The U.S. dollar has recently solidified its position by increasing in value within Cuba's informal market, climbing from 330 to 335 CUP, marking a five-peso rise compared to the previous day. Meanwhile, the euro remains steady, averaging 340 CUP as of 9:00 a.m. local time, consistent with its value the day before. Similarly, the Freely Convertible Currency (MLC) continues to hold at 245 CUP. This recent appreciation follows a period of declining rates that began in December, largely prompted by the announcement of a floating official exchange rate set for 2025. However, the start of 2025 has witnessed a resurgence in the value of both dollars and euros.
One significant factor contributing to this trend is the recent inauguration of a new supermarket in Havana, which exclusively accepts foreign currencies such as dollars and euros. This marks another step in the regime's ongoing dollarization process. The demand for hard currency has intensified as more essential goods are only available in stores operating in foreign currencies, excluding MLC, a situation increasingly reported by Cubans on social media.
Exchange rates as of January 8, 2025, 8:18 a.m. in Cuba are as follows: According to elTOQUE, the USD to CUP rate is 330 CUP; the EUR to CUP is 340 CUP; and the MLC to CUP stands at 245 CUP.
Here are the current equivalents for available euro and U.S. dollar bills to Cuban pesos (CUP) based on the exchange rates of January 9:
- 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
- 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 Exchange Dynamics
What factors have influenced the recent increase in the dollar's value in Cuba?
The recent opening of a supermarket in Havana that exclusively requires foreign currency for transactions has contributed significantly to the increased demand for dollars and euros, driving up their value.
How has the dollarization process affected the Cuban economy?
The dollarization process has led to a greater demand for foreign currency, as more goods are only available in stores that operate in dollars and euros, excluding the MLC, thereby impacting the purchasing power of the average Cuban citizen.
What are the current exchange rates for the U.S. dollar and the euro in Cuba?
As of January 8, 2025, the exchange rate for the U.S. dollar is 330 CUP, while the euro is valued at 340 CUP, with the MLC at 245 CUP.