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MARCH 10
:: Cuba travel » Cost, Money & Bank in Cuba


Cost, Money & Bank in Cuba

Cost, Money & Bank in Cuba




The national currency is the Cubano Peso that is exchanged at the rate of 26 by dollar American, although actually 3 currencies are used freely: the Cubano Peso (national currency), the convertible weight whose parity is of 1:1 with American dollar and American dollar that is the currency of current use in tourist establishments and services (hotels, restaurants, rents of cars, taxis, servicentros, etc.), and are even used widely by the Cuban population in the daily life. Normally a tourist will do all his transactions paying with dollares American.

At the beginning of the decade of 1990, the derived sugar and its products conformed near 75% of the exports of Cuba; other products for the export are: metallic, fruits and vegetables, citruses, fish and prepared minerals, and tobacco and its manufactures. The main imports are: mineral fuels and lubricants, means of conveyance, steel laminates, grain wheat, consumer goods, machinery and meat. Before the year 1959 most of the Cuban commerce was carried out with the United States; nevertheless, from the 1960 United States it both established total a commercial embargo between countries, which affected of very negative form the Cuban economy. At the beginning of the decade of 1990 the main commercial partners of Cuba were Canada, Japan, Spain, Italy, the Netherlands, France and Germany. It see international Trade. In 1996 the total value of the exports and imports, was respectively of 1,381 and 3,010 million dollars.

In Cuba two economies with their corresponding monetary systems coexist. The Cuban, in Cubano Peso and centesimal system, with bills of 1, 3 (with the image of the Che), 5, 10, 20, 50 and 100 pesos and currencies of 1 and 3 (image of the Che) weights and fractional of 1, 2, 5 and 20 cents. He is not convertible outside the country. Nowadays the conversion of this currency is of 1 dollar convertible = 24 to 25 Pesos Cubano, according to the parity decreed by the Government in March of 2005 and that takes effect the following month, with which the Cuban national currency revalues an 8 percent with respect to the convertible dollar.




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