Related videos:
The informal currency market in Cuba awakens on this December 16 with a notable update: the price of the Freely Convertible Currency (MLC) has increased.
At dawn this Tuesday, the MLC rises to 300 CUP, which represents an increase of five units compared to the value from the previous day.
Despite predictions, so far the MLC has not only survived but continues to demonstrate remarkable resilience 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 this December 16.
The US dollar remains valued at 440 CUP and the European currency at 480 CUP per unit, according to the daily report released this Monday by the independent outlet 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.
Euro exchange rate EUR to CUP according to elTOQUE: 480 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 300 CUP.
The MLC refuses to die
During a significant part of 2025, the informal exchange rate of the freely convertible currency fell notably against the Cuban peso, driven by the loss of trust among the population, the increased use of cash 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 these warnings, the MLC has not disappeared; rather, it has shown a remarkable ability to survive.
In recent days, its value in the informal market has risen again, despite a few 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 Free 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 situational demand that has driven its use.
It is also influenced by the fact that, although declining, 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 thus remains 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 where even one that many considered dead can resurge with unexpected strength.
New currency management and control system in Cuba
Last week, the Cuban regime announced that the Decree-Law 113/2025 will come into effect on December 17, which legalizes and regulates the internal use of the dollar, euro, and other foreign currencies within the national economy.
The new legal framework creates a system for managing, controlling, and allocating foreign currency that marks a break from the "Monetary Order" of 2021, allowing 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 in domestic transactions is authorized.
The Currency Access Capacity Assignment (ACAD) is established, a mechanism that will allow authorized companies and individuals to purchase foreign currency from the state using Cuban pesos.
-Bank accounts in foreign currencies are now legalized for Mipymes, cooperatives, and self-employed workers.
Non-state entities can only retain up to 80% of their earnings in hard currency; the remainder must be handed over to the State.
-Internal payments in dollars or euros are allowed, 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 reinforces 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) to Cuban Peso (CUP), based on 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) bills 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.
Filed under: