The exchange rates for the dollar, euro, and the Freely Convertible Currency (MLC) in Cuba’s informal market remained unchanged this morning. As of Monday morning, both the dollar and the euro are valued at 345 CUP. Meanwhile, the MLC, which saw a decrease of five pesos over the weekend, stands at 280 CUP, consistent with the previous day. The median buying and selling rates for these currencies in the informal market suggest that the MLC might continue to decline in the coming hours.
Exchange Rates as of 10/03/2025 – 8:59 a.m. in Cuba:
- Dollar (USD) to CUP: 345 CUP
- Euro (EUR) to CUP: 345 CUP
- MLC to CUP: 280 CUP
Why Do Cubans Rely on the Informal Currency Market?
The unpredictable nature of exchange rates in Cuba compels many island residents to closely monitor the informal market in search of strategies to safeguard their purchasing power against the devaluation of the national currency. In a nation where Cuban peso (CUP) salaries and pensions fall short of covering basic needs, access to foreign currencies has become essential for purchasing necessities in stores that only accept foreign currency or for conducting transactions in the black market, where items unavailable in state-run stores can be found.
As the informal exchange rate is not regulated by the government, it accurately reflects the real supply and demand for foreign currencies and serves as a barometer of the island’s economic crisis. The ongoing devaluation of the Cuban peso against the dollar and euro has led to an inflationary spiral that particularly impacts those reliant on incomes in the national currency. This situation has made it a common practice for Cubans to monitor exchange rates daily, trying to foresee market movements to make critical financial decisions, such as buying foreign currency to protect savings or planning remittance transfers from abroad.
Currency Conversion Rates for USD and EUR to CUP
Here are the equivalences for each available bill in euros and U.S. dollars to Cuban pesos (CUP) according to today’s exchange rates:
- U.S. Dollar (USD) to Cuban Peso (CUP):
- 1 USD = 345 CUP
- 5 USD = 1,725 CUP
- 10 USD = 3,450 CUP
- 20 USD = 6,900 CUP
- 50 USD = 17,250 CUP
- 100 USD = 34,500 CUP
- Euro (EUR) to Cuban Peso (CUP):
- 1 EUR = 345 CUP
- 5 EUR = 1,725 CUP
- 10 EUR = 3,450 CUP
- 20 EUR = 6,900 CUP
- 50 EUR = 17,250 CUP
- 100 EUR = 34,500 CUP
Understanding Cuba’s Black Market Currency Exchange
Why do Cubans prefer the informal market for currency exchange?
Cubans prefer the informal market because it offers a more accurate reflection of the real supply and demand for foreign currencies, unlike the state’s regulated rates. This market often provides better rates, helping citizens protect their purchasing power in an unstable economy.
How does the devaluation of the Cuban peso affect everyday life?
The devaluation of the Cuban peso leads to increased inflation, making it difficult for those earning in CUP to afford basic goods and services. It forces many to rely on foreign currency to maintain their standard of living and meet essential needs.
