As of January 1, 2025, the U.S. dollar (USD) is trading at 305 Cuban pesos (CUP), marking an increase of one peso compared to the previous day. Meanwhile, the euro (EUR) is valued at 310 CUP, maintaining its position as the strongest currency in the informal market. The Freely Convertible Currency (MLC), which is used for purchases in state-run stores, stands at 250 CUP.
These exchange rates highlight the ongoing economic crisis in Cuba, characterized by a growing demand for foreign currencies amid inflation and the devaluation of the Cuban peso. This situation underscores the challenges many Cubans face in accessing these currencies through official channels, often forcing them to turn to the black market. Foreign currencies remain crucial for meeting basic needs within the country.
Exchange rates as of Wednesday, January 1, 2025, at 6:51 AM in Cuba are as follows:
- USD to CUP according to elTOQUE: 305 CUP
- EUR to CUP according to elTOQUE: 310 CUP
- MLC to CUP according to elTOQUE: 250 CUP
Currency Equivalents in Cuban Pesos
Here is a list of available banknotes and their equivalents in Cuban pesos (CUP):
- U.S. Dollar (USD):
- 1 USD: 305 CUP
- 5 USD: 1,525 CUP
- 10 USD: 3,050 CUP
- 20 USD: 6,100 CUP
- 50 USD: 15,250 CUP
- 100 USD: 30,500 CUP
- Euro (EUR):
- 1 EUR: 310 CUP
- 5 EUR: 1,550 CUP
- 10 EUR: 3,100 CUP
- 20 EUR: 6,200 CUP
- 50 EUR: 15,500 CUP
- 100 EUR: 31,000 CUP
FAQs on Cuba's Currency Exchange
Why is the demand for foreign currencies increasing in Cuba?
The demand for foreign currencies is rising due to inflation and the devaluation of the Cuban peso, making foreign currencies essential for purchasing basic necessities.
How does the black market affect currency exchange in Cuba?
Many Cubans resort to the black market for currency exchange because official channels are often inaccessible, further complicating the economic situation.