The informal currency market in Cuba wakes up this Thursday with two changes: The price of the euro rises while the price of the Convertible Currency (MLC) falls, amidst a context marked by increasing social tension due to the severe energy crisis the country is experiencing.
In the last few hours, the euro rose to 578 CUP, which is three pesos more than its previous value.
In the opposite case is the MLC, whose value has decreased, dropping from 400 to 393 CUP, which means seven pesos less, according to the daily report from the independent media elTOQUE.
The dollar, for its part, consolidates its streak of stability and , despite the backdrop of protests that have spread in recent days across various provinces, particularly in different municipalities of Havana.
Exchange Rate Evolution
The protests are linked to a recent energy crisis that leaves millions of Cubans without electricity for more than 20 hours a day in some cases.
However, for the moment, this social instability does not seem to have significantly impacted the behavior of the dollar in particular, which has been anchored at the same average selling value for more than 10 days.
Why is there calm in the foreign exchange market in Cuba despite the rising social tension?
It is possible to explain the apparent calm in the informal foreign exchange market in Cuba—despite the climate of protests and political tension—by various factors that have come together in recent days.
On one hand, the market seems 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 postpone important transactions to avoid selling currency at a price that could change abruptly in a matter of days or weeks.
This behavior often creates a temporary pause in price formation, resulting in apparent stability.
This is compounded by a more immediate factor: the operational limitations caused by the energy crisis.
The prolonged blackouts—lasting more than 20 hours a day in many areas—directly affect internet connectivity and the use of mobile phones, which are essential tools for carrying out transactions in the informal market. This market is largely organized through Telegram, WhatsApp, or Facebook groups.
With less communication and reduced capacity to coordinate transactions, the volume of operations may temporarily decrease, which also contributes to keeping rates frozen for a longer period.
In that context, the market seems to remain on pause, observing both the evolution of the internal crisis and international signals, before establishing a new trend in the value of currencies against the Cuban peso.
Exchange rate today 12/03/2026 - 8:01 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: 578 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 393 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 the reality of the market.
Currently, several exchange rates coexist within the state system in Cuba. For legal entities, especially state-owned companies, the official rate of 24 CUP per dollar remains in effect, primarily used for accounting operations in the state sector.
For years, the government maintained a rate of 120 CUP per dollar for the currency exchange market aimed at the population through banks and CADECA.
However, the scarcity of foreign currency within the banking system limited the reach of that mechanism, preventing it from capturing a significant portion of foreign exchange purchase operations.
In response to this situation, the government introduced a new currency segment in December with an exchange rate referred to as "floating," which is adjusted periodically and serves as a reference for the buying and selling of foreign currency in banks and CADECA.
Although this rate is higher than previous ones within the state system, it remains below the values that prevail in the informal market.
The difference between the official rates and those prevailing in the informal market 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 the pressure on the informal market high.
In an environment of sustained inflation, low state salaries, 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.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on this March 12:
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) bills to Cuban Peso (CUP):
1 EUR = 578 CUP.
5 EUR = 2,890 CUP.
10 EUR = 5,780 CUP.
20 EUR = 11,560 CUP.
50 EUR = 28,900 CUP.
100 EUR = 57,800 CUP.
200 EUR = 115,600 CUP.
500 EUR = 289,000 CUP.
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