CUBA

CURRENCY:

Convertible Peso - CUC, Symbol CUC$

DENOMINATIONS:

NOTE: CUC$100, 50, 20, 10 and 5.

COIN: CUC$1, and 20, 5, 2 and 1 centavos.

Please note - due to currency issues between the US and Cuba in the 1990s, the US dollar has been banned for general use in Cuba. The CUC was introduced as a 'tourist dollar'. However, Cuban nationals are paid the Cuban Peso - CUP. There are areas where the Euro may also be accepted. CUC must be used in the majority of transactions.

US DOLLAR ACCEPTED?

CREDIT/DEBIT CARDS AND ATMS:

It is best to use cash in Cuba - ATM machines are rare although increasing, and MasterCard and Visa are accepted at an increasing rate. NOTE: if your credit card is issued by a US bank or a US-linked bank, you may incur large fees. Maestro and Cirrus are not accepted in Cuba.

CURRENCY EXCHANGE:

This is best arranged in advance, and ensure all local currency is exchanged again before leaving Cuba. Money can be exchanged at international airports but may incur commission fees. CADECAs are operated by the state and are cheaper than banks.

TRAVELLER'S CHEQUES:

These are best in a major currency other than US Dollars, although these can be accepted - provided they are not issued by a US bank. Cash might be a preferable option.

BANKING HOURS:

Mon - Fri 0830-1200 and 1330-1500 Sat 0830-1030. These hours vary according to location; check in advance if unsure.

CURRENCY RESTRICTIONS:

Restrictions apply. Import and export of local currency is prohibited. Import of foreign currency is unlimited as long as you declare on arrival. Export of foreign currency is permitted up to the amounts imported and as long as declared on arrival.

COUNTRY OVERVIEW:

The Republic of Cuba consists of a group of islands, the largest being the island of Cuba. Cuba is a country in the Caribbean. The capital as well as largest city is Havana. The official language spoken is Spanish. Cuba became independent from Spain in 1868, and is well-known for the Cuban Revolution of 1959, after which Fidel Castro became the prime minister and subsequently president. Cuba is a single-party communist state and a Socialist Republic.

POPULATION:

Around 11 million.

ECONOMY:

Cuba operates under a state-controlled planned economy. This means that the government owns most production and employs the majority of the workforce. There is private sector employment, and this has become more popular in recent years. All companies must gain approval from the government and preferential treatment is given to members of the Communist Party. Since the collapse of the Soviet Union, Cuba's economy has suffered. Cuba relied on the Soviet Union for trade such as on sugar, which had hitherto been its mainstay. Now tourism has overtaken sugar as the main source of hard currency to Cuba.