This Friday, two currencies in Cuba's informal market have shown notable changes: the euro has increased in value, while the Freely Convertible Currency (MLC) has decreased. As of 7:00 a.m. Cuban local time, the European currency has risen to 455 CUP, marking a five-peso increase from the previous day and setting a new record for street-level trading in Cuba.
Conversely, the MLC has fallen to 190 CUP, down three pesos from the day before, further highlighting the downfall of the digital economic model operated by the regime. Meanwhile, the U.S. dollar remains steady at 410 CUP, as reported by the daily update from elTOQUE. This ongoing fluctuation of key currencies in the informal Cuban market, particularly the dollar and euro in recent months, underscores the weakening of the national currency and the diminishing purchasing power of ordinary Cubans.
The Cuban government's silence persists despite promises of exchange rate reforms, which have yet to materialize. As of August 29, 2025, at 7:42 a.m. in Cuba, the exchange rates according to elTOQUE are as follows:
- U.S. Dollar (USD) to Cuban Peso (CUP): 410 CUP
- Euro (EUR) to Cuban Peso (CUP): 460 CUP
- MLC to Cuban Peso (CUP): 190 CUP
Here is a breakdown of U.S. Dollar to Peso Cuban exchange as of August 29:
- 1 USD = 410 CUP
- 5 USD = 2,050 CUP
- 10 USD = 4,100 CUP
- 20 USD = 8,200 CUP
- 50 USD = 20,500 CUP
- 100 USD = 41,000 CUP
And for the Euro to Cuban Peso conversion:
- 1 EUR = 460 CUP
- 5 EUR = 2,300 CUP
- 10 EUR = 4,600 CUP
- 20 EUR = 9,200 CUP
- 50 EUR = 23,000 CUP
- 100 EUR = 46,000 CUP
- 200 EUR = 92,000 CUP
- 500 EUR = 230,000 CUP
In July, Manuel Marrero announced changes to the official exchange market in Cuba, expected to be implemented in the second half of the year. However, no concrete actions have been taken thus far.
Understanding Cuba's Currency Market Shifts
Why has the euro increased in value in Cuba's informal market?
The euro's increase in value is likely due to heightened demand and limited availability in Cuba's informal market, pushing its price higher.
What is the significance of the MLC's drop in value?
The decline in MLC value signifies a loss of confidence in the digital currency system established by the Cuban regime, impacting its usability and worth.
How does the stability of the U.S. dollar affect Cuban consumers?
The stability of the U.S. dollar provides some predictability for Cuban consumers relying on it for transactions, although it also highlights the instability of the national currency.