CUC gone by June?

[El Presidente]

I heard the rumour from a mate in havana yesterday that while CUC would be accepted until the end of 2020, no change in CUC would be given after June 2020. Peso only. 

Now we have heard all this before. The removal of the CUC has been touted for 8 years at least. 

Reinforcing the above was the following news commentary I read this morning. 

“These days 2020 seems to be everybody’s bet unification and other structural reforms,” said a western banker with years of experience in Cuba, requesting his name not be used.“It looks like they are finally moving off the dime,” he said.

 

So...if you have some significant amount of CUC at home, it is time to be creative in order to get it used in the short term. 

[Fuzz]

I think I still have a few hundred CUC from my last trip.

If they do get rid of the CUC, they may become curios for collectors!

 

[Nino]

8 minutes ago, Fuzz said:

I think I still have a few hundred CUC from my last trip.

If they do get rid of the CUC, they may become curios for collectors!

 

Same here - but I hope to get rid of them in Cuba. Curious don't pay well ... ?

[SenorPerfecto]

I've still got some Italian Lira and it's not worth squat!

[Habana Mike]

2 hours ago, El Presidente said:

I heard the rumour from a mate in havana yesterday that while CUC would be accepted until the end of 2020, no change in CUC would be given after June 2020. Peso only. 

Now we have heard all this before. The removal of the CUC has been touted for 8 years at least. 

Reinforcing the above was the following news commentary I read this morning. 

“These days 2020 seems to be everybody’s bet unification and other structural reforms,” said a western banker with years of experience in Cuba, requesting his name not be used.“It looks like they are finally moving off the dime,” he said.

 

So...if you have some significant amount of CUC at home, it is time to be creative in order to get it used in the short term. 

Word from locals possibly sooner than that.

Unless they set up a CUC for CUP exchange at a fair rate they’ll tank the economy even further.  

[La_Tigre]

Made certain to calculate the purchase beforehand and use all this last trip. ?

[El Presidente]

1 hour ago, Fuzz said:

I think I still have a few hundred CUC from my last trip.

If they do get rid of the CUC, they may become curios for collectors!

 

Ben is going in February.  

[Fuzz]

Just now, El Presidente said:

Ben is going in February.  

If he wants the CUC, happy to exchange. I won't be going back until Nov next year (if I can swing it)

[El Presidente]

1 minute ago, Fuzz said:

If he wants the CUC, happy to exchange. I won't be going back until Nov next year (if I can swing it)

That would be a smart move as November is a long way away. 

[bayala]

4 minutes ago, Fuzz said:

If he wants the CUC, happy to exchange. I won't be going back until Nov next year (if I can swing it)

Mate's rates?

[El Presidente]

1 minute ago, bayala said:

Mate's rates?

Ben...keep in mind that it will be worthless in november 2020

Offer him 60% of current value now and 5% less each week until you leave in Feb. 

[Corylax18]

I'll believe it when I see it.

Frankly, getting rid of the CUC does them no good. Both Currencies are completely worthless outside of Cuba, and inferior to foreign currencies within the country. Ditching the CUC wont cure socialism, so the structural issues will persist, regardless of the name and fake exchange rate they assign.

They're far to stubborn/proud to do it, and it would eliminate one area of the Government/Military/Parties' control of their population, but they would be wise to follow the Ecuador model and move the entire economy to a real/stable foreign currency.   

[Miner]

Damn, I have 200 CUC left over from last year. I should have bought more of Renaldo's customs

 

[Ritch]

21 hours ago, SenorPerfecto said:

I've still got some Italian Lira and it's not worth squat!

Be fair, 25 years ago Italian Lira was also worth squat.

[SenorPerfecto]

2 hours ago, Ritch said:

Be fair, 25 years ago Italian Lira was also worth squat.

No, no -- it was worth squat.

[Ritch]

I went to Italy just before they adopted the Euro and also just after. They difference in price of just about everything was remarkable. One currency does not fit all!

[argrovesjd]

I’m being told that on the “private” market, the USD is now worth slightly more than the CUC. I’m being advised to bring small denomination USD ( because change is being given in CUC & CUP) and only carry a small amount of CUC for purchases at government businesses. Anyone else hearing this advice?


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[Corylax18]

8 minutes ago, argrovesjd said:

I’m being told that on the “private” market, the USD is now worth slightly more than the CUC. I’m being advised to bring small denomination USD ( because change is being given in CUC & CUP) and only carry a small amount of CUC for purchases at government businesses. Anyone else hearing this advice?


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Yes, private exchanges can be found at and above 1 to 1 right now. I got 1.05 cuc per USD a couple weeks ago, another friend got the same about a week later. I've heard tales of even higher rates, but I havent personally seen it. 

I've always been asked for $100 bills, preferably the new "blue stripe bills." I've never changed anything smaller than a $50. Several thousand dollars, even in hundreds starts to stack up. I couldn't imagine brining 4 or 5 thousand in smaller/mixed bills. 

Most businesses still don't accept USD as payment, so I would change most of your currency right away. Nowhere in havana forces payment in CUP, so no need to consider that currency in your plans, unless you want to grab some for gifts. 

[argrovesjd]

Yes, private exchanges can be found at and above 1 to 1 right now. I got 1.05 cuc per USD a couple weeks ago, another friend got the same about a week later. I've heard tales of even higher rates, but I havent personally seen it. 
I've always been asked for $100 bills, preferably the new "blue stripe bills." I've never changed anything smaller than a $50. Several thousand dollars, even in hundreds starts to stack up. I couldn't imagine brining 4 or 5 thousand in smaller/mixed bills. 
Most businesses still don't accept USD as payment, so I would change most of your currency right away. Nowhere in havana forces payment in CUP, so no need to consider that currency in your plans, unless you want to grab some for gifts. 

Interesting. I was told that none of the private businesses want CUC now, they all want to horde USD. ??? Crazy times.


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[Nino]

19 minutes ago, argrovesjd said:

Interesting. I was told that none of the private businesses want CUC now, they all want to horde USD. ??? Crazy times.


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Not true. You were told BS.

@Corylax18 has it right on the money in his post as it is.

[...]

Am in Havana right now and all transactions are in cuc with change given back in cuc. Anecdotal evidence I know...

Usd does get a good exchange rate but only on the black market as far as I can tell.

[Bagman]

Where is this black market?  Where can I go to even get a 1:1 exchange?

[Habana Mike]

On 12/6/2019 at 4:29 PM, Corylax18 said:

Yes, private exchanges can be found at and above 1 to 1 right now. I got 1.05 cuc per USD a couple weeks ago, another friend got the same about a week later. I've heard tales of even higher rates, but I havent personally seen it. 

I've always been asked for $100 bills, preferably the new "blue stripe bills." I've never changed anything smaller than a $50. Several thousand dollars, even in hundreds starts to stack up. I couldn't imagine brining 4 or 5 thousand in smaller/mixed bills. 

Most businesses still don't accept USD as payment, so I would change most of your currency right away. Nowhere in havana forces payment in CUP, so no need to consider that currency in your plans, unless you want to grab some for gifts. 

All valid points.

A couple of establishments have taken USD at the register even in the past though they did charge the Cadeca rate. If they took 1:1 that'd be great!