This Sunday, the euro has recorded an increase in its average selling value for the second consecutive day.
Throughout today, the European currency has traded on average at 357 euros.
The figure represents only 50 cents more than the previous day, when it was sold at 356.5 according to the monitoring conducted by the independent outlet elToque, which documents the fluctuations of reference currencies in Cuba.
The dollar, for its part, remains valued at 350 CUP this March 22.
Also unchanged is the Freely Convertible Currency (MLC), which remains valued at 275 CUP, well distanced from the other two currencies.
Exchange Rate Evolution
The median values for the buying and selling of currencies for this Saturday are as follows at the close of this report. Both the buying and selling prices are showing an upward trend.
Exchange rate today 03/23/2025 - 4:36 p.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: 357 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 275 CUP.
Last week, the latest report from the Cuban Currency and Finance Observatory (OMFi) predicted that the conditions have been established for an increase in the price of the dollar and the euro in informal buying and selling by the end of this month.
According to that analysis, as of March 31, rates are expected to be around 350-360 CUP per 1 USD.
In the case of the euro, the estimated rate at the end of the month is 352-362 CUP per 1 EUR, according to the central and maximum scenarios.
For the MLC, rates of 270-260 CUP are expected in the central and minimum scenarios.
However, the economist and principal researcher of the OMFi, Pavel Vidal, specified that the forecasts were subject to new announcements of economic policy from the Cuban government; "to adjustments in regulatory frameworks for the private sector; to changes in market expectations; and to modifications that may arise in the sanctions policy of the Trump Administration".
Equivalencies 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 on this March 23rd:
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 = 357 CUP.
5 EUR = 1,785 CUP.
10 EUR = 3,570 CUP.
20 EUR = 7,140 CUP.
50 EUR = 17,850 CUP.
100 EUR = 35,700 CUP.
200 EUR = 71,400 CUP.
500 EUR = 178,500 CUP
Cubans are constantly monitoring the informal exchange rate of the dollar, euro, and MLC because it determines their real purchasing power in an economy marked by scarcity and inflation.
The volatility of exchange rates in Cuba causes 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) are insufficient to meet basic needs, access to foreign currency has become a necessity to acquire essential products in stores that only sell in foreign currency or to conduct transactions in the black market, where items that are not available in state commerce can be found.
Frequently Asked Questions about the Informal Currency Market in Cuba
What is the current price of the dollar in the Cuban informal market?
The dollar is currently trading at 350 Cuban pesos (CUP) in the Cuban informal market, according to monitoring by the independent media elToque.
How has the value of the euro in Cuba changed recently?
The euro has seen an increase in its average selling price, reaching 357 CUP after registering rises in recent days.
What is the Freely Convertible Currency (MLC) and what is its current value?
The Freely Convertible Currency (MLC) is a virtual currency used in specific stores in Cuba. Currently, its value is 275 CUP in the informal market, showing stability compared to the dollar and the euro.
What factors influence the volatility of the foreign exchange market in Cuba?
The volatility in the currency market in Cuba is influenced by the scarcity of basic products, inflation, and the devaluation of the national currency. These conditions compel many Cubans to closely monitor the informal market in search of strategies to protect their purchasing power.
What is expected for the informal currency market in the coming weeks?
It is expected that the informal foreign exchange market will continue to show upward trends in the exchange rates of the dollar and the euro towards the end of March, with the possibility of reaching 360 CUP per dollar and 362 CUP per euro, depending on the economic policies of the Cuban government and other external factors.
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