Record Set in Cuba's Black Market as Euro and MLC Surge

The informal currency market in Cuba has kicked off the week with notable increases, underscoring a persistent upward trend for foreign currencies against the Cuban peso and setting a new all-time high for the euro. According to the reference rate from elTOQUE, on Monday, September 8, the euro soared to 463 Cuban pesos (CUP), while the Freely Convertible Currency (MLC) climbed to 195 CUP, after experiencing several fluctuations in recent days.

Meanwhile, the dollar remains stable, hovering around 412 CUP as of Sunday, which is a slight increase from 410 CUP, a rate it maintained from August 28 to September 5.

Currency Exchange Rates: September 8, 2025

Dollar (USD) to Cuban Peso (CUP): 412 CUP

Euro (EUR) to Cuban Peso (CUP): 463 CUP

MLC to Cuban Peso (CUP): 195 CUP

Euro Gains Momentum

Over the past month, the euro has exhibited a strong upward trajectory within Cuba's informal market, solidifying its status as the fastest-growing foreign currency relative to the peso. At the start of this period, on August 8, the euro was valued at approximately 445 CUP. It experienced a gradual increase, reaching 450 CUP by August 12, remaining relatively stable until August 25.

Beginning in the last week of August, the euro gained significant ground. From August 26 to August 28, it jumped from 450 to 460 CUP, marking a 10-peso rise in just three days. This surge initiated a sustained rally that breached a new psychological barrier in September.

In early September, the euro fluctuated between 460 and 461 CUP, with minimal variations indicating a consolidation phase. However, by September 7, it had gained momentum again, reaching 463 CUP, the highest recorded in the informal market.

Over the past thirty days, the euro has appreciated by nearly 20 pesos, moving from 445 to 463 CUP. This significant increase contrasts with the dollar's more stable behavior, underscoring the strong demand for the euro, which is not only used as a store of value but also in commercial transactions in a market increasingly dependent on foreign currency access.

MLC: A Brief Recovery

Throughout the last month, the MLC has displayed a clear downward trend in Cuba's informal market, further losing value against the peso and moving away from mid-year levels. On August 8, the MLC was valued at around 213 CUP, and since then, it has steadily declined, reaching lows of 190 CUP by the end of the month.

Between August 10 and 14, the currency fell from 210 to 200 CUP, where it remained stable for several days until dropping again to 195 CUP on August 21. This figure marked a new low, which was broken shortly after; by August 28, the MLC had fallen to 190 CUP, its lowest level in the last quarter.

In early September, the state-controlled digital currency showed slight recovery movements, ranging between 191 and 193 CUP, though it failed to reclaim the 200 CUP threshold. It wasn't until September 7 that the MLC approached this level again, reaching 195 CUP, still significantly below its previous months' prices.

The monthly balance shows a loss of nearly 20 pesos from the period's start, confirming the growing distrust among Cubans towards this currency as a savings alternative or payment method. Unlike the euro and the dollar, which maintain a steady upward trend, the MLC continues to weaken, highlighting the market's disinterest in this state-controlled virtual currency.

In conclusion, the MLC is experiencing a chronic depreciation phase, with minor corrections that fail to reverse its downward trajectory. While strong currencies reach historical highs, the MLC continues to lose ground, reinforcing the perception of its structural value crisis.

Dollar's Steady Climb Above 400 CUP

In the past month, the U.S. dollar has maintained a moderately upward trend in Cuba's informal market, with a slower pace than the euro but enough to set new historical highs in September. On August 8, the American currency was trading around 398 CUP, just below the psychological barrier of 400 pesos.

In the ensuing days, the dollar stabilized at that level before beginning a slow rise to 400 CUP by mid-month. Starting August 18, the currency regained momentum and climbed to 405 CUP, where it held steady for several days. The most significant jump occurred at the end of August, when it reached 410 CUP, consolidating at that figure until early September.

Recently, the dollar experienced a slight additional increase, reaching 412 CUP on September 8. Thus, the greenback has gained 14 pesos in just one month, equivalent to an appreciation of approximately 3.5%.

Although its growth rate is slower than the euro's— which rose nearly 20 pesos in the same period— the dollar retains its position as the most widely used currency in everyday transactions within the informal market.

Its progress, though less rapid, reflects the same structural trend: the devaluation of the Cuban peso against strong currencies and the growing inflationary pressure on the domestic economy.

In conclusion, the dollar in Cuba has successfully surpassed and stabilized above the 400 CUP threshold, confirming its strength in the parallel market, albeit without the abrupt jumps that characterize the euro. Its behavior responds to sustained demand and the need for Cubans to protect their income in more secure currencies amid the constant deterioration of the peso.

A Fragmented Market

The divergent behavior of the three currencies once again highlights the instability of Cuba's exchange system. While the euro continues its ascent and the MLC attempts a recovery, the dollar appears to have plateaued, yet it remains the reference for most transactions. For Cubans, these fluctuations translate into increased uncertainty and a progressive rise in the cost of living.