Recently, there has been a slight upward trend in the value of a currency within Cuba's informal exchange market.
This Thursday, it was the turn of the Freely Convertible Currency (MLC) to experience an increase, moving from 413 to 415 CUP.
Meanwhile, both the dollar and the euro continue to hold their record high selling prices, as reported in the daily update from the independent outlet elTOQUE.
Today marks the sixth consecutive day that the U.S. dollar has been valued at 510 CUP.
The euro stands at 575 CUP, 65 units above the dollar, maintaining its value from the previous day after a five-unit increase yesterday.
Exchange rates as of March 5, 2026, 6:18 a.m. in Cuba:
- USD to CUP according to elTOQUE: 510 CUP.
- EUR to CUP according to elTOQUE: 575 CUP.
- MLC to CUP according to elTOQUE: 415 CUP.
In an environment characterized by enduring inflation, low state salaries, and increasing partial dollarization of the economy, every fluctuation in the informal market directly affects domestic prices and the purchasing power of Cubans.
The rates published by elTOQUE have become a crucial indicator for assessing the real performance of the Cuban peso against foreign currencies, especially when the official exchange rate (1 USD = 24 CUP for legal entities and 1 USD = 120 CUP in the state exchange market) remains significantly lower than the rates governing daily transactions.
The gap between the official and informal rates reflects the ongoing shortage of foreign currency in the state banking system and the high demand for dollars and euros among the population, whether for emigration, importing goods, safeguarding savings, or making private sector purchases.
Additionally, the so-called "floating" exchange rate, introduced as a more flexible mechanism since mid-December, still lags behind the informal rate and fails to meet the population's actual currency needs.
U.S. Dollar (USD) to Cuban Peso (CUP) conversion based on March 5 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) conversion:
- 1 EUR = 575 CUP.
- 5 EUR = 2,875 CUP.
- 10 EUR = 5,750 CUP.
- 20 EUR = 11,500 CUP.
- 50 EUR = 28,750 CUP.
- 100 EUR = 57,500 CUP.
- 200 EUR = 115,000 CUP.
- 500 EUR = 287,500 CUP.
Understanding Cuba's Informal Currency Market
Why is the informal exchange rate higher than the official rate?
The informal exchange rate is higher due to a persistent shortage of foreign currency in the state banking system and increased demand from the population for dollars and euros for various purposes such as emigration and private sector transactions.
How does the exchange rate affect the Cuban economy?
Variations in the exchange rate directly influence domestic prices and the purchasing power of Cubans, impacting their ability to buy goods and services.