The informal currency market in Cuba kicks off the final week of the year with another surge in the Freely Convertible Currency (MLC), setting a new sales record.
Early this Tuesday, the Cuban regime's digital currency dropped from 412 to 410 CUP, marking a two-peso decrease compared to the previous day's value.
Meanwhile, the U.S. dollar and the euro have seen no changes today; the dollar remains at 435 CUP and the euro at 480 CUP, according to the daily report from the independent outlet elTOQUE, which tracks the fluctuating prices of currencies in Cuba.
Despite the introduction of the new official floating rate system by the Central Bank of Cuba (BCC) on December 18, to date, the MLC has been the only one of the three benchmark currencies in Cuba to react noticeably in recent days.
Although it fell by two pesos recently, the Freely Convertible Currency has climbed over 70 pesos since December 18, the day the BCC introduced the floating rate.
Current Exchange Rates as of December 30, 2025 - 7:00 a.m. in Cuba
Dollar to CUP exchange rate according to elTOQUE: 435 CUP.
Euro to CUP exchange rate according to elTOQUE: 480 CUP.
MLC to CUP exchange rate according to elTOQUE: 410 CUP.
Equivalence of USD and EUR to CUP
Conversion rates for U.S. Dollar (USD) to Cuban Peso (CUP) on December 30:
- 1 USD = 435 CUP.
- 5 USD = 2,175 CUP.
- 10 USD = 4,350 CUP.
- 20 USD = 8,700 CUP.
- 50 USD = 21,750 CUP.
Conversion rates for Euros (EUR) 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.
Trust Issues and Economic Speculation
Every time the government of Miguel Díaz-Canel announces a new economic measure, like the monetary reform or the floating rate, the informal market reacts by anticipating a devaluation of the Cuban peso.
Currency exchangers, small business owners, and citizens who hold foreign currencies prefer to keep them, anticipating price hikes.
This speculation, combined with panic over inflation and cash shortages, drives up the value of the MLC more rapidly than other currencies, making it the most sensitive indicator of economic mistrust.
On social networks, the publication of official rates has sparked a wave of criticism and irony.
"So much criticism of El Toque only to end up the same," wrote one user, referring to the independent portal that has long set the benchmarks for the informal market.
Others complained that "they publish figures, but no one can buy," alluding to the practical impossibility of accessing foreign currency in Cuban banks.
Floating Rate: A Facade Rather Than Reform
The three-tier system—1x24 for state operations, 1x120 for companies with external income, and a floating rate for citizens and SMEs—has not resolved the market distortions.
In practice, the rate "floats" on paper but remains stagnant in the face of shortages and the lack of circulating dollars.
Meanwhile, the Cuban peso continues to lose purchasing power. With salaries averaging 4,000 CUP per month, equivalent to less than 10 dollars at the informal exchange rate, the Cuban population remains dependent on remittances, digital payments, and currency exchange networks to survive.
Understanding Cuba's Currency Crisis
What is causing the rapid increase in the value of MLC in Cuba?
The rapid increase in the value of MLC is driven by speculation, inflation panic, and cash shortages, making it a sensitive indicator of economic mistrust.
How has the new floating rate system affected the Cuban economy?
The new floating rate system has not effectively addressed market distortions, as the rate remains stagnant amid shortages and a lack of circulating dollars, leading to continued devaluation of the Cuban peso.