This Monday, the dollar continues to hold onto the price surge it experienced on Saturday. On March 15—coinciding with Cuba's fourth major blackout in recent months—the U.S. dollar reached a value of 347 CUP in the island's informal trading market, a price it maintains as of this Monday morning. This marks an increase of two pesos from the 345 level it had held for several days.
Meanwhile, the euro remains steady at 350 CUP. The Freely Convertible Currency (MLC) is valued at 275 CUP today, unchanged from Sunday, when it dropped from 280 to 275 CUP. After a weekend with fluctuations in the prices of two of the three main currencies in the informal market, the median values for buying and selling these currencies this Monday show a decrease in the average selling price of euros and MLC, along with a decline in the buying value of MLC.
Exchange rates as of 6:56 a.m. on March 17, 2025, in Cuba are as follows:
- Dollar (USD) to CUP according to elTOQUE: 347 CUP
- Euro (EUR) to CUP according to elTOQUE: 350 CUP
- MLC to CUP according to elTOQUE: 275 CUP
The conversion rates for available dollar and euro notes to Cuban pesos (CUP) are:
- U.S. Dollar (USD): 1 USD = 347 CUP, 5 USD = 1,735 CUP, 10 USD = 3,470 CUP, 20 USD = 6,940 CUP, 50 USD = 17,350 CUP, 100 USD = 34,700 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
Cubans closely monitor the informal exchange rates for the dollar, euro, and MLC as these rates directly impact their real purchasing power in an economy plagued by scarcity and inflation. The volatile nature of exchange rates in Cuba prompts many residents to keep a keen eye on the informal market's fluctuations, seeking strategies to shield their purchasing power against the national currency's devaluation.
In a country where salaries and pensions in Cuban pesos (CUP) fall short of covering basic needs, access to foreign currencies has become essential for purchasing necessary goods in stores that only accept foreign currency or for transactions in the black market, where items unavailable in state-run stores can be found. The continuous devaluation of the Cuban peso against the dollar and euro has fueled an inflationary spiral, heavily impacting those reliant on income in the national currency.
Understanding Cuba's Informal Exchange Market
Why is the informal exchange rate important in Cuba?
The informal exchange rate is critical in Cuba as it determines the real purchasing power of citizens in an economy characterized by shortages and inflation.
How does currency devaluation affect Cubans?
Currency devaluation in Cuba leads to an inflationary spiral, significantly impacting those who earn in the national currency, as their purchasing power diminishes.
What are the current informal exchange rates for the dollar and euro in Cuba?
As of March 17, 2025, the informal exchange rate for the dollar is 347 CUP, while the euro is at 350 CUP.