The informal currency market in Cuba starts this Wednesday with a novelty: the Convertible Currency (MLC) rises for the second consecutive day.
In the last few hours, the average sale of the MLC has risen to 285 CUP, which means 15 pesos more than the value it reached on December 2.
The US and European currencies, for their part, remain stable.
The dollar remains pegged at 450 CUP, a value it reached last Sunday.
Exchange Rate Evolution
Also unchanged is the euro, which continues to be sold at 490 CUP, as revealed on December 3rd in the report from the independent media elTOQUE, which documents the fluctuations in currency prices.
Exchange rate today 03/12/2025 - 6:00 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 450 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 490 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 285 CUP.
Between uncertainty and the market: The MLC refuses to die
Recently, the Convertible Currency (MLC) has gone through a period of uncertainty characterized by a sustained decline in its value in the informal market.
During a significant part of 2025, its exchange rate fell sharply against the Cuban peso, driven by the loss of confidence among the population, the increased use of cash in dollars, and the decrease in products available in state stores that operate in MLC.
These elements fueled persistent rumors about their imminent disappearance as a relevant means of payment in the Cuban economy.
However, despite those warnings, the MLC has not disappeared; rather, it has shown remarkable resilience.
In recent days, its value in the informal market has risen again, despite some occasional drops. This increase is surprising in a context where the dollar and the euro continue to dominate informal buying and selling operations.
This increase can be explained by several factors: the limited availability of cash dollars, the need to access specific products that are only available in MLC stores, and a seasonal or situational demand that has driven its use.
It is also influenced by the fact that, although it is in decline, the MLC payment infrastructure remains active: many bank cards still hold a balance in that currency and there are still businesses that accept it.
The MLC remains an ambiguous monetary instrument: declining, yet still functional; questioned, but not completely replaced.
Its recent evolution reflects the complexity of the Cuban economy, where no currency appears to be stable, and where even those that many considered dead can resurge with unexpected strength.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates on this December 3rd:
1 USD = 450 CUP.
5 USD = 2,250 CUP.
10 USD = 4,500 CUP.
20 USD = 9,000 CUP.
50 USD = 22,500 CUP.
100 USD = 45,000 CUP.
Equivalence of Euro bills (EUR) to Cuban Peso (CUP):
1 EUR = 490 CUP.
5 EUR = 2,450 CUP.
10 EUR = 4,900 CUP.
20 EUR = 9,800 CUP.
50 EUR = 24,500 CUP.
100 EUR = 49,000 CUP.
200 EUR = 98,000 CUP.
500 EUR = 245,000 CUP.
The backdrop of the offensive against the informal currency market
In recent weeks, the Cuban government has intensified its campaign against the informal currency market and against the reference rate published by the independent outlet elTOQUE.
This offensive includes criminal investigations, threats to exchange operators, and a communication strategy focused on discrediting alternative sources for the prices of the dollar, euro, and other currencies.
Although the attack may seem like a distraction from the country's deep economic crisis, an article published last Monday by economist Pavel Vidal in elTOQUE suggests that the real objective is to clear the way for the implementation of a new floating official exchange rate, while previously weakening the informal market and its key players.
This move aims to capture remittances through official channels and gain greater control over the flow of foreign currency, but the government is resorting to coercive measures rather than competing with transparency and attractive rates.
The failures of previous policies, such as the monetary restructuring of 2021 and the adjustment of 2022, have left the Government in a vulnerable position.
In both cases, the informal market showed that the official rates were disconnected from the economic reality.
The truth is that since then, the informal rate has become a key indicator of the deterioration of purchasing power and inflation, given the secrecy surrounding official figures.
The government is now proposing a floating rate, but doubts remain about its actual viability in a system that does not operate under market logic.
Furthermore, there are signs that the true interest behind the formalization would be to raise foreign currency rather than to improve the efficiency or legality of the exchange system. If the state buys foreign currency without subsequently offering it to the public, it could further exacerbate inflation, as Vidal concludes.
Finally, elTOQUE warns that without structural reforms, a supposedly floating official exchange rate could lead to a new distortion, this time from the state apparatus itself.Imposing an unrealistic rate or suppressing the informal market without providing better conditions would only bring negative consequences, such as a drop in remittances, a halt to private commerce, and increased shortages.
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