The informal currency market in Cuba is experiencing significant shifts as the week kicks off: the US dollar is losing value while the Freely Convertible Currency (MLC) is on the rise, according to the daily report from the independent outlet, elTOQUE.
As of 6:00 a.m. local time, the dollar is averaging 445 Cuban Pesos (CUP), marking a drop of five pesos compared to its price from the previous week.
Meanwhile, the MLC, which has been experiencing a roller-coaster trend with sudden fluctuations, has increased over the past few hours. On December 8th, it reached 290 CUP, reflecting a ten-peso increase from the day before.
The euro remains steady, valued at 490 CUP.
Current Exchange Rates in Cuba
As of December 8, 2025, at 6:41 a.m., here are the exchange rates reported by elTOQUE:
- USD to CUP: 445 CUP
- EUR to CUP: 490 CUP
- MLC to CUP: 290 CUP
Currency Conversion Equivalents
Here’s how US dollar notes convert to Cuban pesos based on today's rates:
- 1 USD = 445 CUP
- 5 USD = 2,225 CUP
- 10 USD = 4,450 CUP
- 20 USD = 8,900 CUP
- 50 USD = 22,250 CUP
- 100 USD = 44,500 CUP
For the euro, the conversion equivalents are as follows:
- 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
Recently, the Cuban government has escalated its crackdown on the informal currency exchange market and the reference rates published by elTOQUE. This intensified campaign has included criminal investigations, threats against exchange operators, and a communication strategy aimed at undermining alternative sources of currency prices like the dollar and euro.
While this could be seen as a distraction from the country's severe economic crisis, an article by economist Pavel Vidal in elTOQUE suggests the real goal may be to pave the way for a new official floating exchange rate by first weakening the informal market and its key players.
Understanding Cuba's Currency Market Dynamics
Why is the US dollar losing value in Cuba's informal market?
The dollar's decline in value in the informal market could be attributed to various factors, including government interventions and changes in market demand and supply dynamics.
What is the Freely Convertible Currency (MLC) in Cuba?
The Freely Convertible Currency (MLC) is a digital currency used in Cuba for certain transactions and purchases, particularly in government-operated stores.
How is the Cuban government responding to the informal currency market?
The government is intensifying its efforts to control the informal currency market through measures such as criminal investigations, threats against operators, and discrediting independent sources of currency rates.