The exchange rates for U.S. dollars, euros, and Freely Convertible Currency (MLC) continue to hold steady in Cuba's informal market. As of Tuesday morning, these three major currencies have seen no fluctuations for 13 consecutive days, according to the independent source, elToque.
The U.S. dollar remains at 340 CUP, having not changed for 24 days since its last adjustment on January 11 in Cuba's informal trading sector. Similarly, the euro is also fixed at 340 CUP, mirroring the dollar's rate.
The MLC, on the other hand, is valued at 240 CUP and has maintained this rate for the past 22 days. The static nature of these exchange rates has prompted many Cubans to question the situation on social media, though some users argue that the figures reported by elToque do not accurately reflect the realities on the ground.
Current Exchange Rates as of February 4, 2025 - 8:04 a.m. in Cuba
According to elToque, the exchange rate for the USD to CUP is 340, the EUR to CUP is also 340, and the MLC to CUP stands at 240.
Despite a recent announcement from the U.S. government regarding the addition of Orbit S.A. to the Restricted Entities List, no immediate impact has been observed in Cuba's black market. Nonetheless, this development has stirred concern among Cubans who rely on remittances from the United States.
Orbit S.A. had emerged as a viable alternative for remittance processing following the exit of Fincimex S.A. from the business due to sanctions by the U.S. Department of the Treasury. 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.
Currency Equivalents: U.S. Dollars and Euros to Cuban Pesos (CUP)
Based on the exchange rates as of February 4:
- 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
For the Euro:
- 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
FAQs on Cuba's Currency and Exchange Rates
Why have exchange rates in Cuba's black market remained unchanged?
The stability in exchange rates could be due to various economic factors, including government controls, limited foreign currency availability, or lack of economic developments influencing the market.
How does the U.S. government's action against Orbit S.A. affect remittances to Cuba?
The inclusion of Orbit S.A. in the Restricted Entities List could hinder the flow of remittances as it limits the options available for money transfers from the U.S. to Cuba.
What are the implications of the Helms-Burton Act on Cuban remittances?
The Helms-Burton Act, particularly Title III, allows U.S. nationals to file lawsuits against foreign companies trafficking in properties confiscated by the Cuban government, which can complicate financial transactions and impact remittance systems.