This Monday, foreign exchange rates in Cuba remain unchanged compared to the previous day. The euro, which fell from 357 CUP to 355 CUP, continues to hold at this rate on March 25. Meanwhile, the U.S. dollar is priced at 350 CUP, with the Freely Convertible Currency (MLC) also staying steady at 275 CUP, significantly different from the other two currencies.
Although the dollar has held at 350 CUP for several days, recent buying and selling medians show a slight increase to 352 CUP, suggesting a potential rise in the coming hours or days. The Cuban Currency and Finance Observatory (OMFi) recently indicated the conditions are set for a hike in both the dollar and euro prices on the informal market as the month ends.
According to OMFi’s analysis, by March 31, exchange rates are expected to be around 350-360 CUP per USD. However, for now, the U.S. dollar hasn’t surpassed the 350 peso threshold. As for the euro, the projected rate towards the month’s end is 352-362 CUP per EUR, currently aligning closer to forecasts than its American counterpart. The MLC is expected to range between 270-260 CUP in both central and minimum scenarios.
Nonetheless, Pavel Vidal, the leading economist at OMFi, emphasized that these forecasts could change due to new economic policy announcements by the Cuban government. These include adjustments in regulatory frameworks for the private sector, market expectation shifts, and changes in the Trump Administration's sanction policies.
Exchange rates on 03/25/2025 - 11:23 a.m. in Cuba:
- USD to CUP rate via elTOQUE: 350 CUP.
- EUR to CUP rate via elTOQUE: 355 CUP.
- MLC to CUP rate via elTOQUE: 275 CUP.
Currency Conversion Rates:
U.S. Dollars (USD) to Cuban Pesos (CUP), as of March 25:
- 1 USD = 350 CUP
- 5 USD = 1,750 CUP
- 10 USD = 3,500 CUP
- 20 USD = 7,000 CUP
- 50 USD = 17,500 CUP
- 100 USD = 35,000 CUP
Euros (EUR) to Cuban Pesos (CUP):
- 1 EUR = 355 CUP
- 5 EUR = 1,775 CUP
- 10 EUR = 3,550 CUP
- 20 EUR = 7,100 CUP
- 50 EUR = 17,750 CUP
- 100 EUR = 35,500 CUP
- 200 EUR = 71,000 CUP
- 500 EUR = 177,500 CUP
In Cuba, citizens closely monitor the informal exchange rates for the dollar, euro, and MLC, as these significantly influence their real purchasing power in an economy plagued by scarcity and inflation. The fluctuating exchange rates compel many residents to keep a watchful eye on the informal market, seeking ways to safeguard their financial stability against the devaluation of the national currency.
FAQs on Cuba's Currency Exchange
Why is the informal exchange rate important in Cuba?
The informal exchange rate is crucial in Cuba as it directly affects the purchasing power of citizens amidst the country's economic challenges, marked by scarcity and inflation.
What are the current exchange rates for USD and EUR in Cuba?
As of March 25, the exchange rate for USD is 350 CUP, and for EUR, it is 355 CUP according to elTOQUE.
What factors could influence future currency exchange rates in Cuba?
Future exchange rates in Cuba could be influenced by new government economic policies, changes in regulatory frameworks for the private sector, market expectations, and modifications in U.S. sanctions policies.