The informal currency market in Cuba experienced contrasting movements this Friday: the MLC surged to 315 Cuban pesos (CUP), whereas the U.S. dollar (USD) and euro (EUR) remained unchanged at 440 CUP and 480 CUP, respectively.
This trend emerges on the second day of the new official floating rate scheme implemented by the Central Bank of Cuba (BCC), which aims to bring state exchange rates closer to the actual market conditions.
Informal Exchange Rates in Cuba: December 19, 2025
Despite initial expectations, the new figures from the BCC have failed to alter the behavior of the informal market, which continues to reflect the real pulse of the Cuban economy.
According to the independent news outlet elTOQUE, the currency values have remained similar since the beginning of the week, signaling apparent stability following the government announcement.
Currency Equivalences
U.S. Dollar:
- 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
Euro:
- 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
Floating Rate Fails to Float
The Central Bank claimed the floating rate would be updated daily "based on market conditions," but in practice, the second day of the new model shows no change.
The official dollar remains at 410 CUP, the euro at 480.77 CUP, and the MLC hovers around 300 CUP, nearly identical to informal market rates.
Analysts suggest the government has not managed to introduce liquidity or instill confidence in the system, leading citizens to continue relying on private exchangers.
"They publish figures, but nobody can buy," commented a user on social media, highlighting the widespread frustration over the lack of access to foreign currency in banks and CADECA.
Criticism and Distrust
On official platforms like Cubadebate, hundreds of internet users reacted with irony to the new rates, describing them as a "state-run reissue" of the black market.
"After criticizing elTOQUE so much, they end up the same," wrote one commenter, while another questioned, "Where can I buy dollars at 410?"
The government's Macroeconomic Stabilization Program aims to move toward eventual exchange rate unification, but faces skepticism due to a lack of transparency and cash shortages.
With an average monthly salary equivalent to 16 dollars at the official rate, Cubans continue to rely on the informal market for access to currency and basic goods.
Validation of the Parallel Market
The implementation of the floating rate, rather than a control attempt, seems to implicitly validate the informal market, which has long reflected the real value of the Cuban peso.
Without structural reforms or guarantees of liquidity, the measure could become just another patch in an exhausted economic model disconnected from the country's everyday reality.
Understanding Cuba's Informal Currency Market
What is the current exchange rate of MLC in the informal market?
As of the latest update, the MLC is valued at 315 Cuban pesos (CUP) in the informal market.
Why do Cubans rely on the informal currency market?
Cubans depend on the informal currency market due to limited access to foreign currency in official banks and CADECA, coupled with a lack of confidence in the government's financial system.
How does the floating rate scheme affect the currency market in Cuba?
The floating rate scheme has not significantly impacted the actual currency market, as informal exchange rates continue to dominate and reflect the true economic conditions.