The informal currency market in Cuba remains vibrant, with the euro emerging as the dominant player, marking its third consecutive day of increases this Saturday. As of the morning of June 14, the European currency has surged to 410 CUP, a three-peso increase from the previous day. The euro has now broken its own average street selling record for three days straight on the island.
While the U.S. dollar holds steady at 375 pesos today, it is noteworthy that the Median Values table reflecting the last 24 hours' buying and selling activity indicates the dollar might be selling at 377 CUP. This uptick could either persist or flatten out in the coming hours, depending on the currency monitoring conducted by the independent outlet elTOQUE from sales posts on social media.
Meanwhile, the Freely Convertible Currency (MLC) continues to be sold at 260 CUP today. However, its median values suggest a decline, dropping four points in its sale price. According to a recent article by the independent media elTOQUE, based on an analysis by the Cuban Currency and Finance Observatory (OMFi), the currency market is expected to become "more volatile and unpredictable" throughout June, and this is currently proving to be true.
Exchange Rates as of June 14, 2025 - 8:24 a.m. in Cuba
According to elTOQUE:
- USD to CUP: 375 CUP
- EUR to CUP: 410 CUP
- MLC to CUP: 260 CUP
June's Currency Forecast: Anticipating Rising Pressure
The OMFi has highlighted that May was characterized by an oversupply, but it predicts that June could see a surge in demand, potentially driving up currency rates. According to OMFi's forecast models, the likely exchange rates in Cuba by June 30, 2025, are as follows:
- For the U.S. dollar (USD), a central value of 385 Cuban pesos is projected, with a maximum of 408 and a minimum of 365.
- The euro (EUR) is expected to have a central value of 406 Cuban pesos, with a peak of 421 and a floor of 385.
- Finally, the Freely Convertible Currency (MLC) is predicted to have a central value of 274 Cuban pesos, reaching a high of 284 and a low of 260.
All indicators suggest an upward trend compared to current values.
Frequently Asked Questions about Cuba's Currency Market
Why is the euro gaining strength in Cuba's black market?
The euro is gaining strength due to increased demand and limited supply, making it more valuable in informal exchanges.
What factors could influence the rise in currency exchange rates?
Factors include shifts in demand and supply dynamics, economic policies, and external financial influences.