases the 10% surcharge will be
imposed.
V- “Locations authorized for the
exchange of currency”
Article 13: From October 28, 2004, the
acquisition of convertible pesos with
U.S. dollars can be undertaken in any of
the following locations:
• Exchange Bureaus, They can likewise
change euros, Canadian dollars, Swiss
francs and GBP sterling, taking as their
reference point international market
exchange rates.
• Bank branches. They will change only
amounts of 10 U.S. dollars or over,
except in municipalities where there are
no Exchange Bureaus. They can also
change euros, Canadian dollars, Swiss
francs and GBP sterling, taking as
reference the rates of exchange on the
international market.
• Selected hard-currency stores and
other authorized establishments. Only
convertible pesos can be acquired in
these places in exchange for U.S.
dollars, in amounts of 10 U.S. dollars
or more.
• Hotels. They will also exchange euros,
Canadian dollars, Swiss francs and
pounds sterling, taking the rate on the
international market as their reference.
They will offer exchange services only
to their clients.
From October 28 to November 7, 2004,
convertible pesos can be acquired with
U.S. dollars without the application of
the 10% surcharge. From November 8, 2004
the aforementioned surcharge will be
applied.
Article 14: Transactions for acquiring
U.S. dollars with convertible pesos can
be made in the Exchange Bureaus, bank
branches and hotels. The last is only
for their clients.
Additionally, visitors from abroad will
have the option of changing convertible
pesos for U.S. dollars or other accepted
currencies at the international
airports.
Article 15: Hotels, selected
hard-currency stores and other
authorized establishments will have a
license from the Central Bank of Cuba
for their money changing operations.
VI—“Entry into effect”
Article 16: The present resolution will
come into effect on October 28, 2004,
except in the aspect related to
transactions effected solely in
convertible pesos and the application of
the 10% surcharge on the use of the U.S.
dollar, which will come into effect from
November 8, 2004.
Article 17: the measures established by
this resolution only cover transactions
made within national territory and in no
case will prevent or hinder the
execution of guarantees granted by Cuban
financial institutions to foreign
entities, or the availability of funds
in freely convertible currency needed to
honor obligations contracted by Cuban
financial institutions with foreign
entities.
TRANSITORY DISPOSITIONS
FIRST: The dispositions of Article 6 of
this resolution will also apply to U.S.
dollar accounts opened between October
26 to November 7, 2004.
SECOND: Bank branches throughout the
country, excepting those of the BFI and
the BICSA in City of Havana, will attend
to the business sector from October 28
to November 5, 2004 only until 12:00
midday. From that time, the full
capacity of these branches will be
devoted to lending banking services to
the population and to effecting money
exchange transactions. Additionally,
bank branches throughout the country,
except for those of the BFI and the
BICSA in City of Havana, will open on
Saturday November 6 and Sunday, November
7, 2004, from 9:00 a.m. to 3:00 p.m. to
lend the population the services
mentioned above.
HERBEY NOTIFIED are the Ministry of
Finance and Prices and the Ministry of
Economy and Planning, the Ministry of
Tourism and the presidents of the Credit
and Commerce Bank, the International
Financial Bank Ltd, the International
Commercial Bank Ltd, the Metropolitan
Bank Ltd, the Popular Savings Bank, the
New Banking Group Ltd, Cadeca Ltd and
the directors of Issuing and Assets and
of the Treasury, both attached to the
the Central Bank of Cuba.
HEREBY COMMUNICATED to the executive
secretary of the Council of Ministers;
the heads of the State Central
Administration Agencies; the president
of the National Assembly of People’s
Power; the presidents of the Provincial
Administration Councils of People’s
Power; the attorney general of the
Republic; the president of the Supreme
People’s Court; the first vice
president, the vice presidents, the
superintendent, the auditor and the
directors of the Central Bank of Cuba;
and those companies and individuals who
should be aware of the same.
TO BE PUBLISHED in the Gaceta Oficial of
the Republic of Cuba.
TO BE ARCHIVED as an original in the
Central Bank of Cuba Secretariat.
ANNOUNCED in the City of Havana, on the
23rd day of the month of October, 2004.
Francisco Soberón Valdés
Minister/President
Central Bank of Cuba.
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