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Money

Money in Cuba has always been problematic, especially for Cubans since 1959 and those who do not have relatives or friends in the USA to help support them. Possession of US dollars in Cuba used to be a crime. The reality of Cuba today is dollars supplement the inadequacy of the wages of the average person in Cuba. Many professionals in Cuba have simply quit their professions and taken up jobs in the tourism business or private entrepreneurial activitie where considerably more money can be made.

In addition to the US dollars, the Euro is being more widely embraced and accepted in Cuba, especially by the government of Cuba. Tourist may receive "Cuban tourist pesos" as change. This Cuban tourist money is equally exchangeable for US dollars of the same amount: 1 US dollar equals 1 Cuban tourist peso. The national currency of Cuba, while originally exchangeable as 1 peso=1 dollar, is worth about US 4 cents. During the Special Period, a national Cuban peso was worth less than one US penny (124 national Cuban pesos for one US dollar).

 

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