This Wednesday, the values of the U.S. dollar, the euro, and the Freely Convertible Currency (MLC) remain unchanged in Cuba's informal currency exchange market. The current trend leans towards stability after several days where both the euro and the MLC experienced some upward fluctuations, as reported by the independent outlet elToque.
A particularly noteworthy case is that of the U.S. dollar, which remains steady at 340 CUP. This value was first reached on January 11th, and except for a single day, it has consistently returned to 340 CUP. The euro, on the other hand, is holding at 345 pesos, a peak it reached last week following two days of consecutive increases.
Regarding the MLC, the virtual currency, often speculated to be on the verge of disappearance, is still valued at 245 CUP today, which is the same as the previous day. Interestingly, the median value of the MLC over the past 24 hours indicates an average selling price of 250 pesos, suggesting a potential slight increase in value soon.
The Cuban government has denied that MLC stores are going to be phased out. However, the recent announcement by the Vice Minister of Domestic Trade about the upcoming opening of 50 new stores nationwide excludes MLC cards. These stores will focus on cash transactions in foreign currencies or through Visa, MasterCard, or the Classic Card, the latter being issued by the Cuban government.
Exchange rates as of February 12, 2025 - 10:54 a.m. in Cuba:
According to elToque, the USD/CUP exchange rate is 340 CUP. The EUR/CUP rate is 345 CUP, and the MLC/CUP rate is 240 CUP.
Conversion rates for available euro and U.S. dollar bills to Cuban pesos (CUP):
U.S. Dollar (USD) to Cuban Peso (CUP), as of February 12:
- 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 = 345 CUP
- 5 EUR = 1,725 CUP
- 10 EUR = 3,450 CUP
- 20 EUR = 6,900 CUP
- 50 EUR = 17,250 CUP
- 100 EUR = 34,500 CUP
Understanding Cuba's Currency Market
Why is the U.S. dollar stable at 340 CUP?
The U.S. dollar has remained stable at 340 CUP since January 11th, only fluctuating once, due to market dynamics and possibly government interventions maintaining this exchange rate.
What does the stability of the euro mean for Cuba?
The euro's stability at 345 CUP indicates a temporary balance in the demand and supply within the informal market, reflecting recent trends of slight increases.
Is the MLC expected to increase in value soon?
There is a possibility that the MLC may see a slight increase given its median trading value of 250 pesos over the last 24 hours, although this is not guaranteed.