Cuba issues new high-denomination banknotes

Havana (ANTARA) - The Central Bank of Cuba launched new 10,000 and 20,000 peso banknotes on Wednesday (16/8) local time to be circulated among the public. The initiative aims to facilitate cash transactions and adapt currency denominations to the current economic situation.

President of the Central Bank of Cuba, Juana Lilia Delgado, stated during the television programme Mesa Redonda that the new banknotes complement the country’s currency denomination adjustments. According to Delgado, this update is intended to align existing denominations with the economic situation, specifically regarding price levels and the demand for cash circulation.

These measures are part of a phased process to modernise Cuba’s banking system, expand its capacity, incorporate new technologies, and diversify financial services.

The new 10,000 peso note features Haydee Santamaria, a historical figure of the Cuban Revolution, while the 20,000 peso note features Vilma Espin, who is also associated with the Cuban revolutionary process.

Following the introduction of 2,000 and 5,000 peso notes in April, the central bank noted that this issuance is aimed at easing cash transactions, meeting the economic need for larger cash volumes, reducing logistics costs related to cash, and increasing operational efficiency amidst inflation, Delgado added.