In an unexpected twist, Cuba's informal currency market has seen a break in its recent stability, with a slight rise in the value of the Freely Convertible Currency (MLC). As of the morning of September 4th, this struggling virtual currency, utilized by the Cuban regime, climbed from 190 to 192 Cuban Pesos (CUP), marking an unforeseen increase of two pesos. Despite weeks of consecutive declines, the MLC shows a perplexing resurgence.
Meanwhile, the U.S. dollar remains steady at 410 CUP, and the euro holds an estimated average selling rate of 460 CUP, according to the daily report from elTOQUE. Current exchange rates as of September 4, 2025, at 7:45 a.m. in Cuba are as follows: 1 USD equals 410 CUP, 1 EUR equals 460 CUP, and 1 MLC equals 192 CUP.
In July, Manuel Marrero announced planned changes to the official exchange market in Cuba, aiming for implementation in the second half of the year. However, no updates have been provided yet. Recently, the Cuban regime reported that the average monthly salary in the country rose to 6,649 pesos during the first half of 2025, reflecting a 16.4% increase compared to the same period last year. This data, published by the National Office of Statistics and Information (ONEI) and shared by Cubadebate, was portrayed as a positive outcome of official economic policy.
The Reality Behind Salary Increases
Despite being presented as progress, this salary increase offers little relief to the population amid a severe inflation crisis and the ongoing devaluation of the Cuban peso. The informal market rate shows the dollar at 410 CUP, meaning the new average salary is equivalent to approximately 16.22 dollars monthly. This meager amount is insufficient to meet even the most basic needs of workers in Cuba.
Currency Exchange Equivalencies
For reference, the following are the equivalencies for U.S. dollar bills to Cuban pesos, based on the exchange rates as of September 4:
- 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
Similarly, here are the equivalencies for euro bills to Cuban pesos:
- 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
Understanding Cuba's Economic Challenges
Why did the MLC increase in value?
The MLC experienced an unexpected rise due to fluctuations in the informal currency market, showing resilience despite previous continuous declines.
How does the salary increase affect Cuban citizens?
Despite the reported salary increase, the high inflation and devaluation of the peso mean that the real purchasing power of Cubans remains severely limited.
What are the current exchange rates in Cuba?
As of September 4, 2025, the USD is exchanged at 410 CUP, the EUR at 460 CUP, and the MLC at 192 CUP, according to elTOQUE.