The black market for foreign currency in Cuba begins this Wednesday without notable changes, within a context defined by escalating social tension due to the severe energy crisis affecting the nation.
Based on the daily report from the independent outlet elTOQUE, the primary currencies in Cuba—the US dollar, the euro, and the Freely Convertible Currency (MLC)—have remained stable in recent hours. This is despite the wave of protests sweeping across various provinces.
On Tuesday, Cuba experienced its fourth consecutive night of protests, including pot-banging demonstrations. What started in Havana soon spread to interior regions like Ciego de Ávila, Matanzas, and Santiago de Cuba.
The unrest is linked to a recent energy crisis, which has left millions of Cubans without electricity for periods exceeding 20 hours a day in some regions.
Stable Currency Markets Despite Social Unrest
Despite the current social instability, the informal currency market remains relatively calm. The US dollar continues to hold at its record level, fixed at 510 Cuban pesos (CUP), a historic high reached 11 days ago. Since then, no fluctuations have been observed.
The euro and MLC also show stability after the volatility seen earlier in the week. A sharp drop on Monday was followed by a quick recovery on Tuesday, leaving all three currencies unchanged as of this Wednesday morning.
The euro is valued at 575 CUP, and the MLC at 400 CUP.
Factors Contributing to Market Calm
The apparent calm in the informal currency market, despite the protests and political tension, can be attributed to several factors that have emerged in recent days.
Firstly, the market appears to be in a holding pattern due to growing signals from the United States government about potential agreements or political changes in Cuba. When there are rumors or expectations of significant changes, market participants—such as resellers, intermediaries, and those handling large sums of cash—often delay major transactions to avoid selling currencies at a price that might shift dramatically within days or weeks.
Such behavior tends to create a temporary pause in price formation, leading to apparent stability.
Additionally, the immediate impact of the energy crisis cannot be overlooked. The prolonged blackouts, exceeding 20 hours daily in many areas, directly affect internet connectivity and cell phone usage—essential tools for conducting transactions in the informal market, which largely operates through Telegram, WhatsApp, and Facebook groups.
With reduced communication and limited capacity to coordinate trades, the volume of operations may temporarily decrease, further contributing to the persistent stability of exchange rates.
Current Exchange Rates and Economic Impact
Exchange rates as of 11/03/2026 - 7:10 a.m. in Cuba:
US dollar to CUP according to elTOQUE: 510 CUP.
Euro to CUP according to elTOQUE: 575 CUP.
MLC to CUP according to elTOQUE: 400 CUP.
The rates published by elTOQUE have become a key benchmark for assessing the real value of the Cuban peso against foreign currencies, in a scenario where the official exchange rate remains disconnected from market realities.
Currently, the state system maintains an official exchange rate of 24 CUP per dollar for legal entities, while the state exchange market for the public is set at 120 CUP per dollar, figures far below those in everyday practice.
The wide gap between the official and informal exchange rates highlights the persistent shortage of foreign currency within the state banking system, as well as the strong demand for dollars and euros among the population.
Foreign currencies are primarily used for emigration, importing goods, protecting savings from inflation, or purchasing in the growing private sector, keeping pressure high on the informal market.
This is compounded by the so-called "floating" exchange rate introduced by the government in mid-December as a more flexible mechanism, yet its value remains far from the real market rate and fails to meet the effective demand for foreign currency.
In a scenario of sustained inflation, low state salaries, and growing partial dollarization of the economy, the behavior of the informal currency market continues to have a direct impact on domestic prices and the purchasing power of Cubans.
US Dollar to Cuban Peso Equivalency
Based on the exchange rates of March 11:
1 USD = 510 CUP.
5 USD = 2,550 CUP.
10 USD = 5,100 CUP.
20 USD = 10,200 CUP.
50 USD = 25,500 CUP.
100 USD = 51,000 CUP.
Euro to Cuban Peso Equivalency
1 EUR = 575 CUP.
5 EUR = 2,875 CUP.
10 EUR = 5,750 CUP.
20 EUR = 11,500 CUP.
50 EUR = 28,750 CUP.
100 EUR = 57,500 CUP.
200 EUR = 115,000 CUP.
500 EUR = 287,500 CUP.
Understanding Cuba's Informal Currency Market
Why hasn't the social unrest affected the currency market?
The currency market remains stable due to market participants' expectations of possible political changes and logistical difficulties caused by the energy crisis, which hinder transaction coordination.
What are the current exchange rates for major currencies in Cuba?
As of March 11, the exchange rate for the US dollar is 510 CUP, for the euro is 575 CUP, and for the MLC is 400 CUP.