Cuba to Issue New Banknotes

August 19, 2014 | Print Print |

HAVANA TIMES —The Central Bank of Cuba plans to issue in the near future new banknotes for regular Cuban pesos (CUP) with new security measures, according to official sources.

In the high denomination banknotes (100, 50 and 20 pesos) the watermark located on the left front of the bills, will appear with the image of the patriot whose name identifies the denomination, which can be seen by placing the note up to the light.

Moreover, these bills will incorporate another watermark located in the top left of the patriot with the denomination of the bill.

The rest of the bills will continue to have their watermark with the image of Celia Sánchez and to the right of her will appear number with the corresponding denomination.

According to the article, the remaining security elements remain unchanged. The bills are dated 2014 and the currency in circulation will remain valid as legal tender throughout the country.

The new measure has confirmed indirectly that behind the announced monetary unification the so-called national pesos or CUP will remain, while the current CUC (equivalent to the US dollar) would cease to circulate.


What's your opinion?

  • Carlyle MacDuff

    As the current CUC is equivalent to 25 pesos, there is no note equivalent to 1 CUC. obviously the 50 and 100 pesos notes are equivalent to 2 and 4 pesos respectively. The article does not provide equivalence in erms of exchange rates so presumably that will be 25 pesos = US$1 as Cuba cannot afford to allow their currency to float. It is wise to assume that the new currency will result in some inflation, especially when the economy is failing to meet regime forecasts. That in turn will place stress upon the regime as Cubans experience a higher cost of living.

    • Terry Downey

      Agreed. As Cuba goes through their period of flux, things will definitely get worse before they get better. Still no date yet for eliminating the CUC…although with this news of issuing more secure CUP notes, the full switch can’t be far off.

      • Carlyle MacDuff

        As we agree Mr. Downey, things will get worse – there is no indication that they will subsequently get better. A 400 gram loaf of bread at the state empresa is 10 pesos. Just imagine receiving a pension of 200 pesos per month and prices rising – misery compounded. The Castro family regime proudly pronounces upon the expectancy of life in Cuba and the survival rate at birth but fails to address the quality of life which they subject their subjects in the intervening period. The only hope apart from emigration that the Cubans have is the end of Castroismo Socialismo to be replaced by a democratic government freely elected by a free people.
        Cuba has gone through successive periods of flux under the Castro family regime. Never cry for the multi millionaire Castro family, cry for the people of Cuba.

  • JC Rainville

    I’m just back from a 2-week vacation in the Santa-Maria area and we were told by the tour guides to get rid of our remaining CUCs before december. Looks like the move is finally happenning…

    • Carlyle MacDuff

      You are not supposed to take CUCs out of Cuba anyway.