The informal currency market in Cuba starts this Wednesday without significant changes, in a context marked by the growing social tension stemming from the severe energy crisis the country is experiencing.
According to the daily report from the independent media elTOQUE, the main reference currencies on the island—United States dollar, euro, and Freely Convertible Currency (MLC)—have remained stable in recent hours, despite the ongoing protests that have spread across several provinces.
On Tuesday, Cuba experienced its fourth consecutive night of demonstrations and potbanging, which began in Havana and spread to interior regions such as Ciego de Ávila, Matanzas, and Santiago de Cuba.
The protests are linked to a recent energy crisis that leaves millions of Cubans without electricity, in some cases for more than 20 hours a day.
Exchange Rate Evolution
However, for the time being, this social instability does not seem to have significantly impacted the behavior of the informal currency market, which continues to show a relative calm.
The dollar remains at its record level
One of the most striking facts is the stability of the U.S. dollar, which remains fixed at 510 Cuban pesos (CUP). This value represents the historic record reached 11 days ago, and since then, it has not recorded any variations.
The euro and the MLC have also remained stable in recent hours, following the volatility observed earlier in the week.
On Monday, there was a sharp decline in the euro and the MLC, followed by a quick recovery on Tuesday, after which the three currencies opened without movement this Wednesday.
The European currency is valued at 575 CUP and the MLC at 400.
Why is there calm in the currency market in Cuba despite the growing social tension?
It is possible to explain the apparent calm of the informal currency market in Cuba—despite the climate of protests and political tension—by several factors that have combined in recent days.
On one hand, the market appears to be entering a phase of anticipation in light of the increasing signals from the United States government regarding a possible agreement or a scenario of political changes on the island.
When rumors or expectations of significant transformations circulate, many market players—resellers, intermediaries, and individuals handling large amounts of cash—tend to delay important transactions to avoid selling currencies at a price that could change abruptly in a matter of days or weeks.
This behavior often results in a temporary pause in price formation, which translates to apparent stability.
This is compounded by a more immediate factor: the operational limitations caused by the energy crisis.
The prolonged power outages—which in many areas exceed 20 hours a day—directly affect internet connectivity and the use of cell phones, essential tools for conducting operations in the informal market, which is largely organized today through groups on Telegram, WhatsApp, or Facebook.
With reduced communication and less capacity to coordinate transactions, the volume of operations may temporarily decrease, which also contributes to keeping rates frozen for a longer time. In this context, the market appears to be on pause, assessing both the developments of the internal crisis and international signals before establishing a new trend in the value of currencies against the Cuban peso.
Exchange rate today 11/03/2026 - 7:10 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 510 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 575 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 400 CUP.
The rates published by elTOQUE have become one of the main indicators for measuring the real value of the Cuban peso against foreign currencies, in a context where the official exchange rate remains far removed from market reality.
Currently, the state system maintains an official exchange rate of 24 CUP per dollar for legal entities, while the exchange rate in the state currency market for the general population is set at 120 CUP per dollar, figures that are well below what is experienced in everyday practice.
Exchange rate gap and pressure on the economy
The wide gap between the official exchange rate and the informal one reflects the persistent shortage of foreign currency within the state banking system, as well as the strong demand for dollars and euros among the population.
Foreign currencies are primarily used for emigration, importing goods, protecting savings against inflation, or making purchases in the growing private sector, which keeps pressure high on the informal market.
This is complemented by the so-called "floating" exchange rate, introduced by the government since mid-December as a more flexible mechanism. However, its value remains far from the actual quotation of the informal market and fails to meet the effective demand for foreign currency.
In a context of sustained inflation, low state wages, and increasing partial dollarization of the economy, the behavior of the informal currency market continues to have a direct impact on internal prices and the purchasing power of Cubans.
In an environment of sustained inflation, low state wages, and increasing partial dollarization of the economy, the informal currency market directly affects internal prices and the purchasing power of Cubans.
Equivalence of United States Dollar (USD) notes to Cuban Peso (CUP), according to the exchange rates of this March 11th:
1 USD = 510 CUP.
5 USD = 2,550 CUP.
10 USD = 5,100 CUP.
20 USD = 10,200 CUP.
50 USD = 25,500 CUP.
100 USD = 51,000 CUP.
Equivalence of Euro (EUR) banknotes to Cuban Peso (CUP):
1 EUR = 575 CUP.
5 EUR = 2,875 CUP.
10 EUR = 5,750 CUP.
20 EUR = 11,500 CUP.
50 EUR = 28,750 CUP.
100 EUR = 57,500 CUP.
200 EUR = 115,000 CUP.
500 EUR = 287,500 CUP.
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