The Freely Convertible Currency (MLC) continues to show signs of instability in the Cuban informal market. In recent hours, its value has plummeted for the second consecutive day.
The MLC has recently entered a rollercoaster dynamic, with sudden drops or rises in its average selling price.
This Friday, the Freely Convertible Currency fell from 280 to 272 CUP, representing a decline of eight pesos compared to its selling price the previous day.
The US and European currencies, for their part, have remained stable for several sessions.
Exchange Rate Evolution
Today the dollar remains valued at 450 CUP for the sixth consecutive day, a value it reached last Sunday.
Also unchanged is the euro, which continues to be sold at 490 CUP, as revealed on December 5 by the independent outlet elTOQUE, which documents the fluctuations in currency prices in Cuba.
Exchange rate today 05/12/2025 - 6:14 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: 272 CUP.
During a significant part of 2025, the informal exchange rate of the Convertible Currency fell notably against the Cuban peso.
Its decline has been driven by the loss of public confidence, the increased use of cash dollars and the reduction of products in state-owned stores that operate in MLC.
These elements have fueled persistent rumors about its imminent disappearance as a relevant means of payment in the Cuban economy.
However, despite those warnings, the MLC has not disappeared; instead, it has shown remarkable resilience.
The MLC remains an ambiguous monetary instrument: declining, but still functional.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates as of December 5th:
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 (EUR) banknotes 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.
In recent weeks, the Cuban government has intensified its campaign against the informal foreign exchange market and against the reference rate published by the independent media elTOQUE.
This offensive includes criminal investigations, threats against currency exchange operators, and a communication strategy focused on discrediting alternative sources of prices for 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 implementing a new floating official exchange rate, previously weakening the informal market and its key players.
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