The informal currency market in Cuba continues to set the pace for foreign exchange transactions. As the week begins, prices remain relatively stable. The U.S. dollar (USD) is trading at 340 Cuban pesos (CUP), mirroring the rate of the European currency, which also stands at 340 CUP.
The freely convertible currency (MLC), used for purchases in state-run stores, is valued lower at 240 CUP. The persistent rise in the dollar and other foreign currencies in Cuba highlights the mounting economic pressure on the nation, where citizens turn to the informal market due to the lack of access to official foreign exchange.
These exchange rates have a direct impact on the purchasing power of Cubans, particularly in an environment characterized by inflation and scarcity. The trade of foreign currencies remains a barometer of the economic crisis in Cuba, as the Cuban peso continues to depreciate rapidly against international currencies.
Exchange Rate in Cuba, Monday, January 27, 2025 - 10:12
Exchange rate of the U.S. 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
The equivalent in Cuban pesos based on the most common denominations:
U.S. 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 Black Market Exchange Rates
Why do Cubans rely on the black market for currency exchange?
Cubans turn to the black market due to the unavailability of foreign currencies through official channels and the need for foreign exchange to access goods and services.
How does the current exchange rate affect Cuban citizens?
The exchange rate impacts purchasing power, making imported goods more expensive and contributing to inflation and scarcity issues.
What is the significance of the MLC in Cuba's economy?
The MLC is crucial for buying goods in state-run stores, and its lower value compared to other currencies reflects its unique role in the Cuban economy.