Agência para o Investimento e Comércio Externo de Portugal


The Cuban government has announced that the unification of its present dual currency system will begin on 1 January 2021. The exchange rate will be CUP24 to US$1 and as previously announced, the convertible peso, the CUC, will be abolished.

Speaking on Cuban television and radio, Cuba’s President, Miguel Díaz-Canel, sitting alongside Raúl Castro the First Secretary of the Cuban Communist Party, said that the conditions and all the necessary legal requirements are in place to begin a process that will see a new exchange rate, and remove “excessive subsidies” to industries. At the same time, he also announced a significant increase in income to enable Cubans to address the expected prices rise as the effects the

devaluation are felt.