Entries by Ecaterina Lia

2021 brings the end of the dual-currency system

Starting the mid-1990s, Cuba had two currencies in circulation. First, the Peso Cubano (CUP), the national currency that most workers receive their wages in. Second is the so-called Convertible Peso (CUC), whose value is pegged to the US dollar, and is generally used to pay for more luxury items. Often workers’ bonuses are paid in CUC.