On January 24, 2025, the value of major foreign currencies in Cuba's black market remains high, highlighting the island's intricate economic challenges. The U.S. dollar is trading at 340 Cuban pesos (CUP), mirroring the rate of the euro, maintaining this surprising parity since Wednesday. Meanwhile, the freely convertible currency (MLC), used for shopping at state-run stores, is valued at 240 CUP.
These rates underscore the economic strain on Cuba, with the black market serving as the primary benchmark for currency exchange rates. Ongoing cash shortages and restrictions on official transactions continue to fuel speculation.
For many Cubans seeking to acquire U.S. dollars and euros, the informal market remains the sole avenue, as prices in Cuban pesos soar to increasingly unsustainable levels.
Exchange Rates in Cuba, Friday, January 24, 2025 - 13:25
Exchange rate of the Dollar (USD) to Cuban pesos (CUP): 340 CUP
Exchange rate of the Euro (EUR) to Cuban pesos (CUP): 340 CUP
Exchange rate of the MLC to Cuban pesos (CUP): 240 CUP
List of bills and their equivalent in Cuban pesos (CUP):
Dollar (USD):
1 USD = 340 CUP
5 USD = 1,700 CUP
10 USD = 3,400 CUP
20 USD = 6,800 CUP
50 USD = 17,000 CUP
100 USD = 34,000 CUP
Euro (EUR):
1 EUR = 340 CUP
5 EUR = 1,700 CUP
10 EUR = 3,400 CUP
20 EUR = 6,800 CUP
50 EUR = 17,000 CUP
100 EUR = 34,000 CUP
Understanding Cuba's Informal Exchange Market
Why are exchange rates in Cuba's black market so high?
High exchange rates in Cuba's black market are a result of economic pressures, cash shortages, and restrictions on official currency transactions, which drive speculation and demand in the informal market.
What is the role of the MLC in Cuba?
The MLC, or freely convertible currency, is used for purchases in state-run stores in Cuba. It is an essential part of the country's dual currency system, reflecting its economic complexities.
How does the black market affect the Cuban economy?
The black market plays a significant role in the Cuban economy by providing an alternative avenue for currency exchange, often setting the unofficial standard for exchange rates amid economic restrictions.