After a brief stabilization period, Cuba's informal currency market witnessed fluctuations on Tuesday, affecting two of the island's major currencies: the euro saw an increase, while the Freely Convertible Currency (MLC) experienced a drop.
As of 8:00 a.m. local time, the euro was trading at 378 Cuban Pesos (CUP), a three-peso increase compared to last week's rates. In contrast, the virtual currency managed by the regime, known as MLC, continued its downward trend, dropping five units to settle at 260 CUP. Meanwhile, the value of the U.S. dollar remained unchanged at 365 CUP, maintaining the rate it established on Saturday, April 19.
Current Exchange Rates in Cuba
As of April 22, 2025, at 8:29 a.m., the exchange rates according to elTOQUE are:
USD to CUP: 1 USD equals 365 CUP.
EUR to CUP: 1 EUR equals 378 CUP.
MLC to CUP: 1 MLC equals 260 CUP.
Currency Conversion Equivalents
For those dealing in physical currency, here are the equivalent values:
U.S. Dollars (USD) to Cuban Pesos (CUP):
- 5 USD = 1,825 CUP
- 10 USD = 3,650 CUP
- 20 USD = 7,300 CUP
- 50 USD = 18,250 CUP
- 100 USD = 36,500 CUP
Euros (EUR) to Cuban Pesos (CUP):
- 5 EUR = 1,890 CUP
- 10 EUR = 3,780 CUP
- 20 EUR = 7,560 CUP
- 50 EUR = 18,900 CUP
- 100 EUR = 37,800 CUP
- 200 EUR = 75,600 CUP
- 500 EUR = 189,000 CUP
Future Currency Trends in Cuba
Last week, elTOQUE's Observatory of Currencies and Finance of Cuba (OMFi) provided insights into expected currency trends for the remainder of the month. Predictions indicate a potential appreciation of both the dollar and euro by 2.5% to 4.8%. On the other hand, the MLC is anticipated to dip to levels between 262 and 255 CUP per unit.
The dollar is projected to fluctuate between 364 and 372 CUP, while the euro might range from 370 to 377 CUP. Cubans closely monitor these informal exchange rates as they critically impact their purchasing power amid a landscape characterized by scarcity and inflation.
The inherent volatility in Cuba's exchange rates prompts residents to stay vigilant, seeking strategies to safeguard their financial stability against the ongoing devaluation of the national currency.
Understanding Cuba's Informal Currency Market
What causes currency fluctuations in Cuba's informal market?
Currency fluctuations in Cuba's informal market are influenced by several factors, including economic policies, inflation rates, and the availability of foreign currencies.
How does the informal exchange rate affect Cuban citizens?
The informal exchange rate significantly impacts Cubans' purchasing power, as it determines the real value of their income and savings in an economy plagued by shortages and inflation.