In November 8/2004, the Cuban authorities eliminated the circulation of dollars and any other "convertible currency" in all the country. On a related measure, the Cuban Central Bank (BCC) resolution 80/2004, establishes that from November 8/2004 onward, the exchange of US dollars for Convertible Pesos will bear a 10 per cent tax. The measure is applied to nationals and foreign visitors .
Additionally, after these measurements, the Central Bank of Cuba stablished that the exchange rate of the Cuban Convertible Peso will not longer be fixed with the american dollar, and revaluate, at that time, the Cuban Convertible Peso 8% against the US dollar.
The practical implication of these measurements are that if you exchange any currency with Cuban Convertible Pesos, you will get 8% less CUC than the amount of USD that you will obtain at the current exchange rate.But if you exchange USD, you will have applied a 10% tax and then an 8% exchange rate, with a "practical" result of almost 20% devaluation of the USD against the CUC