The informal currency market in Cuba opened this Friday with mixed movements: the MLC rose to 315 Cuban pesos (CUP), while the US dollar (USD) and the euro (EUR) remained unchanged at 440 CUP and 480 CUP, respectively.
The trend occurs on the second day of implementation of the new official floating rate scheme, promoted by the Central Bank of Cuba (BCC), which aims to align state quotes with the real market.
Informal exchange rate in Cuba Friday, December 19, 2025 - 10:47
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 440 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 480 CUP
- Exchange rate of (MLC) to Cuban pesos CUP: 315 CUP
Despite the initial expectations, the new figures from the BCC have not managed to alter the behavior of the informal market, which continues to set the real pace of the Cuban economy.
Exchange Rate Evolution
According to the independent media outlet elTOQUE, the currencies have maintained similar values since the beginning of the week, reflecting an apparent stability following the government announcement.
Equivalence of banknotes (U.S. dollar):
- 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
Bill equivalence (euro):
- 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
"Floating rate" without floating
The Central Bank assured that the floating rate would be updated daily "according to market conditions," but in practice, on the second day of the new model, there are no changes.
The official dollar remains at 410 CUP, the euro at 480.77 CUP, and the MLC hovers around 300 CUP, figures that are almost identical to those in the informal circuit.
Consulted analysts indicate that the government has failed to introduce liquidity or confidence into the system, causing citizens to continue relying on private money changers.
"Publishing figures, but no one can buy," commented a user on social media, reflecting the general frustration over the lack of access to foreign currency in banks and CADECA.
Criticism and distrust
On official platforms like Cubadebate, hundreds of internet users reacted with irony to the new rates, describing them as a "state reissue" of the black market.
"Criticizing elTOQUE only to end up the same way," wrote one commenter, while another asked, "Where can I buy dollars at 410?"
The regime's Macroeconomic Stabilization Program aims to move towards a eventual currency unification, but it faces skepticism due to a lack of transparency and a shortage of cash.
With an average salary equivalent to 16 dollars per month at the official exchange rate, Cubans continue to rely on the informal market to access foreign currency and basic products.
A validation of the parallel market
The implementation of the floating rate, rather than an attempt at control, seems to be an implicit validation of the informal market, which has reflected the true value of the Cuban peso for years.
Without structural reforms or guarantees of liquidity, the measure could become just another band-aid within an exhausted economic model that is disconnected from the daily reality of the country.
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