The value of the dollar and the euro has experienced a slight decrease in recent hours, as reported this Wednesday by the daily update from the independent source elTOQUE.
At dawn on this May 21, the US dollar is sold at an average of 368 CUP, which represents a drop of two units compared to its value on the previous day.
Also, the euro falls, dropping to 385 CUP, three pesos less than its value this Tuesday.
At the moment, only the Freely Convertible Currency (MLC) remains unchanged, which continues to be valued at 260 CUP.
Exchange rate today 05/21/2025 - 8:00 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 368 CUP.
Exchange Rate Evolution
Exchange rate of the euro EUR to CUP according to elTOQUE: 385 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 260 CUP.
Regarding the median values recorded in recent hours, elTOQUE confirms the decline in expectations for the euro.
Although on Tuesday the selling rate of the euro was averaging 392 CUP, it has fallen to 389 this Wednesday. The buying rate for the European currency has also decreased, now standing at 380.
What is the forecast for the informal currency market in Cuba for the remainder of the month?
According to the latest report published by the Observatory of Currencies and Finance of Cuba (OMFi), in recent days, the dollar and euro have risen with relative stability, although it is expected that they may stagnate due to a trend towards an increased willingness to sell, which has already been observed since the beginning of the month.
"The temporary excess of dollars available in the market could disrupt the increase that the US currency has been experiencing since March," warned Cuban economist Pavel Vidal in the report.
Their predictions for the end of this month are between 357-368 pesos per dollar and 372-383 pesos per euro, while the MLC could be around 255-265 pesos.
Despite the slight slowdown that can be seen, the report indicates that dollarization is driving the “increased appetite for the US dollar.”
The document elaborated on the sensitivity of this policy, which can have serious consequences for citizens, including the increased prices of products offered by many private businesses that must import in foreign currency to then sell in pesos, leading to elevated prices to achieve a profit.
Another of the dire consequences of the expansion of dollar consumption is that the gap between those who have them and those who do not widens.
"A monthly average salary of 5,839 pesos now amounts to just 15.78 dollars at the informal market exchange rate, and the minimum pension, at 1,528 pesos, is equivalent to 4.13 dollars, which limits access to consumption for lower-income social groups and deepens inequalities," warned the economist.
In the midst of this situation, exacerbated by the constant prolonged blackouts, the expert advises citizens who have access to foreign currency to do their best to hold onto it, without neglecting the national currency.
"If the adjustment of the fiscal deficit is confirmed and consolidated, it could exert pressure on the appreciation of the Cuban peso. In this scenario, it would be advisable to maintain a proportion of Cuban pesos in savings portfolios," he concluded.
Equivalences of each available bill in euros and US dollars to Cuban pesos (CUP)
United States Dollar (USD) to Cuban Peso (CUP), based on the exchange rates from May 21:
1 USD = 368 CUP.
5 USD = 1,840 CUP.
10 USD = 3,680 CUP.
20 USD = 7,360 CUP.
50 USD = 18,400 CUP.
100 USD = 36,800 CUP.
EUROS (EUR)
1 EUR = 385 CUP.
5 EUR = 1.925 CUP.
10 EUR = 3,850 CUP.
20 EUR = 7,700 CUP.
50 EUR = 19,250 CUP.
100 EUR = 38,500 CUP.
200 EUR = 77,000 CUP.
500 EUR = 192,500 CUP.
Cubans are constantly watching 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 leads many residents on the island to closely monitor the developments in the informal market, in search of strategies to protect their purchasing power against the devaluation of the national currency.
Frequently Asked Questions about the Informal Currency Market in Cuba
What is the current exchange rate for the dollar and the euro in the Cuban informal market?
The exchange rate for the dollar is 368 CUP, while that of the euro is 385 CUP, according to the daily report from elTOQUE on May 21, 2025.
What factors are influencing the volatility of the informal currency market in Cuba?
The volatility of the informal currency market in Cuba is influenced by several factors, such as inflation, the scarcity of foreign currency, and the government's economic policies. The dollarization of the economy and the fiscal deficit also play an important role, affecting the stability of the Cuban peso.
What is the forecast for the value of the dollar and the euro for the remainder of May?
According to the Observatory of Currencies and Finances of Cuba (OMFi), the dollar is expected to range between 357 and 368 CUP and the euro between 372 and 383 CUP by the end of May 2025. A stabilization is anticipated, although variations may arise due to changes in the supply and demand for foreign currencies.
How does the devaluation of the Cuban peso affect citizens?
The devaluation of the Cuban peso affects citizens by reducing their purchasing power. Salaries and pensions in Cuban pesos are devalued against the dollar and the euro, limiting access to basic products and services that are purchased in foreign currency. This deepens economic and social inequalities in the country.
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