For the second day in a row, two key currencies in Cuba's informal market are experiencing price hikes: the euro and the Freely Convertible Currency (MLC) have both increased in value. As of 8:00 a.m. local time, the euro is trading at 380 CUP, a rise of two pesos from the previous day. Though it has been climbing steadily, it remains below its record high of 402.5 CUP.
The MLC, a virtual currency used by the Cuban regime, has also seen a slight increase. Despite a dip to 260 CUP on Tuesday, it has risen to 261 CUP today, marking a one peso gain. Meanwhile, the U.S. dollar remains stable, holding at 365 CUP, a rate it reached on April 19.
As of April 23, 2025, at 8:37 a.m. in Cuba, the exchange rates according to elTOQUE are as follows: the U.S. dollar to CUP is at 365; the euro to CUP is at 380; and the MLC to CUP is at 261. Here are the conversions for euros and U.S. dollars to Cuban pesos:
United States Dollar (USD) to Cuban Peso (CUP):
1 USD = 365 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 Peso (CUP):
1 EUR = 380 CUP
5 EUR = 1,900 CUP
10 EUR = 3,800 CUP
20 EUR = 7,600 CUP
50 EUR = 19,000 CUP
100 EUR = 38,000 CUP
200 EUR = 76,000 CUP
500 EUR = 190,000 CUP
Last week, the Observatorio de Monedas y Finanzas de Cuba (OMFi) from elTOQUE released a forecast for currency behavior in the informal market for the rest of the month. It is anticipated that the dollar and euro could appreciate between 2.5% and 4.8%, while the MLC might decrease to a range of 262 to 255 CUP per MLC. Projections suggest the dollar could fluctuate between 364 and 372 CUP, and the euro between 370 and 377 CUP.
Amid an economy plagued by shortages and inflation, Cubans closely monitor these informal exchange rates as they have a direct impact on their purchasing power. The unpredictable nature of exchange rates in Cuba drives many residents to keep a vigilant eye on the informal market, seeking methods to safeguard their financial stability against the devaluation of the national currency.
Understanding Cuba's Informal Currency Market
Why are Cubans concerned about informal exchange rates?
Informal exchange rates in Cuba are crucial because they determine the real purchasing power of citizens in a country where the official currency is subject to inflation and scarcity.
What is the role of the MLC in Cuba's economy?
The MLC is a virtual currency used by the Cuban government for transactions in specific stores. It plays a significant role in the economy as it is often used for purchasing imported goods.