In a notable development on December 15th, the euro's value has dipped in Cuba's informal currency market.
As Monday dawned, the euro's rate decreased to 480 Cuban Pesos (CUP) per unit, marking a reduction of five pesos compared to its rate last Friday.
Meanwhile, the U.S. dollar and the Freely Convertible Currency (MLC) remain stable.
The American currency is still valued at 440 CUP, and the MLC holds steady at 295 CUP, according to the daily report from the independent outlet elTOQUE, which tracks the fluctuations in currency values within Cuba.
Implementation of New Currency Regulations in Cuba
Last week, the Cuban government announced that starting December 17th, Decree-Law 113/2025 will come into effect, legalizing and regulating the domestic use of the dollar, euro, and other foreign currencies within the national economy.
This new legal framework introduces a system for managing, controlling, and allocating foreign currency, differentiating itself from the 2021 "Monetary Reorganization" by allowing the Central Bank of Cuba and the Ministry of Economy and Planning (MEP) to authorize foreign currency transactions.
Key measures include:
- Authorization for the use of the dollar and other foreign currencies in internal transactions.
- Creation of the Foreign Currency Access Capacity Allocation (ACAD), enabling authorized businesses and individuals to purchase foreign currency from the state using Cuban pesos.
- Legalization of foreign currency bank accounts for micro, small, and medium enterprises (Mipymes), cooperatives, and self-employed individuals.
- Non-state entities can retain only up to 80% of their hard currency income; the remainder must be surrendered to the state.
- Permitting internal payments in dollars or euros, solidifying a dual economy where access to foreign currency becomes a regulated privilege.
Although the government claims this is a "temporary" measure, the decree effectively institutionalizes a partial dollarization of the Cuban economy and reinforces state control over currency flow, deepening the divide between those operating in dollars and those reliant on the CUP.
Current Exchange Rates as of 12/15/2025 - 6:29 a.m. in Cuba
Exchange rates according to elTOQUE:
- USD to CUP: 440 CUP
- EUR to CUP: 480 CUP
- MLC to CUP: 295 CUP
Currency Conversion Equivalents
Conversion of U.S. Dollar (USD) banknotes to Cuban Peso (CUP) as of December 15th:
- 1 USD = 440 CUP
- 5 USD = 2,200 CUP
- 10 USD = 4,400 CUP
- 20 USD = 8,800 CUP
- 50 USD = 22,000 CUP
- 100 USD = 44,000 CUP
Conversion of Euro (EUR) banknotes to Cuban Peso (CUP):
- 1 EUR = 480 CUP
- 5 EUR = 2,400 CUP
- 10 EUR = 4,800 CUP
- 20 EUR = 9,600 CUP
- 50 EUR = 24,000 CUP
- 100 EUR = 48,000 CUP
- 200 EUR = 96,000 CUP
- 500 EUR = 240,000 CUP
Understanding Cuba's Currency Market Changes
What is the current exchange rate for the euro in Cuba's informal market?
As of December 15th, the euro is valued at 480 CUP in Cuba's informal market.
How does Decree-Law 113/2025 impact foreign currency use in Cuba?
The decree legalizes the use of foreign currencies like the dollar and euro in domestic transactions and establishes a new system for managing and controlling foreign currency within the national economy.
Are there any changes in the value of the U.S. dollar in Cuba?
No, the U.S. dollar remains at 440 CUP as per the latest report.