The informal currency market in Cuba starts the last week of the year with another surge in the Free Convertible Currency (MLC), setting a record for sales.
Early this Tuesday, the digital currency used by the Cuban regime dropped from 412 to 410 CUP, indicating a decrease of two 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 valued at 435 CUP and the European currency at 480 CUP, according to the daily report from the independent outlet elTOQUE, which documents the fluctuations in currency prices in Cuba.
Despite the implementation of the new official floating rate scheme announced by the Central Bank of Cuba (BCC) on December 18, the MLC has been the only one of the three reference currencies in Cuba that has reacted in a more or less evident manner in recent days.
Exchange Rate Evolution
Despite the drop of two pesos in the last few hours, the Convertible Currency has risen by more than 70 pesos since December 18, the day the BCC introduced the floating rate.
Exchange rate today 12/30/2025 - 7:00 a.m. in Cuba:
Exchange rate of the dollar 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: 410 CUP.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates of this December 30:
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 (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.
Distrust, inflation, and speculation
Every time the government of Miguel Díaz-Canel 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 exchange operators, micro entrepreneurs, and citizens holding foreign currency prefer to keep it, anticipating a price increase.
That speculation, combined with panic over inflation and cash shortages, drives the value of the MLC up faster than other currencies, making it the most sensitive gauge 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 set the standards for the informal market for years.
Others argued 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 static 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 informal exchange rate, the Cuban population continues to depend on remittances, digital payments, and currency exchange networks to survive.
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