This Friday, Cuba's informal currency market witnesses a significant development: the value of the Freely Convertible Currency (MLC) is on the rise.
In recent hours, the MLC has bounced back, climbing from 385 to 400 CUP. This marks yet another episode of volatility for the digital monetary creation introduced by the Cuban regime in 2019.
Stability in Dollar and Euro Exchange Rates
Meanwhile, both the U.S. dollar and the euro remain unchanged today. The American currency holds steady at 515 CUP, while the European currency stays at 580 CUP, according to the daily update from elTOQUE, which monitors currency fluctuations.
The U.S. dollar has been steadfast at 515 CUP for the sixth consecutive day. This represents "the second-longest stagnation streak of the month after the historic 13-day pause in early March." So far this month, it has grown by just 1% compared to the end of February.
The euro also continues at 580 CUP for the sixth day in a row. Since the start of March, it has increased by 10 CUP (1.8%) compared to the end of February, and over the year, it has climbed by 225 CUP (63.4%).
elTOQUE notes that "five consecutive days without movement for the euro is also unusual" and that "the market seems to have found a temporary balance around this level."
The Rollercoaster of the MLC
The Freely Convertible Currency (MLC), initially devised by the government to capture foreign exchange, has evolved into one of the most unpredictable indicators within the already fragmented currency market on the island.
Though originally pitched as a temporary solution for stocking hard currency stores, it has become ensnared in the structural scarcity of foreign currency, state-imposed restrictions, and a growing reliance on the informal market.
Its value, lacking a clear backing or an official exchange rate against the Cuban peso, is effectively determined on the streets, where supply and demand swiftly respond to any economic or political cues.
The MLC's constant fluctuations highlight the fragility of the Cuban monetary system and the public's mistrust in this instrument. Unlike the dollar or the euro, seen as safer havens, the MLC's worth is directly tied to internal government decisions and the availability of products in state-run stores, causing abrupt shifts in its valuation.
Rumors about changes in sales policies, shortages, or new restrictions often suffice to either spike its value or trigger sudden drops, revealing a highly sensitive and unstable market.
Exchange Rates as of March 28, 2026 - 8:27 a.m. in Cuba
According to elTOQUE, the current exchange rates are:
USD to CUP: 515 CUP
EUR to CUP: 580 CUP
MLC to CUP: 400 CUP
Dollar and Euro Conversion Rates
Here are the conversions from U.S. Dollars (USD) to Cuban Pesos (CUP) as per today's exchange rates:
1 USD = 515 CUP
2 USD = 1,030 CUP
5 USD = 2,575 CUP
10 USD = 5,150 CUP
20 USD = 10,300 CUP
50 USD = 25,750 CUP
100 USD = 51,500 CUP
The conversions from Euros (EUR) to Cuban Pesos (CUP) are as follows:
1 EUR = 580 CUP
5 EUR = 2,900 CUP
10 EUR = 5,800 CUP
20 EUR = 11,600 CUP
50 EUR = 29,000 CUP
100 EUR = 58,000 CUP
200 EUR = 116,000 CUP
500 EUR = 290,000 CUP
Understanding Currency Fluctuations in Cuba
Why is the MLC considered volatile?
The MLC is considered volatile because its value is affected by internal government policies, the availability of goods in state stores, and the overall scarcity of foreign currency, leading to frequent and abrupt shifts in its exchange rate.
How does the informal market impact currency values in Cuba?
The informal market significantly impacts currency values in Cuba by setting exchange rates based on street demand and supply, which often leads to rapid changes in currency valuations without official backing.