The Freely Convertible Currency (MLC) is showing signs of volatility in Cuba's informal market, as its value continues to drop for a second consecutive day.
Recently, the MLC has been experiencing a rollercoaster effect, with significant fluctuations in its average selling price.
This Friday, the MLC fell from 280 to 272 CUP, marking an eight-peso decrease compared to its previous day's selling value.
Meanwhile, the U.S. dollar and the euro have remained steady over the past few days.
Today marks the sixth consecutive day the dollar is valued at 450 CUP, a rate it reached last Sunday.
The euro also remains unchanged, continuing to sell at 490 CUP, as reported on December 5th by the independent outlet elTOQUE, which tracks currency price fluctuations in Cuba.
Current Exchange Rates
As of December 5, 2025, at 6:14 a.m. in Cuba:
- USD to CUP exchange rate according to elTOQUE: 450 CUP.
- EUR to CUP exchange rate according to elTOQUE: 490 CUP.
- MLC to CUP exchange rate according to elTOQUE: 272 CUP.
Throughout much of 2025, the informal exchange rate of the MLC has notably declined against the Cuban peso.
This decline has been driven by a loss of public confidence, the increased use of cash dollars, and a reduction in available products at state-run stores operating in MLC.
These factors have fueled persistent rumors about its potential disappearance as a significant payment method in the Cuban economy.
Despite such warnings, the MLC has not vanished but has instead exhibited a remarkable ability to endure.
It remains an ambiguous monetary tool: declining, yet still functional.
USD to CUP Conversion Rates
Based on the December 5 exchange rates:
1 USD = 450 CUP.
5 USD = 2,250 CUP.
10 USD = 4,500 CUP.
20 USD = 9,000 CUP.
50 USD = 22,500 CUP.
100 USD = 45,000 CUP.
EUR to CUP Conversion Rates
1 EUR = 490 CUP.
5 EUR = 2,450 CUP.
10 EUR = 4,900 CUP.
20 EUR = 9,800 CUP.
50 EUR = 24,500 CUP.
100 EUR = 49,000 CUP.
200 EUR = 98,000 CUP.
500 EUR = 245,000 CUP.
In recent weeks, the Cuban government has ramped up its campaign against the informal currency market and the reference rates published by independent outlets like elTOQUE.
This offensive includes criminal investigations, threats against exchange operators, and a communication strategy aiming to discredit alternative sources for dollar, euro, and other currency prices.
Although this attack might appear as a distraction from the country's severe economic crisis, an article by economist Pavel Vidal published last Monday in elTOQUE suggests that the real goal is to pave the way for implementing a new official floating exchange rate, weakening the informal market and its key players beforehand.
Understanding Cuba's Currency Market Challenges
What is causing the MLC to lose value in Cuba?
The MLC's decline is attributed to a loss of trust among the population, increased use of cash dollars, and reduced product availability in state-run MLC stores.
Why is the Cuban government targeting the informal currency market?
The government's campaign aims to undermine informal market reference rates and may be part of a strategy to introduce an official floating exchange rate system.
How stable are the U.S. dollar and euro in Cuba's market currently?
Both the U.S. dollar and euro have remained stable in recent days, with the dollar valued at 450 CUP and the euro at 490 CUP.