As the week concludes, Cuba's black market for foreign currency sees a significant shift: the U.S. dollar reaches a new peak, while the Freely Convertible Currency (MLC) experiences a modest increase. In recent hours, the American currency has climbed to 412 CUP, marking a two-peso increase from the previous day and setting a record high since the independent outlet elTOQUE began tracking these fluctuations.
The MLC, after a sharp decline of five pesos on Saturday, has rebounded by two units, now priced at 192 CUP as of Sunday. Meanwhile, the euro remains at the top of the exchange rates, with an estimated selling price of 460 CUP, according to elTOQUE's daily report.
Exchange rates for September 7, 2025, at 7:10 a.m. in Cuba are as follows: The dollar (USD) to CUP rate is 412 CUP, the euro (EUR) to CUP is 460 CUP, and the MLC to CUP is 192 CUP.
In July, Manuel Marrero indicated upcoming changes to Cuba's official exchange market, expected to be implemented in the second half of the year. However, there have been no updates regarding these changes. Last week, the Cuban regime announced that the average monthly salary in the country rose to 6,649 pesos during the first half of 2025, marking a 16.4% increase compared to the same period the previous year.
This data, released by the National Office of Statistics and Information (ONEI) and shared by Cubadebate, was presented as a positive indicator of the official economic policy. Nevertheless, this salary increase offers little relief to the population amidst the severe inflationary crisis and the ongoing depreciation of the Cuban peso.
The reality starkly contrasts with these figures: the informal market rate shows the dollar at 410 CUP, meaning the new average salary amounts to a mere 16.22 dollars a month. In practical terms, a month's earnings fall short of covering even a fraction of basic needs.
Here are the current USD to CUP conversions based on the September 7 rates: 1 USD equals 412 CUP; 5 USD equals 2,060 CUP; 10 USD equals 4,120 CUP; 20 USD equals 8,240 CUP; 50 USD equals 20,600 CUP; 100 USD equals 41,200 CUP.
For Euro to CUP conversions: 1 EUR equals 460 CUP; 5 EUR equals 2,300 CUP; 10 EUR equals 4,600 CUP; 20 EUR equals 9,200 CUP; 50 EUR equals 23,000 CUP; 100 EUR equals 46,000 CUP; 200 EUR equals 92,000 CUP; 500 EUR equals 230,000 CUP.
Understanding Cuba's Black Market Currency Rates
Why is the U.S. dollar reaching record highs in Cuba's black market?
The U.S. dollar is reaching record highs due to a combination of economic instability, inflation, and the depreciation of the Cuban peso, which drives demand for more stable foreign currencies.
What is the significance of the MLC in Cuba's economy?
The MLC, or Freely Convertible Currency, is used in certain transactions and stores in Cuba, providing an alternative to the CUP for purchasing imported goods, which affects its value and demand.
How does the average salary increase impact Cuban citizens?
Despite the reported salary increase, the impact is minimal due to soaring inflation and currency devaluation, leaving the average Cuban struggling to meet basic needs with their monthly earnings.