As of 10:00 a.m. local time in Havana, the informal currency market in Cuba shows a mixed performance among the major currencies this Friday, September 11.
The U.S. dollar is trading at 688 Cuban pesos (CUP) in the black market, with a buying rate of 685 CUP and a selling rate of 690 CUP. This rate remains unchanged from the previous day, although it has seen an increase of 5 pesos (+0.7%) over the past week compared to the average of 683 CUP seven days ago.
Looking at the monthly trends, the dollar's rate has increased by 22.5 pesos compared to 30 days ago when it was around 665 CUP, though this comparison may partially reflect methodological adjustments in the index. Over the last 30 days, the dollar has fluctuated between a low of 663 CUP and the current high of 688 CUP, highlighting the volatility of the informal market amid a scarcity of foreign currency.
Euro and MLC Market Trends
The euro starts the day on an upward trend, currently valued at 785 CUP, with a buying rate of 780 CUP and a selling rate of 789 CUP. This marks an increase of 3.5 pesos from the previous day when it was at 781 CUP.
On a weekly basis, the European currency has gained 11 pesos (+1.4%) compared to 774 CUP from seven days ago. Today's value aligns with the highest recorded in the last 30 days, during which the euro has ranged from a low of 746 CUP to the current level. It maintains a lead over the dollar by 97 pesos, reinforcing its dominant position in Cuba's parallel market.
The MLC (Moneda Libremente Convertible) is trading around 478 CUP, with buying and selling rates of 459 CUP and 492 CUP, respectively. However, data for this currency remain scarce, so these values should be considered as indicative.
Compared to the previous session, the MLC's rate has risen by 12 pesos. Over the past month, it has fluctuated between a minimum of 408 CUP and a maximum of 529 CUP. With no physical presence, its usage is limited to state-run stores that accept it, restricting its circulation compared to cash currencies.
Exchange Rate Comparisons and Economic Impact
Summary of informal market exchange rates:
- USD to CUP: 688 CUP
- EUR to CUP: 785 CUP
- MLC to CUP: 478 CUP (indicative value, limited data)
The official exchange rate from the Central Bank of Cuba (Segment III) is set at 651 CUP per dollar and 757 CUP per euro, remaining significantly lower than the rates prevailing in everyday informal market transactions. The gap between the two markets is 37 pesos for the dollar and 28 pesos for the euro.
Segment III was introduced as a more flexible exchange mechanism, yet its official rates are still far from those in the informal market, failing to meet the real demand for foreign currency among the population.
In the past month, the official dollar rate has climbed from 624 to 651 CUP, and the euro from 720 to 757 CUP, but these adjustments have not bridged the gap with the parallel market.
In a landscape of sustained inflation, low state wages, and increasing partial dollarization of the economy, each fluctuation in the informal market directly affects internal prices and the purchasing power of Cubans. Today's moderate euro increase adds to an upward trend that has accumulated nearly 25 pesos over the last month.
The CiberCuba Exchange Rate is an index of Cuba's informal market, generated from automated analysis of thousands of currency exchange posts on Telegram and Facebook groups.
This calculation filters out atypical offers and spam messages, weights each transaction based on its recency, and consolidates a representative value that is updated multiple times a day.
Currency Equivalents
U.S. Dollar (USD) to Cuban Peso (CUP) equivalents:
- 1 USD = 688 CUP
- 5 USD = 3,440 CUP
- 10 USD = 6,880 CUP
- 20 USD = 13,760 CUP
- 50 USD = 34,400 CUP
- 100 USD = 68,800 CUP
Euro (EUR) to Cuban Peso (CUP) equivalents:
- 1 EUR = 785 CUP
- 5 EUR = 3,925 CUP
- 10 EUR = 7,850 CUP
- 20 EUR = 15,700 CUP
- 50 EUR = 39,250 CUP
- 100 EUR = 78,500 CUP
- 200 EUR = 157,000 CUP
Understanding Cuba's Informal Currency Market
Why is the informal currency market significant in Cuba?
The informal currency market in Cuba is crucial because it reflects the real demand and supply situation, often diverging significantly from the official rates. It impacts everyday transactions and the purchasing power of citizens.
What causes the gap between official and informal exchange rates?
The gap arises from limited foreign currency supply, economic policies, and market control measures by the government, which do not align with the actual demand and economic realities on the ground.
How do fluctuations in the informal market affect Cuban citizens?
Fluctuations directly impact the cost of living and prices of goods, as many products are priced based on informal rates. This affects the purchasing power and economic stability of Cuban citizens.