HAVANA — Cuba's Central Bank introduced two new high-denomination banknotes into circulation on April 1, 2026. The new banknotes are denominated 2,000 and 5,000 Cuban pesos.

The 2,000 Cuban peso note features violet and pink tones and displays a portrait of Mariana Grajales, a patriot of Cuban independence. Grajales was the mother of several Cuban independence heroes. The 5,000 Cuban peso note features blue tones and displays a portrait of Celia Sánchez, a guerrilla fighter who became a close collaborator of former President Fidel Castro.

It is the first time that Cuban paper currency features women. The 2,000 Cuban peso note is roughly equal in value to $4, while the 5,000 Cuban peso note is roughly equal in value to $10. Before the introduction of the 2,000 and 5,000 peso notes, the 1,000 peso note was the highest denomination.

Cubadebate said the new notes will facilitate cash transactions, respond to the needs of an economy demanding large amounts of cash, reduce cash logistics costs, and improve operational efficiency during the current period of inflation. Cuban authorities have promoted bank deposits and transfers, though many Cuban residents still prefer to use cash.

Since 2001, rising inflation has reduced the value of Cuban banknotes, causing many people to carry large bills that do not fit in their wallets. Annual inflation in Cuba closed at 14% last year, according to official figures. Annual price increases in Cuba peaked at 77% in 2021.

Cuba's gross domestic product has declined over the last five years. Cuba's economy has been affected by the COVID-19 pandemic, a 2021 financial reform, and increased U.S. sanctions. U.S. sanctions on Cuba aim to prompt the country to liberalize its politics and economy.