This Wednesday, September 17, 2025, the currency black market in Cuba presented a mixed outlook. The euro surged to a new all-time high, while the U.S. dollar experienced a slight decrease, and the Freely Convertible Currency (MLC) retreated after several tense days.
The day's reference rates indicate that the U.S. dollar (USD) dipped to 420 Cuban pesos (CUP), a one-point drop from Tuesday, when it stood at 421 CUP.
Currency Exchange Rates in Cuba: Wednesday, September 17, 2025
Dollar (USD) to Cuban pesos (CUP): 420 CUP
Euro (EUR) to Cuban pesos (CUP): 477.5 CUP
MLC to Cuban pesos (CUP): 200 CUP
The euro (EUR) continued its upward trend, trading at 477.5 CUP, which is 2.5 pesos more than the previous day and 17.5 above its early September level. Meanwhile, the MLC declined to 200 CUP after stabilizing at 205 CUP at the week's start.
The euro's sharp climb is the most notable movement, not only setting a new historical high but also widening the gap with the dollar to nearly 60 CUP. It has been on a nearly daily rise since early September, with a significant five-point leap mid-month bringing it to 475 CUP. This Wednesday's increase represents an 8.5 CUP gain in just a week and a 17.5 CUP rise for the month.
This trend underscores the euro's growing appeal in the black market, especially for those reliant on remittances or transactions linked to Europe. In contrast, the dollar remains at a high range but struggles to break upward. The one-peso drop can be seen as a minor adjustment after days of stability around 420 CUP.
As for the MLC, it experienced the steepest decline, shedding the five pesos it had abruptly gained on Monday and returning to the "psychological barrier" of 200 CUP, where it stayed in the latter half of August before its downward fluctuations and "recovery" in September.
Impact on the Cuban Economy
The behavior of this "plastic money" might indicate a demand readjustment linked to consumption in state-run stores operating in foreign currencies, which Cubans criticize for increasing shortages. Overall, this Wednesday's figures reveal a volatile informal market: with the euro at its peak, the dollar losing some ground, and the MLC retreating, the Cuban peso remains in a structurally fragile situation, making foreign currency access more expensive for the population.
Understanding Cuba's Currency Market Dynamics
Why is the euro gaining popularity in Cuba's black market?
The euro's popularity is increasing due to its rising value and stability, making it more attractive for those dealing with remittances or transactions related to Europe.
What factors contribute to the volatility of the Cuban peso?
The Cuban peso's volatility is influenced by economic instability, black market fluctuations, and government policies, making foreign currency access costly and unpredictable.