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The informal currency market in Cuba begins this December 16 with a notable update: the price of the Freely Convertible Currency (MLC) rises.
At dawn this Tuesday, the MLC rises to 300 CUP, marking an increase of five units compared to the value of the previous day.
Despite predictions, the MLC has not only not disappeared for now, but continues to demonstrate a remarkable ability to survive amid the critical situation of the Cuban economy.
In the case of the dollar and the euro, there are no changes in their informal exchange rates on this December 16th.
The US dollar remains valued at 440 CUP and the euro at 480 CUP per unit, according to the daily report released this Monday by the independent media elTOQUE, which documents the fluctuations in currency prices in Cuba.
Exchange rate today 12/16/2025 - 6:05 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 440 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 480 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 300 CUP.
MLC refuses to die
During much of 2025, the informal exchange rate of the freely convertible currency fell significantly against the Cuban peso, driven by the loss of confidence among the public, the increased use of cash in dollars, and the decrease in products available in state stores operating in MLC.
These elements 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; rather, it has shown remarkable survival capabilities.
In recent days, its value in the informal market has risen again, despite some occasional drops.
This rise is surprising in a context where the dollar and the euro continue to dominate informal buying and selling operations.
For months now, elTOQUE has warned that this specific increase in the freely convertible currency can be explained by several factors: the limited availability of cash dollars, the need to access specific products that are only sold in MLC stores, and a seasonal or circumstantial demand that has driven its use.
It is also influenced by the fact that, although in decline, the payment infrastructure in MLC remains active: many bank cards still have a balance in that currency, and there are still stores that accept it.
The MLC remains, therefore, an ambiguous monetary instrument: in decline, but still functional.
Its recent evolution reflects the complexity of the Cuban economy, where no currency seems stable, and even one that many believed to be dead can resurge with unexpected strength.
New currency management and control system in Cuba
Last week, the Cuban regime announced the implementation, effective December 17, of Decree-Law 113/2025, which legalizes and regulates the internal use of the dollar, euro, and other foreign currencies within the national economy.
The new legal framework establishes a system for the management, control, and allocation of foreign currency that represents a break from the "Monetary Ordering" of 2021, as it allows the Central Bank of Cuba and the Ministry of Economy and Planning (MEP) to authorize transactions in foreign currency.
Among the main measures are:
The use of the dollar and other currencies for domestic transactions is authorized.
A Currency Access Capacity Allocation (ACAD) is established, a mechanism that will allow authorized businesses and individuals to purchase foreign currency from the state using Cuban pesos.
- Foreign currency bank accounts are legalized for Mipymes, cooperatives, and self-employed workers.
-Non-state entities may retain only up to 80% of their income in hard currency; the remainder must be submitted to the State.
-Internal payments in dollars or euros are permitted, consolidating a dual economy where access to foreign currency will be a regulated privilege. Although the government insists that it is a "temporary" measure, the decree institutionalizes the partial dollarization of the Cuban economy and strengthens state control over the flow of foreign currency, deepening the divide between those who operate in dollars and those who depend on the CUP.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates as of December 16:
1 USD = 440 CUP.
5 USD = 2,200 CUP.
10 USD = 4,400 CUP.
20 USD = 8,800 CUP.
50 USD = 22,000 CUP.
100 USD = 44,000 CUP.
Equivalence of Euro (EUR) banknotes to Cuban Peso (CUP):
1 EUR = 480 CUP.
5 EUR = 2,400 CUP.
10 EUR = 4,800 CUP.
20 EUR = 9,600 CUP.
50 EUR = 24,000 CUP.
100 EUR = 48,000 CUP.
200 EUR = 96,000 CUP.
500 EUR = 240,000 CUP.
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