Another day of calm in the currency prices in the informal market. The dollar, the euro, and the Freely Convertible Currency (MLC) maintain the prices they reached last Friday for the fifth consecutive day.
At 7:00 a.m. (Cuban local time) on this September 2nd, the dollar remains priced at 410 CUP, while the euro continues with an estimated selling average of 460 CUP, according to the daily report from elTOQUE.
The Freely Convertible Currency (MLC) remains valued at 190 CUP.
Exchange rate today 02/09/2025 - 8:02 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 410 CUP.
Exchange Rate Evolution
Exchange rate of the euro EUR to CUP according to elTOQUE: 460 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 190 CUP.
In July, Manuel Marrero announced transformations 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, there are currently no updates on the matter.
Average salary in Cuba rises, but dollarization skyrockets
Recently, the Cuban regime announced that the average monthly salary in the country rose to 6,649 pesos during the first half of 2025, marking an increase of 16.4% compared to the same period last year.
The data, released by the National Office of Statistics and Information (ONEI) and reproduced by Cubadebate, was presented as a positive indicator of the official economic policy.
However, far from being a relief for the population, this increase translates to little or nothing in the face of the deep inflationary crisis and the ongoing depreciation of the Cuban peso.
The numbers clash with the reality of everyday life: the informal market rate shows that the dollar remains at 410 CUP, meaning that this new average salary barely amounts to about 16.22 dollars per month.
In other words, what a worker earns in a month is not enough to cover even a small part of their needs.
In June, the ONEI announced a monthly average salary increase to 6,506.5 pesos, which was equivalent at that time to just 17 dollars based on 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, admitted in February that "it is impossible to live on a salary of 6,000 pesos".
And it wasn't an exaggeration. Today, a Cuban needs between 30,000 and 60,000 pesos per month to survive at a minimum, according to calculations by independent economists.
In a country where most basic goods are sold in dollars or in MLC, a salary in pesos is rendered useless.
In short, the official announcement of the salary increase does not provide relief for Cubans but rather a new attempt to mask a structural problem with figures. Salaries are rising in nominal terms, but inflation, dollarization, and scarcity consume any gains.
While the government boasts about increases, the average Cuban continues to be trapped in a fragmented economy, with a devalued currency and an unattainable basic basket of goods.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on this September 2nd:
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 (EUR) banknotes 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.
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