The informal currency market in Cuba starts the last week of the year with another surge in the freely convertible currency (MLC), setting a new sales record.
First thing this Monday, the digital currency used by the Cuban regime rises from 400 to 412 CUP, indicating a increase of 12 pesos compared to its value from the previous day.
In the case of the dollar and the euro, there are no changes today: the US currency remains priced at 435 CUP and the European currency at 480 CUP, according to the daily report from the independent media elTOQUE, which documents the fluctuations in the prices of currencies in Cuba.
The awakening of the MLC
The rise of the MLC reflects widespread distrust in the government’s monetary policy and the lack of real access to cash foreign currencies, despite the implementation of the new official floating rate scheme announced by the Central Bank of Cuba (BCC) on December 18.
Exchange Rate Evolution
The increase in the digital currency used in state-run stores for foreign currency is occurring amid the ongoing cash shortage, skyrocketing inflation, and the uncertainty generated by the new exchange system.
Although the BCC presented the floating rate as a reform "to reflect the real market conditions," the measure has not had a tangible impact on the population.
Restrictions on purchasing foreign currencies at banks and CADECA, combined with the low availability of dollars and euros, have shifted the demand towards the MLC, which is now trading higher than ever.
Exchange rate today 12/29/2025 - 6:45 a.m. in Cuba:
Dollar exchange rate USD to CUP according to elTOQUE: 435 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 480 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 412 CUP.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates as of December 29:
1 USD = 435 CUP.
5 USD = 2,175 CUP.
10 USD = 4,350 CUP.
20 USD = 8,700 CUP.
50 USD = 21,750 CUP.
Equivalence of Euro bills (EUR) 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.
Distrust, inflation, and speculation
Every time Miguel Díaz-Canel's government announces a new economic measure—such as the monetary reform or the floating exchange rate—the informal market reacts by anticipating a devaluation of the Cuban peso.
Currency exchangers, micro-entrepreneurs, and citizens who hold foreign currency prefer to keep it, anticipating a rise in prices.
This speculation, coupled with panic over inflation and cash shortages, drives the value of the MLC up faster than that of other currencies, making it the most sensitive barometer of economic distrust.
On social media, the release of the official rates has sparked a wave of criticism and irony.
"Criticizing Toque so much only to end up the same," wrote a user in reference to the independent portal that has been a benchmark for the informal market for years.
Others claimed that "they publish figures, but no one can buy," referring to the practical impossibility of accessing foreign currency in Cuban banks.
The floating rate: More makeup than reform
The three-segment system—1x24 for state operations, 1x120 for companies with foreign income, and a floating rate for citizens and Mipymes—has not resolved the market distortions.
In practice, the rate "floats" on paper, but remains stagnant in the face of the reality of shortages and the lack of dollars in circulation.
Meanwhile, the Cuban peso continues to lose purchasing power. With salaries averaging 4,000 CUP per month, equivalent to less than 10 dollars at the unofficial exchange rate, the Cuban population continues to depend on remittances, digital payments, and networks of money changers to survive.
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