This Wednesday, the Central Bank of Cuba (BCC) will announce the release of two new high-denomination banknotes: 10,000 and 20,000 Cuban pesos, as reported by the state-run media outlet, Cubadebate. The unveiling of this measure was made by the BCC's President, Juana Lilia Delgado Portal, during the televised program Mesa Redonda on Tuesday.
Delgado Portal explained that the issuance of these banknotes is necessary to "align the existing denominations with the current economic conditions, especially in terms of pricing and monetary circulation needs."
The 10,000 peso note features the image of Haydée Santamaría, while the 20,000 peso note displays the likeness of Vilma Espín.
These new denominations are being added to the monetary system alongside the 2,000 and 5,000 peso bills, which began circulating gradually on April 1 of this year. However, for months, Cubans have reported difficulty finding them in the streets.
"With the introduction of the new 10,000 and 20,000 peso banknotes, we complete the announced changes to our monetary system," stated Delgado Portal.
The Economic Context Behind the New Banknotes
The deteriorating economy is forcing the regime to issue higher denomination bills. The official inflation rate reached 20.70% year-on-year in July 2026, according to the National Office of Statistics and Information (ONEI), with food prices being the primary driver of this increase.
By mid-September, the informal market exchange rate for the dollar was nearly 698 Cuban pesos, compared to 435 pesos in December 2025.
The cost of basic goods highlights the economic decline: a pound of rice costs 360 pesos, black beans 450, a carton of eggs 3,000, and a liter of oil exceeds 2,000 pesos, rendering lower denomination bills nearly useless for everyday transactions.
Broader Banking Reforms
The new banknotes are part of a broader package of banking reforms introduced during the same Mesa Redonda program. These reforms include the establishment of a private exchange house already in operation, expanded credit options, digital channels, and regulations for foreign currency accounts without prior BCC authorization.
For the first time in decades, private banking was authorized by the regime in June 2026, and in July, the cap of 5,000 pesos for cash payments and collections among economic actors was removed.
Delgado Portal emphasized that the ultimate goal of these transformations is to move towards "a secure, modern, agile, and efficient banking and financial system that can contribute to economic recovery and respond more swiftly and effectively to client needs." However, there is no independent verification that such objectives can be achieved in the short term given the structural decline of the Cuban economy.
Understanding Cuba's New High-Denomination Banknotes
Why is Cuba introducing high-denomination banknotes?
The Cuban government is issuing higher denomination banknotes to adjust to severe inflation and economic conditions, making lower denominations impractical for daily transactions.
What images are featured on the new banknotes?
The 10,000 peso note features Haydée Santamaría, and the 20,000 peso note features Vilma Espín.
What other banking reforms are being implemented?
Reforms include the launch of a private exchange house, expanded credit options, new digital channels, and the regulation of foreign currency accounts without BCC approval.