The Central Bank of Cuba (BCC) publicly acknowledged that the issuance of two new banknote denominations—2,000 and 5,000 Cuban pesos—responds to rising prices and an increase in the demand for circulating money, confirming what Cubans experience daily: an inflation that erodes the purchasing power of their salaries.
Julio Antonio Pérez Álvarez, director of issuance and securities at the BCC, stated plainly in a television interview: "The Central Bank is studying the structure of the monetary cone, but at this moment, based on responding to the demand caused by the increase in prices, the increase in circulation."
The 5,000 peso bills began circulating this Wednesday in Havana, through the Metropolitan Bank, with a gradual distribution to the rest of the country. The 2,000 peso bills will be introduced later, also progressively, as reported by the official.
Pérez Álvarez listed four reasons for the measure: to facilitate public service, to meet the demand for cash generated by rising prices, to reduce logistical costs, and to expedite banking operations.
The admission contrasts with the official discourse that downplays the severity of the economic crisis and comes at a time when the Cuban economy has accumulated a decline of over 15% since 2020, with a contraction of 5% alone in 2025. At the current informal exchange rate, a 5,000 peso bill is worth just about 10 dollars, and a 2,000 peso bill is worth around four dollars.
The minimum wage has been frozen at 2,100 pesos since 2021, while the average salary hovers around 6,989 pesos per month —a figure that barely covers between 15% and 22% of the basic food cost for two people in Havana, estimated at over 41,000 pesos per month.
The cash crisis affecting the population further exacerbates the situation: Havana has lost more than 50% of its ATMs, a situation that is mirrored in other provinces. Citizens report waiting up to three days to access a functioning one.
Bank withdrawal limits may force individuals to wait months to recover their own funds that were deposited, a situation that the forced banking plan launched in 2023 has not resolved.
The popular reaction to the new banknotes was one of irony: "My salary in a banknote", wrote Cubans on social media the same day of the announcement. The group Fuera de la Caja took a more direct approach in their assessment: "A piece of paper solves nothing".
The new banknotes feature, for the first time in the history of Cuban numismatics, images of women: Mariana Grajales Cuello on the 2,000 peso note and Celia Sánchez Manduley on the 5,000 peso note, along with security elements such as a motion-effect thread, a watermark, and enhanced braille code to prevent wear from handling.
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