Today marks almost a week that the reference currencies in the Cuban informal market have remained unchanged in their average selling price.
At dawn this Wednesday, the dollar, the euro, and the freely convertible currency (MLC) maintain the prices they reached last Friday, August 29, for the sixth consecutive day.
At 7:00 a.m. (Cuban local time) on this September 3rd, the dollar is still valued at 410 CUP, while the euro remains 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, far from the other two currencies.
Exchange Rate Evolution
We will have to wait to see if the trend of stability observed in recent days continues or not.
Exchange rate today 03/09/2025 - 7:38 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.
In July, Manuel Marrero announced transformations in the official currency market in Cuba, changes that -as stated- 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, which represents 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 representing relief for the population, this increase translates into 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 rate in the informal market shows that the dollar remains at 410 CUP, which means 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 minimal part of their needs.
In June, the ONEI announced a increase in the average monthly salary to 6,506.5 pesos, which at that time was equivalent to only 17 dollars based on the informal exchange rate on the island.
Despite the supposed wage growth, purchasing power continues to plummet.
The vice president himself, Salvador Valdés Mesa acknowledged in February that "one cannot live on a salary of 6,000 pesos".
While the government boasts of increases, the average Cuban remains trapped in a fragmented economy, with a devalued currency and an unattainable basic basket.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates as of September 3rd:
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) bills 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 Evolution of Currencies in Cuba
What is the current exchange rate of the dollar in the Cuban informal market?
The exchange rate of the dollar in the Cuban informal market remains at 410 CUP for each US dollar. This value has remained unchanged for nearly a week, reflecting an apparent stability in the informal market. However, it is important to stay alert to any future fluctuations, given the country's economic volatility.
How does the increase in the average salary in Cuba affect the population?
Despite the increase in the average monthly salary to 6,649 pesos, this rise does not provide significant relief for Cubans. The new average salary is only equivalent to about 16.22 dollars per month at the informal exchange rate, which is insufficient to meet basic needs in a context of high inflation and the dollarization of the Cuban economy. The population continues to face a fragmented economy with a devalued currency.
What changes are expected in the official exchange market in Cuba?
The Cuban government has announced changes to the official currency market for the second half of 2025, although to date, these modifications have not been implemented. These changes are supposedly aimed at correcting distortions and revitalizing the economy, but the lack of details and concrete actions creates uncertainty among the population.
Why does the Cuban population closely monitor the informal currency market?
The informal foreign exchange market in Cuba determines the real purchasing power of the population, as the majority of basic goods are sold in dollars or MLC. Salaries in Cuban pesos are insufficient to cover basic needs, which is why Cubans rely on access to foreign currency to acquire essential products and conduct transactions in a parallel market that sets the economic standard.
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