For the second day in a row, the monitoring conducted by elToque on the value of foreign currencies in Cuba's informal market shows no changes in average selling prices. As of this Thursday, the U.S. dollar remains valued at 345 CUP, while the euro holds steady at 350 CUP, maintaining the price it reached on Tuesday. Meanwhile, the Freely Convertible Currency (MLC), which dropped five pesos over the past weekend, also remains unchanged today, valued at 280 CUP.
The median exchange rates for buying and selling these currencies in the informal market display some fluctuations: in recent hours, the purchasing median for all three currencies has increased.
Exchange rates as of March 13, 2025, 8:28 a.m. in Cuba:
- Dollar to CUP, according to elToque: 345 CUP.
- Euro to CUP, according to elToque: 350 CUP.
- MLC to CUP, according to elToque: 280 CUP.
Conversion rates for each available bill of euros and U.S. dollars to Cuban pesos (CUP) are as follows:
- 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):
- 1 EUR = 350 CUP.
- 5 EUR = 1,750 CUP.
- 10 EUR = 3,500 CUP.
- 20 EUR = 7,000 CUP.
- 50 EUR = 17,500 CUP.
- 100 EUR = 35,000 CUP.
The unpredictable nature of exchange rates in Cuba leads many residents to closely monitor the informal market, aiming to shield their purchasing power against the ongoing devaluation of the national currency.
Cubans are keenly aware of the informal exchange rates for the dollar, euro, and MLC, as these directly impact their real purchasing power in an economy characterized by shortages and inflation.
With salaries and pensions in Cuban pesos (CUP) failing to meet basic needs, accessing foreign currency has become essential for purchasing necessary goods in stores that only accept foreign currency, or for transactions in the black market where items are not available in state-run stores.
The continuous devaluation of the Cuban peso against the dollar and euro has triggered an inflationary spiral, particularly affecting those reliant on national currency income. This has made tracking exchange rates a daily routine for Cubans, who strive to anticipate market movements to make financial decisions, such as buying foreign currency to protect savings or planning remittances from abroad.
Understanding Cuba's Currency Market
Why is monitoring exchange rates important for Cubans?
Tracking exchange rates is crucial for Cubans as it directly affects their purchasing power and ability to access essential goods in an economy plagued by shortages and inflation.
How does the devaluation of the Cuban peso impact daily life?
The devaluation of the Cuban peso leads to higher inflation, eroding the purchasing power of those earning in national currency and making it harder to afford basic needs.
What role does the informal market play in Cuba's economy?
The informal market is crucial as it often provides access to goods and foreign currency that are scarce or unavailable through official channels, helping Cubans meet their daily needs.