Monetary unification and changes in Cuba

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Monetary unification and changes in Cuba

The Island of Cuba is going through one of the most complex situations since the triumph of the Revolution in 1959.

Factors such as Covid 19, which has affected practically all the countries of the world, the sanctions imposed by the United States on Cuba, and the economic problems that has the country for quite some time, have made the government of the country to take measures that can improve the current situation.

The most significant measure is monetary unification. Currently and for a long time, in Cuba there are two types of currencies: the CUC (Convertible Peso) and the CUP (Cuban Peso). As of January 1, 2021, the CUC will disappear and they will be converted into CUP with a value of 24 CUP x 1 CUC. Added to this are salaries and prices increases, a whole new world for Cubans who will begin a stage quite different from what they know .

Another factor to take into account is the country’s need to acquire important currencies (Euro, Dollar, etc.) and it has implemented a new type of offer for all those who can acquire foreign currency from abroad in the form of family remittances. There is a lot of talk about MLC (Freely Convertible Currency) stores in Cuba these days, both good and bad. The reality is that the use of dollar cards is another of the measures that the Cuban government has carried out to counteract these hard days. It is important to note that this measure is already implemented on the island.

The largest island of the Antilles is going through a time of both economic and social changes and an improvement is expected in the different sectors. As of the first day of 2021, Cuba will experience great changes with its currency unification, the new supply prices, and the rise in wages, among many others.


2020-12-23T19:43:30-05:00 December 23rd, 2020|Categories: Blog, History, News|