Neither rising nor falling, the value of the US dollar, euro, and Freely Convertible Currency (MLC) remains stable in Cuba's informal market. Over the past 24 hours, these three benchmark currencies in Cuba have shown no signs of fluctuation in the informal buying and selling sector, continuing this trend for several weeks now.
As of Monday morning, these currencies have maintained their rates for 12 consecutive days, as reported by the independent outlet elToque, which monitors buy-and-sell ads on social media. The dollar remains steady at 340 CUP, a rate it has held since January 11, marking 23 days without variation. Similarly, the euro is unchanged, standing at 340 CUP, identical to the dollar.
The MLC, on the other hand, has been valued at 240 CUP for three weeks running. As of 7:56 a.m. on February 3, 2025, in Cuba, the exchange rates according to elToque are as follows: USD to CUP is 340, EUR to CUP is also 340, and MLC to CUP is 240.
The recent announcement by the United States government regarding the inclusion of Orbit S.A. on the Restricted Entities List has yet to impact the Cuban informal market. However, this inclusion has stirred concerns among Cubans reliant on remittances from abroad. Orbit S.A. had emerged as a potential option for processing remittances following Fincimex S.A.'s exit from the business due to sanctions imposed by the U.S. Treasury Department. Now, with the reactivation of Title III of the Helms-Burton Act and the expansion of the list of restricted Cuban entities under the Trump administration, the future of remittances to Cuba remains uncertain.
Equivalents for euro and U.S. dollar bills to Cuban pesos (CUP) based on exchange rates for February 3:
U.S. Dollar (USD) to Cuban Peso (CUP):
- 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
Impact of U.S. Policies on Cuban Currency Market
What is the current exchange rate for the U.S. dollar in Cuba?
As of February 3, 2025, the U.S. dollar is valued at 340 Cuban pesos (CUP) in the informal market.
Why hasn't the inclusion of Orbit S.A. in the Restricted Entities List affected the Cuban market?
Although the inclusion of Orbit S.A. has raised concerns, it has not yet impacted the informal market, possibly due to existing market stability and limited immediate alternatives for remittance processing.
How does the Helms-Burton Act affect remittances to Cuba?
The Helms-Burton Act, particularly Title III, allows for legal actions against foreign companies using properties confiscated by the Cuban government, complicating the processing and flow of remittances to Cuba.