The black market exchange rates in Cuba began this April 8 with relative stability. According to the daily report from the independent outlet elToque, which closely monitors street-level buy-sell fluctuations, there were no significant changes in the value of foreign currencies. As of 8:00 a.m. local time, the US dollar remains valued at 360 CUP, while the euro is at 365 CUP. The Freely Convertible Currency (MLC) also holds steady at 265 CUP, maintaining the price it dropped to on Monday after a sudden five-unit decline.
Over the past 24 hours, the median exchange rates for these three currencies have shown little movement. As of 8:30 a.m. this Tuesday, April 8, 2025, the exchange rates in Cuba are reported as follows by elToque: The USD to CUP rate stands at 360, the EUR to CUP rate is at 365, and the MLC to CUP conversion is 265.
For those dealing in physical notes, the conversion rates for USD and EUR to Cuban Pesos (CUP) are as follows:
U.S. Dollar (USD) to Cuban Peso (CUP):
1 USD = 360 CUP
5 USD = 1,800 CUP
10 USD = 3,600 CUP
20 USD = 7,200 CUP
50 USD = 18,000 CUP
100 USD = 36,000 CUP
Euros (EUR) to Cuban Peso (CUP):
1 EUR = 365 CUP
5 EUR = 1,825 CUP
10 EUR = 3,650 CUP
20 EUR = 7,300 CUP
50 EUR = 18,250 CUP
100 EUR = 36,500 CUP
200 EUR = 73,000 CUP
500 EUR = 182,500 CUP
For many Cubans, the informal exchange rate is critical as it directly impacts their purchasing power in an economy plagued by scarcity and inflation. The ongoing volatility in Cuba's exchange rates compels residents to closely watch the black market, seeking ways to shield their financial stability amid the devaluation of the national currency.
Understanding Cuba's Informal Currency Exchange
Why do Cubans rely on the informal exchange rate?
Cubans depend on the informal exchange rate because it reflects the real market value and purchasing power of foreign currencies, unlike the official rates which are often less favorable.
What causes the volatility in Cuba's exchange rates?
Volatility is primarily driven by economic instability, scarcity of goods, inflation, and the lack of a stable financial market structure in Cuba.
How does the exchange rate affect daily life in Cuba?
The exchange rate directly influences the cost of imported goods, which in turn affects the overall cost of living, making it a crucial factor for financial decision-making for ordinary Cubans.