This Monday, there are no changes in the Cuban informal market.
After a completely calm weekend, the currencies maintain, for the fourth consecutive day, the prices they reached last Friday.
At 7:00 a.m. (Cuban local time) on this September 1st, the dollar is still valued at 410 CUP, while the euro remains 50 pesos above the U.S. dollar, with an estimated average selling price of 460 CUP, according to the daily report from elTOQUE.
The freely convertible currency (MLC), for its part, remains valued at 190 CUP.
Exchange Rate Evolution
In July, Manuel Marrero announced changes in the official currency market in Cuba, changes that -as he indicated- are expected to be implemented in the second half of the year. However, nothing has been finalized at this time.
Exchange rate today 01/09/2025 - 7:42 a.m. in Cuba:
Dollar exchange rate USD to CUP according to elTOQUE: 410 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 460 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 190 CUP.
Average salary in Cuba rises, but the dollarization soars
Recently, the Cuban regime announced with great fanfare that the average monthly salary in the country rose to 6,649 pesos during the first half of 2025, representing an increase of 16.4% compared to the same period of the previous year.
The data, released by the National Office of Statistics and Information (ONEI) and replicated by Cubadebate, was presented as a positive indicator of the official economic policy.
However, far from providing relief for the population, this increase translates into little or nothing in the face of the deep inflationary crisis and the ongoing devaluation of the Cuban peso.
The "paper" numbers clash with the reality of day-to-day life: the informal market rate reveals that the dollar stands at 410 CUP, meaning that this new average salary barely amounts to roughly 16.22 dollars per month.
In other words, what a worker earns in a month is not enough to cover even a small portion of their needs.
In June, the ONEI announced a monthly salary increase to 6,506.5 pesos, which at that time was equivalent to just 17 dollars at the informal exchange rate in effect on the island.
Despite the supposed wage growth, purchasing power continues to plummet.
The Vice President himself, Salvador Valdés Mesa, acknowledged in February that "it is not possible to live on a salary of 6,000 pesos".
And he wasn't exaggerating. Today, a Cuban needs between 30,000 and 60,000 pesos a month to subsist minimally, according to calculations by independent economists.
In a country where most basic goods are sold in dollars or MLC, a salary in pesos becomes useless.
In short, the official announcement of the salary increase does not represent relief for Cubans, but rather a new attempt to disguise a structural problem with numbers. Salaries are increasing in nominal terms, but inflation, dollarization, and scarcity devour any gains.
While the government boasts about increases, the average Cuban remains trapped in a fragmented economy, with a devalued currency and an unattainable basic grocery basket.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates of this September 1st:
1 USD = 410 CUP.
5 USD = 2,050 CUP.
10 USD = 4,100 CUP.
20 USD = 8,200 CUP.
50 USD = 20,500 CUP.
100 USD = 41,000 CUP.
Equivalence of Euro bills (EUR) to Cuban Peso (CUP):
1 EUR = 460 CUP.
5 EUR = 2,300 CUP.
10 EUR = 4,600 CUP.
20 EUR = 9,200 CUP.
50 EUR = 23,000 CUP.
100 EUR = 46,000 CUP.
200 EUR = 92,000 CUP.
500 EUR = 230,000 CUP.
Frequently asked questions about the foreign exchange market in Cuba
What is the current exchange rate of the dollar in the informal market in Cuba?
The exchange rate of the US dollar in the Cuban informal market is 410 CUP. This value has remained stable over the past few days, according to monitoring conducted by the independent media elTOQUE.
Why is the informal currency market important for Cubans?
The informal currency market is crucial for Cubans because it determines their real purchasing power. In an economy marked by scarcity and inflation, where salaries in Cuban pesos are insufficient, access to foreign currency allows for the purchase of essential products in stores that only sell in foreign currency and facilitates transactions in the black market.
What are the current exchange rates for the euro and the MLC in Cuba?
In the Cuban informal market, the euro is currently valued at 460 CUP, while the Freely Convertible Currency (MLC) remains at 190 CUP. These rates reflect the ongoing devaluation of the Cuban peso against foreign currencies.
What impact does the increase in the average salary in Cuba have on the purchasing power of workers?
Despite the fact that the average monthly salary in Cuba has risen to 6,649 pesos, the increase does not provide real relief for workers due to the inflationary crisis and the ongoing depreciation of the Cuban peso. The new average salary amounts to about 16.22 dollars per month, which is insufficient to cover basic needs in a country where most products are sold in foreign currency.
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