The informal currency exchange market in Cuba has witnessed a slight change in the value of the Freely Convertible Currency (MLC) over the past 24 hours. As of Sunday, March 9, 2025, the MLC is valued at 280 Cuban pesos (CUP), marking a decrease of 5 CUP compared to the previous day when it stood at 285 CUP.
Exchange Rates in Cuba on Sunday, March 9, 2025 - 08:00
Exchange rate of the US dollar (USD) to Cuban pesos (CUP): 345 CUP
Exchange rate of the euro (EUR) to Cuban pesos (CUP): 345 CUP
Exchange rate of the MLC to Cuban pesos (CUP): 280 CUP
Meanwhile, the US dollar (USD) and the euro (EUR) have remained steady, both holding at an exchange rate of 345 CUP, unchanged from the previous day.
This slight dip in the MLC's value might be attributed to factors such as supply and demand within the informal market, alongside recent economic policies impacting the availability and necessity of foreign currency on the island.
Since the beginning of 2025, the MLC has experienced significant fluctuations. In early January, its value hovered around 300 CUP, but soon began a notable decline, reaching its lowest point on January 21, when it fell to 240 CUP. Following this dip, the digital currency gradually recovered, hitting 255 CUP by mid-month, and continued an upward trend until stabilizing around 290 CUP in February. However, in March, the MLC has once more seen a gradual loss of value.
This depreciation contrasts with the behavior of the dollar and the euro, which have shown greater stability amid the regime's so-called "partial dollarization of the economy" in Cuba.
Understanding MLC Fluctuations in Cuba
What is causing the MLC to lose value in Cuba?
The decline in the MLC's value could be due to factors such as market supply and demand dynamics, as well as economic policies impacting the availability of foreign currency in Cuba.
How has the MLC's value changed since January 2025?
The MLC has seen significant fluctuations since January 2025, starting around 300 CUP, dropping to 240 CUP by January 21, then recovering to 255 CUP mid-month and stabilizing near 290 CUP in February before declining again in March.
How do the dollar and euro compare to the MLC in terms of stability?
Unlike the MLC, the US dollar and the euro have shown more stability in their exchange rates, maintaining 345 CUP without significant changes amid Cuba's economic policies.