The unofficial currency exchange market in Cuba kicks off the week without any alterations compared to the previous day. As Monday dawns, the dollar holds steady at 345 CUP, a rate it reached over the weekend.
The Freely Convertible Currency (MLC), which saw several increases throughout February, currently remains at 285 CUP. The euro, too, shows no change, maintaining its value at 345 CUP, matching the dollar's rate. However, the median value of the euro in the last 24 hours indicates a slight increase to 347 CUP, according to the monitoring conducted by elToque on the buying and selling of foreign currencies. This median value suggests that the euro might experience a rise in the coming hours or days.
Exchange rates for today, March 3, 2025, at 9:40 a.m. in Cuba are as follows:
- Dollar (USD) to CUP rate according to elToque: 345 CUP
- Euro (EUR) to CUP rate according to elToque: 345 CUP
- MLC to CUP rate according to elToque: 285 CUP
The unpredictability of exchange rates on the island prompts many Cubans to keenly monitor the informal market, seeking strategies to safeguard their purchasing power amid the depreciation of the CUP.
Conversion rates of each available denomination of euros and U.S. dollars to Cuban pesos (CUP) as of March 3:
U.S. Dollar (USD) to Cuban Peso (CUP):
- 1 USD = 345 CUP
- 5 USD = 1,725 CUP
- 10 USD = 3,450 CUP
- 20 USD = 6,900 CUP
- 50 USD = 17,250 CUP
- 100 USD = 34,500 CUP
Euro (EUR) to Cuban Peso (CUP):
- 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 Informal Currency Market
Why is the informal currency market significant in Cuba?
The informal currency market is crucial for many Cubans as it provides an alternative to the official rates, often offering better value and helping them shield their finances against the local currency's devaluation.
How are the exchange rates monitored in Cuba?
Exchange rates in Cuba are often tracked through platforms like elToque, which monitor and report on the buying and selling rates of various currencies in the informal market.