This Thursday, the trend of instability that the informal market in Cuba has shown in recent days is confirmed.
At dawn on this May 22, two of the three reference currencies: the dollar and the euro, have increased after having dropped in price the previous day.
The dollar rises to 370 CUP and regains the two pesos it lost yesterday, according to the daily report from the independent media elTOQUE.
In the case of the euro, the recovery is more pronounced, as it rises to 390 CUP, two pesos more than the 388 CUP it reached this week, before dropping to 385 on Wednesday.
Currently, only the Freely Convertible Currency (MLC) remains unchanged, which is still valued at 260 CUP.
Exchange Rate Evolution
Exchange rate today 05/22/2025 - 7:00 a.m. in Cuba:
Currency exchange rate for the dollar USD to CUP according to elTOQUE: 370 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 390 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 260 CUP.
Regarding the median values recorded in the past few hours, the table published by elTOQUE confirms the instability of currencies in the last 24 hours, marked in this case by an upward trend, both in the buying and selling values of the respective currencies.
What is the outlook for the informal currency market in Cuba for the rest of the month?
According to the latest report published by the Observatory of Currencies and Finances of Cuba (OMFi), in recent days the dollar and the euro have risen with relative stability, although it is expected that they may plateau due to a trend towards an increase in the willingness to sell, which has already been observed since the beginning of May.
"The temporary excess supply of dollars in the market could disrupt the upward trend that the US currency has shown since March," warned Cuban economist Pavel Vidal, who is based in Colombia, in the report.
Their predictions for the end of this month are estimated to be around 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 is expected, the report indicates that dollarization is driving the "increased appetite for the U.S. dollar."
The document elaborated on the sensitivity of this trend, which can have serious consequences for citizens, including the rising costs of products sold by many private businesses that import in foreign currency and then sell in pesos, leading to increased prices to obtain profits.
Another disastrous consequence of the expansion of dollar consumption is that it deepens the divide between those who have access to foreign currency and those who do not.
In the midst of this situation, exacerbated by constant and prolonged blackouts, the expert advises citizens who have access to foreign currency to do their best to retain it, while not neglecting the national currency.
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 on May 22:
USD 1 = 370 CUP.
USD 5 = 1850 CUP.
USD 10 = 3700 CUP.
USD 20 = 7400 CUP.
USD 50 = 18,500 CUP.
USD 100 = 37,000 CUP.
EUROS (EUR)
EUR 1 = 390.
EUR 5 = 1950 CUP.
EUR 10 = 3900 CUP.
EUR 20 = 7800 CUP.
EUR 50 = 19,500 CUP.
EUR 100 = 39,000 CUP.
EUR 200 = 78,000 CUP.
Cuban citizens are closely 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 evolution of the informal market, searching for 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 current exchange rate for the dollar is 370 CUP and for the euro is 390 CUP, according to the daily report from the independent media elTOQUE as of May 22, 2025.
Why is there instability in the informal currency market in Cuba?
The instability is due to factors such as the scarcity of foreign currency, inflation, and the devaluation of the Cuban peso. These elements compel citizens to closely monitor the informal market to protect their purchasing power. Moreover, the increasing dollarization and the fluctuating availability of foreign currency contribute to the volatility.
What is the forecast for the informal currency market in Cuba?
According to the Observatory of Currencies and Finances of Cuba (OMFi), the dollar is expected to be between 357-368 pesos and the euro between 372-383 pesos by the end of this month. The Freely Convertible Currency (MLC) could range around 255-265 pesos.
What are the consequences of the rise in foreign currencies for Cuban citizens?
The rise in foreign currencies increases the cost of imported products and exacerbates inequalities between those who have access to foreign currency and those who do not. This particularly affects private businesses that must import in foreign currency and sell in pesos, raising prices to achieve profitability.
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