As of March 12, the informal currency market in Cuba begins the day with stable exchange rates. Following a surprising five-peso increase in the value of the euro on Tuesday, today finds foreign currencies maintaining steady levels. The euro holds at 350 CUP, according to the independent tracking by elToque on currency fluctuations within the country.
The U.S. dollar remains unchanged and is valued at 345 CUP. Similarly, the Freely Convertible Currency (MLC) continues to trade at an average rate of 280 CUP. However, there are some shifts in the median exchange rates for the euro and MLC in the informal market.
Exchange rates recorded in Cuba as of 8:22 a.m. on March 12, 2025, according to elToque:
- USD to CUP: 345 CUP
- EUR to CUP: 350 CUP
- MLC to CUP: 280 CUP
Conversion values for available euro and U.S. dollar bills to Cuban pesos (CUP) are as follows:
Current Conversion Rates
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):
- 1 EUR = 350 CUP
- 5 EUR = 1,750 CUP
- 10 EUR = 3,500 CUP
- 20 EUR = 7,000 CUP
- 50 EUR = 17,500 CUP
- 100 EUR = 35,000 CUP
Why Cubans Keep an Eye on the Informal Currency Market
The unpredictable nature of exchange rates in Cuba prompts many island residents to vigilantly track the informal market, seeking ways to safeguard their purchasing power against the national currency's devaluation. In a nation where Cuban peso (CUP) salaries and pensions are inadequate for meeting basic needs, accessing foreign currency is essential for buying necessities in stores that operate in foreign currencies or for engaging in black market transactions where items unavailable in state-run stores can be found.
The ongoing depreciation of the Cuban peso against the dollar and euro has spurred inflation, particularly affecting those reliant on national currency incomes. This situation has made monitoring daily exchange rates a routine for Cubans, who strive to predict market movements to make informed financial decisions, such as buying foreign currency to preserve savings or planning remittance transfers from abroad.
FAQs on Cuba's Informal Currency Market
Why is the informal currency market crucial for Cubans?
Due to the scarcity and inflation in Cuba, the informal currency market is vital for Cubans to maintain their purchasing power and access essential goods not available in state-run stores.
How does currency devaluation affect the daily lives of Cubans?
Currency devaluation leads to rising inflation, which erodes the value of incomes in national currency, making it difficult for Cubans to afford basic necessities.
What are the current exchange rates for USD and EUR in Cuba's informal market?
As of March 12, 2025, the USD is exchanged at 345 CUP, while the EUR is valued at 350 CUP in the informal market.