This Wednesday, both the dollar and euro have solidified their upward trend in Cuba's black market, moving in the opposite direction of the Moneda Libremente Convertible (MLC), which is plummeting. On the morning of January 8, the U.S. dollar was trading at an average of 330 CUP, reflecting a three-peso increase from the previous day.
Meanwhile, the euro climbed to 340 CUP by 8:00 a.m. local time, a rise of five units compared to Tuesday. In stark contrast, the MLC, the virtual currency utilized by the Cuban government, decreased by five pesos, standing at 245 CUP. This decline signals the currency's potential obsolescence amid the partial "dollarization" pursued by the regime, casting doubts on its future stability.
Today's Exchange Rates in Cuba
As of January 8, 2025, at 8:18 a.m., the exchange rates according to elTOQUE are as follows:
- USD to CUP: 330 CUP
- EUR to CUP: 340 CUP
- MLC to CUP: 245 CUP
Following a period of declining prices for foreign currencies in December—especially after the announcement of a floating official rate in 2025—dollars and euros have rebounded since the start of this year. One contributing factor is the recent opening of a new supermarket in Havana, which exclusively accepts foreign currencies like dollars and euros, further advancing the dollarization process initiated by the regime.
This development has exacerbated the demand for hard currency, as an increasing number of essential goods are now only accessible in stores that operate in foreign currencies and do not accept MLC, as reported by a growing number of Cubans on social media.
Currency Conversion Examples
Here are the equivalences for each denomination of euros and U.S. dollars to Cuban pesos (CUP), based on the exchange rates as of January 7:
- USD to CUP:
- 1 USD = 330 CUP
- 5 USD = 1,650 CUP
- 10 USD = 3,300 CUP
- 20 USD = 6,600 CUP
- 50 USD = 16,500 CUP
- 100 USD = 33,000 CUP
- EUR to CUP:
- 1 EUR = 340 CUP
- 5 EUR = 1,700 CUP
- 10 EUR = 3,400 CUP
- 20 EUR = 6,800 CUP
- 50 EUR = 17,000 CUP
- 100 EUR = 34,000 CUP
Understanding Cuba's Currency Dynamics
Why are dollars and euros increasing in value in Cuba's black market?
The rise in value is largely due to increased demand, spurred by the dollarization of the economy and the opening of stores that only accept foreign currencies.
What is the Moneda Libremente Convertible (MLC) and why is it losing value?
The MLC is a virtual currency used by the Cuban government, and its value is decreasing due to the partial dollarization of the economy, making it less relevant and stable.
How does the opening of new supermarkets influence currency value?
The opening of supermarkets that only accept foreign currencies increases demand for dollars and euros, further driving up their value in the black market.