Cuba at a glance > Facts on Cuba

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INTRODUCTION

Foreign investment in Cuba, as part of the updating of the Cuban economic model, is aimed at the diversification and expansion of export markets, the access to advanced technologies, the replacement of imports, the obtainment of foreign financing, the creation of new sources of employment, the attraction of new managerial methods and their connection with the development of productive chains, and the change of the country’s energy matrix through the use of renewable sources of energy.

Population: 11 210,064 inhabitants (2013).
Population density: 102.0 inhabitants/km2 (2013).
Population growth rate: 3.3 per 1 000 inhabitants (2013).

OFFICIAL CURRENCY

The official currency is the Cuban peso (CUP), which circulates in bills to the value of 1, 3, 5, 10, 20, 50 and 100 pesos and coins to the value of 1 and 3 pesos. The convertible peso (CUC) is also used to pay for products and services offered in that currency within the national territory.

TYPES OF EXCHANGE RATES IN FORCE

The CUP is worth the same as the American dollar (USD), that is to say, 1 CUP is equal to 1 USD according to the official exchange rate (which applies to all banking and commercial operations). In the case of buying and selling operations executed by the population, 25 CUP are equal to 1 CUC whereas 1 CUC is equal to 24 CUP. Exchange services are provided by banks, airports, hotels and exchange houses (CADECAS).

The country is currently working on the exchange and monetary unification. Such unification will be gradual and will comprise several stages which will involve legal entities and nationals.

POLITICAL AND GOVERNMENTAL SYSTEM

In the Republic of Cuba, sovereignty is vested in the people, from whom arises the power of the State. This power is exercised either directly or by means of the National People’s Power Assembly which is the supreme body of the power of the State, represents and expresses the sovereign will of the whole population, and constitutes the only instrument invested with constituent and legislative authority in the country-together with other bodies of the State derived from the Assembly, in the manner and under the regulations established by the Constitution and other laws. Cuban economy is governed by a centrally planned system, based on the socialist ownership of the basic means of production.

EDUCATIONAL SYSTEM

The country has an educational system going from the day care centers to the universities scattered throughout the national territory. Education is mandatory up to ninth grade. In primary and secondary education, children are given a more comprehensive and differentiated treatment, and benefit from the use of educational television and audiovisual aids in the classroom.

The country has an educational system going from the day care centers to the universities scattered throughout the national territory. Education is mandatory up to ninth grade. In primary and secondary education, children are given a more comprehensive and differentiated treatment, and benefit from the use of educational television and audiovisual aids in the classroom.

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