The Cuban peso (CUP) is the official currency of Cuba. It is used primarily by locals for everyday transactions, such as buying food and services. The peso is subdivided into 100 centavos, and its value is significantly lower than that of the Cuban convertible peso (CUC), which was used for tourism and foreign transactions until its phased-out in 2021. In recent years, the Cuban government has implemented economic reforms that affect the currency system. The exchange rate and the purchasing power of the Cuban peso can fluctuate, impacting the economy and the daily lives of Cuban citizens.