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1 Cuba Peso

The Cuba Peso (in Spanish peso cubano, ISO 4217 code: CUP) also known as moneda nacional, is the official currency of Cuba.

The Cuban peso historically circulated at par with the Spanish-American silver dollar from the 16th to 19th centuries, and then at par with the U.S. dollar from 1881 to 1959. The Castro regime then introduced the socialist planned economy and pegged the peso to the Soviet ruble.

The Soviet Union’s collapse in 1991 resulted in a Special Period of difficult economic adjustments for Cuba. From 1994 to 2020 the Cuban peso co-circulated with the Cuban convertible peso (ISO 4217 code “CUC”; colloquially called “kook” in contrast to the CUP or “koop”), which was convertible to and at fixed against the U.S. dollar, and which was generally available to the public at a rate of US$1 = CUC 1 = CUP 25. State enterprises under the socialist planned economy, though, were entitled to exchange CUPs into CUCs and U.S. dollars at the official, subsidized rate of US$1 = CUC 1 = CUP 1.

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