On Saturday, March 29, the informal currency exchange market in Cuba saw a slight increase in the euro, moving from 358 to 360 Cuban pesos (CUP) per unit. This represents a 2 CUP rise from the previous day, occurring within a context of growing demand for this European currency. Meanwhile, the United States dollar (USD) remained unchanged, holding steady at the same rate of 355 CUP as on Friday. The Freely Convertible Currency (MLC) also stayed stable at 275 CUP, according to CiberCuba's daily monitoring.
Exchange Rates in Cuba
Saturday, March 29, 2025 - 06:00
USD to Cuban Peso (CUP): 355 CUP
EUR to Cuban Peso (CUP): 360 CUP
MLC to Cuban Peso (CUP): 275 CUP
Although the euro's increase might seem minor, it reflects a trend where, despite fluctuations, it has been gaining ground against the Cuban peso in recent weeks, while the dollar shows signs of stagnation.
Migration Trends Influencing Currency Demand
One factor potentially driving this trend is the heightened interest among Cubans to emigrate to Europe, particularly Spain, as a response to the recent immigration restrictions imposed by the United States.
In recent days, the U.S. government began notifying Cuban beneficiaries of the humanitarian parole program of the revocation of their legal status and work permits, creating an uncertain situation for those under the program. This shift in Washington's immigration policy has prompted many Cubans to consider Spain as an alternative destination, due to cultural ties and existing legal advantages.
Official data indicates that over 53,000 Cubans arrived in Spain between 2023 and 2024 (excluding the last quarter of 2024), solidifying a growing migration route. Additionally, the Democratic Memory Law, known as the "grandchildren's law," has extended the period for applying for Spanish citizenship, allowing thousands of descendants of Spaniards in Cuba to begin this process at a time when the Trump administration's immigration policies are becoming more restrictive. All these factors may be driving increased demand for euros in the informal market, directly impacting its price.
CiberCuba will continue providing daily updates on the currency market's evolution, which is crucial for understanding many of the economic and migration decisions shaping Cuban lives.
Understanding the Euro's Rise in Cuba
Why is the euro gaining value in Cuba?
The euro is gaining value in Cuba due to increased demand in the informal market, driven by a growing interest among Cubans to emigrate to Spain amid U.S. immigration restrictions.
How are U.S. immigration policies affecting Cuban migration?
Recent U.S. immigration policies have led to the revocation of legal status and work permits for Cuban beneficiaries of the humanitarian parole program, prompting many to seek alternative destinations like Spain.
What role does the "grandchildren's law" play in Cuban migration to Spain?
The "grandchildren's law" extends the period for applying for Spanish citizenship, facilitating the process for descendants of Spaniards in Cuba, thus increasing migration to Spain.