The informal currency market in Cuba kicks off the week with two significant developments: a sharp decline in the value of the euro and the Freely Convertible Currency (MLC).
As of 6:00 a.m. local time this Monday, the euro has dropped to 565 CUP, marking a decrease of 15 pesos compared to the previous day's rate.
The MLC also experiences a drop, falling by 15 pesos to settle at 385 CUP, slipping below the 400 threshold, as reported by the independent outlet elTOQUE.
Meanwhile, the U.S. dollar remains stable at 510 CUP, a rate it has sustained for nearly 10 days. This situation unfolds amid an environment of persistent inflation, low state salaries, and increasing partial dollarization of the economy. Consequently, the informal currency market exerts a direct influence on domestic prices and the purchasing power of Cubans.
Current Exchange Rates in Cuba
As of 6:17 a.m. on March 9, 2026, in Cuba, the exchange rates according to elTOQUE are as follows:
- USD to CUP: 510 CUP
- EUR to CUP: 565 CUP
- MLC to CUP: 385 CUP
These rates provided by elTOQUE have become a crucial indicator for assessing the real evolution of the Cuban peso against foreign currencies. In contrast, the official exchange rate (1 USD = 24 CUP for legal entities and 1 USD = 120 CUP on the state exchange market) remains far below the values observed in everyday transactions.
The gap between official and informal rates highlights the ongoing shortage of foreign currencies in the state banking system and the high demand for dollars and euros among the population. This demand arises from needs such as emigration, importing goods, protecting savings, or purchasing in the private sector.
Additionally, the so-called "floating" exchange rate, introduced as a supposedly more flexible mechanism since mid-December, still falls significantly short of the informal rate and fails to meet the real currency demand of the populace.
Currency Conversion: USD to CUP
Based on the current exchange rates of March 9, here is how U.S. dollar bills convert to Cuban pesos:
- 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
Currency Conversion: EUR to CUP
Here is the conversion of euro bills into Cuban pesos:
- 1 EUR = 565 CUP
- 5 EUR = 2,825 CUP
- 10 EUR = 5,650 CUP
- 20 EUR = 11,300 CUP
- 50 EUR = 28,250 CUP
- 100 EUR = 56,500 CUP
- 200 EUR = 113,000 CUP
- 500 EUR = 282,500 CUP
FAQs on Cuba's Currency Exchange
Why are Cuba's informal exchange rates different from the official ones?
The disparity between informal and official exchange rates stems from the scarcity of foreign currency in the state banking system and the high demand for dollars and euros by the Cuban people for various purposes, including emigration and private sector transactions.
How stable is the U.S. dollar in Cuba's informal market?
The U.S. dollar has been relatively stable in Cuba's informal market, maintaining a rate of 510 CUP for nearly 10 days, despite the fluctuating rates of other currencies like the euro and MLC.