The value of the US dollar has increased for the second time this week, with the price rising on Friday. As of the morning of March 28, the dollar is being sold at an average rate of 353 CUP, marking a one-peso increase since Wednesday. However, an overview of the median buy-sell values over the past 24 hours indicates the selling price has climbed to 355 CUP, suggesting a potential further rise in the coming hours.
In contrast, the European euro remains steady at 358 pesos, a price it reached on Thursday. The Freely Convertible Currency (MLC) is still valued at 275 CUP. After experiencing significant increases in February, the MLC has slightly decreased in recent weeks, according to independent monitoring by elToque of Cuba's reference currency fluctuations.
Current Exchange Rates in Cuba
As of 8:47 a.m. on March 28, 2025, in Cuba, the exchange rates are as follows:
- USD to CUP according to elTOQUE: 353 CUP.
- EUR to CUP according to elTOQUE: 358 CUP.
- MLC to CUP according to elTOQUE: 275 CUP.
Conversion rates for available euro and US dollar denominations to Cuban pesos (CUP) are:
US Dollar (USD) to Cuban Peso (CUP)
- 1 USD = 353 CUP.
- 5 USD = 1,765 CUP.
- 10 USD = 3,530 CUP.
- 20 USD = 7,060 CUP.
- 50 USD = 17,650 CUP.
- 100 USD = 35,300 CUP.
Euros (EUR)
- 1 EUR = 358 CUP.
- 5 EUR = 1,790 CUP.
- 10 EUR = 3,580 CUP.
- 20 EUR = 7,160 CUP.
- 50 EUR = 17,900 CUP.
- 100 EUR = 35,800 CUP.
- 200 EUR = 71,600 CUP.
- 500 EUR = 179,000 CUP.
Economic Forecasts and Influences
Last week's report from the Cuban Observatory of Currencies and Finance (OMFi) suggested that conditions were set for an increase in the prices of both the dollar and euro in the informal market by the end of this month. The analysis anticipates rates of about 350-360 CUP per 1 USD by March 31.
For the euro, the projected rate at the end of the month is 352-362 CUP per 1 EUR, considering both central and maximum scenarios. Currently, the euro is closer to the estimated highest value of 360 than the dollar, which is holding at 353 out of a predicted 362 CUP. As for the MLC, rates are expected to be between 270-260 CUP in central and minimum scenarios.
Nevertheless, OMFi's chief economist and researcher, Pavel Vidal, noted that these forecasts could be affected by new economic policy announcements from the Cuban government or changes in the Trump Administration's sanction policies.
Cubans closely watch the informal exchange rates of the dollar, euro, and MLC as these significantly impact their purchasing power in an economy characterized by scarcity and inflation. The fluctuating rates compel many residents on the island to monitor the informal market closely, seeking ways to safeguard their purchasing power against the devaluation of the national currency.
FAQs about Cuba's Currency Exchange
Why is the black market exchange rate important in Cuba?
The black market exchange rate is crucial in Cuba because it determines the real purchasing power of citizens in an economy with limited resources and high inflation, influencing their daily lives significantly.
What factors influence the fluctuation of exchange rates in Cuba?
Exchange rates in Cuba are influenced by economic policies, government announcements, international sanctions, and global economic conditions, leading to frequent changes in the informal market.