The informal currency market in Cuba kicked off on March 3 with an increase in the value of the Freely Convertible Currency (MLC), as reported by the daily monitoring of elTOQUE.
At this time, the U.S. dollar remains steady at 510 CUP, a level reached over the weekend.
Meanwhile, as of 6:00 a.m. (local Cuban time) this Tuesday, the euro maintains its position at 570 CUP.
On the other hand, the MLC has risen to 413 CUP, indicating a three-peso increase from its previous value.
Exchange Rates Amid Global and Domestic Instability
Against the backdrop of global political tensions triggered by the U.S. assault on Iran and Cuba's ongoing crisis, the dollar and euro have maintained a surprising stability for 48 hours.
Exchange rates as of 6:35 a.m. on March 3, 2026, in Cuba are as follows:
Dollar to CUP rate according to elTOQUE: 510 CUP.
Euro to CUP rate according to elTOQUE: 570 CUP.
MLC to CUP rate according to elTOQUE: 413 CUP.
The Role of elTOQUE's Exchange Rates
elTOQUE's published rates have become an essential benchmark for assessing the actual performance of the Cuban peso against foreign currencies. This comes in a landscape where the official exchange rate (1 USD = 24 CUP for legal entities and 1 USD = 120 CUP in the state exchange market) is significantly lower than the rates that prevail in everyday transactions.
Additionally, the so-called "floating" exchange rate, introduced as a more adaptable mechanism since mid-December, remains far from the informal market rate and fails to meet the actual demand for foreign currencies among the populace.
Economic Impact of Exchange Rate Discrepancies
The gap between official and informal rates highlights the persistent shortage of foreign currency in the state banking system and the high demand for dollars and euros by the population, whether for emigration, importing goods, safeguarding savings, or making purchases in the private sector.
In a scenario marked by sustained inflation, low state salaries, and increasing partial dollarization of the economy, any fluctuation in the informal market directly affects internal prices and the purchasing power of Cubans.
Currency Conversion Examples
U.S. Dollar (USD) to Cuban Peso (CUP) equivalents, based on March 3's exchange rates:
1 USD = 510 CUP.
5 USD = 2,550 CUP.
10 USD = 5,100 CUP.
20 USD = 10,200 CUP.
50 USD = 25,500 CUP.
100 USD = 51,000 CUP.
Euro (EUR) to Cuban Peso (CUP) equivalents:
1 EUR = 570 CUP.
5 EUR = 2,850 CUP.
10 EUR = 5,700 CUP.
20 EUR = 11,400 CUP.
50 EUR = 28,500 CUP.
100 EUR = 57,000 CUP.
200 EUR = 114,000 CUP.
500 EUR = 285,000 CUP.
FAQs on Cuba's Currency Market
Why is the informal exchange rate higher than the official rate in Cuba?
The informal exchange rate is higher due to the scarcity of foreign currency in the state banking system and the high demand from the public, which drives up the value of foreign currencies like the dollar and euro.
What factors contribute to the stability of the euro and dollar in the Cuban market?
The recent stability of the euro and dollar can be attributed to a temporary balance between supply and demand in the informal market, despite ongoing global and domestic political tensions.