The dollar maintains this Monday a price increase that was reached on Saturday.
On March 15th - the day of the fourth massive blackout in recent months in Cuba - the US dollar rose to 347 CUP in informal buying and selling on the island, a price that remains this Monday morning.
The figure represents two pesos more than the 345 that the US dollar had been holding for several days.
The euro remains priced at 350 CUP.
In the case of the Convertible Currency (MLC), it is currently valued at 275 CUP, the same price as this Sunday, when it dropped from 280 to 275 CUP.
Exchange Rate Evolution
After a weekend with changes in the prices of two out of the three reference currencies in the informal market, the median values for buying and selling currencies this Monday show declines in the average selling prices of euros and MLC, and a decrease in the buying value of MLC as well.
Exchange rate today 03/17/2025 - 6:56 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 347 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 350 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 275 CUP.
Equivalences of each available bill in euros and US dollars to Cuban pesos (CUP)
United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates for March 17:
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 rate of the dollar, euro, and MLC because it determines their real purchasing power in an economy characterized by scarcity and inflation.
The volatility of exchange rates in Cuba causes many residents on the island to closely follow the evolution of the informal market, in search of strategies to protect their purchasing power against the devaluation of the national currency.
In a country where salaries and pensions in Cuban pesos (CUP) are insufficient to cover basic needs, access to foreign currency has become essential for purchasing essential products in stores that accept only foreign currency or for conducting transactions in the black market, where items that are not available in state commerce can be found.
The constant devaluation of the Cuban peso against the dollar and the euro has generated an inflationary spiral that particularly affects those who rely on income in national currency.
Frequently Asked Questions about the Rise of the Dollar in the Cuban Informal Market
What is the current price of the dollar in the unofficial Cuban market?
The dollar is currently trading at 347 CUP in the Cuban informal market. This increase has been consistent since March 15, coinciding with a massive blackout on the island.
How do informal exchange rates affect Cubans?
The informal exchange rate of the dollar, euro, and MLC determines the real purchasing power of Cubans in an economy characterized by scarcity and inflation. Many Cubans rely on these currencies to purchase essential goods and engage in transactions on the black market.
Why is it important to monitor the evolution of the informal foreign exchange market in Cuba?
The volatility of exchange rates in Cuba causes many citizens to closely monitor the informal market to safeguard their purchasing power against the devaluation of the national currency. This is crucial in a country where salaries in Cuban pesos do not meet basic needs.
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