The movement in the Cuban informal market persists. At dawn this Thursday, the euro price increases for the third consecutive day.
The European currency has reached 355 pesos, representing an increase of two units compared to the previous day, according to the daily report from the independent media elToque.
The dollar, for its part, remains valued at 350 CUP on March 20.
Also unchanged is the freely convertible currency (MLC), which remains valued at 275 CUP, a good distance from the other two currencies.
The median of buying and selling values of currencies for this Wednesday—which for the past few days includes the Canadian dollar—shows some changes.
Exchange Rate Evolution
Exchange rate today 03/20/2025 - 7:50 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 350 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 355 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 275 CUP.
The latest report from the Observatory of Currencies and Finance of Cuba (OMFi), following an analysis of the dynamics of operations in the informal market, predicts that conditions have been created for an increase in dollars and euros by the end of this month.
"Due to the situation in the informal currency market, until the first week of March (when a slight excess demand for dollars and euros begins to prevail), forecasting models indicate an appreciation of international currencies between 2% and 5% in relation to the Cuban peso for the accumulated month. Conversely, for the MLC, a fluctuation in the opposite direction is anticipated. The MLC could lose between 5% and 8% of its value compared to the Cuban peso," the bulletin explains.
Hacia March 31, rates are expected to be around 350-360 CUP for 1 USD.
In the case of the euro, the estimated exchange rate towards the end of the month is 352-362 CUP per 1 EUR, in both the central and maximum scenarios.
For the MLC, rates of 270-260 CUP are anticipated in the central and minimum scenarios.
However, the economist and principal investigator at OMFi, Pavel Vidal, emphasizes that "the forecasts are subject to the emergence of new announcements regarding economic policy from the Cuban government; adjustments in the regulatory frameworks for the private sector; changes in market expectations; and any modifications that may arise in the sanctions policy of the Trump Administration."
Equivalences of each available euro and US dollar bill to Cuban pesos (CUP)
United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates for this March 20:
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)
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.
Cubans are constantly aware of the informal exchange rates for the dollar, euro, and MLC because this determines their real purchasing power in an economy characterized by scarcity and inflation.
The volatility of exchange rates in Cuba leads many citizens residing on the island to closely monitor 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) do not suffice to cover basic needs, access to foreign currency has become essential for purchasing essential products in stores that only sell in foreign currency or for making transactions in the black market, where items that are unavailable in state commerce can be found.
Frequently Asked Questions about the Informal Currency Market in Cuba
What is the current exchange rate for the euro in the Cuban informal market?
The exchange rate of the euro in the informal Cuban market is 355 Cuban pesos (CUP) per euro, according to monitoring by the independent media outlet elToque as of March 20, 2025. This figure represents a recent increase in its valuation.
Why do Cubans closely monitor the informal currency market?
Cubans closely monitor the informal currency market because it determines their real purchasing power in an economy characterized by scarcity and inflation. Access to foreign currency is crucial for acquiring essential products and conducting transactions in the black market, where items are unavailable in state stores.
What is expected for the value of the dollar and the euro in Cuba by the end of March 2025?
The dollar and the euro are expected to appreciate by between 2% and 5% against the Cuban peso. By March 31, the estimated rates are 350-360 CUP per 1 USD and 352-362 CUP per 1 EUR. The Convertible Currency (MLC) could experience a depreciation of between 5% and 8%.
What factors influence the volatility of the informal currency market in Cuba?
The volatility of the informal currency market in Cuba is due to a combination of economic and social factors. These include rapid inflation, product shortages, the economic policies of the Cuban government, and the need for foreign currency to purchase goods in stores that only accept foreign currency.
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