The informal currency exchange market in Cuba continues to set the pace for everyday economics, in a context where the devaluation of the Cuban peso continues to affect the population's wallets.
This Saturday, the main foreign currencies continue to maintain the same high values against the Cuban peso (CUP) as in previous days, reflecting the lack of confidence in the national currency and the high demand for foreign currency.
Saturday, August 23, 2025 - 06:05
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 405 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 450 CUP
- Exchange rate from (MLC) to Cuban pesos CUP: 195 CUP
According to the reported rates, the US dollar (USD) remains at 405 pesos, establishing itself as the most sought-after currency for those relying on remittances, travel, or purchases in the black market.
Exchange Rate Evolution
The euro (EUR), for its part, has settled at the 450 CUP reached in mid-August, maintaining its position as the strongest currency within the informal market. This difference compared to the dollar is due both to its international value and the limited access Cubans have to obtain it in cash.
Meanwhile, the freely convertible currency (MLC), used in state-owned stores in foreign currency, is quoted at 195 CUP after the recent drop of five pesos, highlighting the gap between official and informal prices.
The persistent depreciation of the Cuban peso reflects a lack of confidence in the national economy and the insufficiency of foreign currency in official channels, where exchange houses remain understocked. In light of this reality, families rely on the informal market to access dollars, euros, or MLC, at prices that rank the average salary on the island as the worst in the world, according to specialized websites.
The evolution of these rates confirms that, despite official attempts to control inflation and stabilize the market, the Cuban peso continues to lose ground against foreign currencies.
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