The informal currency exchange market in Cuba opened this Tuesday morning with no fluctuations in rates, signaling a temporary calm after recent volatility.
According to the latest figures from the independent observatory elTOQUE, the exchange rate of the U.S. dollar (USD) remains at 440 Cuban pesos (CUP), the euro (EUR) at 480 CUP, and the Freely Convertible Currency (MLC) at 350 CUP, the highest rate ever recorded, achieved just this past Monday.
All foreign currencies are at a standstill today: neither buyers nor sellers are willing to change their prices as the year-end festivities approach. However, the economic landscape is still dominated by uncertainty and shortages.
Informal Exchange Rate in Cuba
Tuesday, December 23, 2025 - 05:00 AM
Exchange rate of the dollar (USD) to Cuban pesos CUP: 440 CUP
Exchange rate of the euro (EUR) to Cuban pesos CUP: 480 CUP
Exchange rate of the MLC to Cuban pesos CUP: 350 CUP
This stillness contrasts with Monday's surge in the MLC, which saw the digital currency used in state-run stores breaking records and solidifying its status as a financial refuge amid the Cuban peso's devaluation.
Industry experts suggest this temporary stability may be due to a containment effect after the Central Bank of Cuba (BCC) announced an official floating rate, which has yet to influence informal market behaviors.
"Cubans continue to purchase currency outside the banking system because they distrust official rates and the availability of cash," explained an independent economist.
On the streets, demand for dollars and euros remains high, yet the scarcity of cash and state-imposed controls on acquiring foreign currency drive many to transact in MLC, the electronic currency that reached its peak just this Monday.
A Tense Calm Before Year-End
While today seems uneventful, analysts predict market activity will pick up in the coming days, driven by increased remittances and year-end spending.
For now, Cuba's informal market remains "steady on base," poised for action, anticipating either a government maneuver or a leap in exchange rates that will mobilize all the players.
Understanding Cuba's Informal Currency Market
Why is the informal currency market important in Cuba?
The informal currency market is crucial because many Cubans do not trust official exchange rates or the banking system, leading them to seek more favorable rates and reliable access to foreign currency.
What factors contribute to the stability or volatility of the informal market?
Stability or volatility in the informal market is influenced by government policies, remittances, public trust in the banking system, and the broader economic conditions in Cuba.