The informal currency market in Cuba marks a new economic milestone this Saturday: the euro reaches 400 Cuban pesos (CUP), a symbolic and real barrier that hadn't been surpassed since May 2024.
The US dollar also rises and is now at 375 CUP, while the Freely Convertible Currency (MLC) remains stable at 260 CUP.
According to the daily tracking by the independent outlet elTOQUE, this increase confirms a solid upward trend in recent days. The comparison with the values from Friday, June 6th, clearly shows the pace of appreciation: the euro rose four pesos in just 24 hours (from 396 to 400 CUP) and the dollar increased by one peso (from 374 to 375 CUP).
The MLC, for its part, maintains the price reached after the drop last Thursday, when it abruptly fell from 265 to 260 CUP.
Exchange Rate Evolution
Informal exchange rate in Cuba Saturday, June 7, 2025 - 05:00
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 375 CUP
- Tasa de cambio del euro (EUR) to Cuban pesos CUP: 400 CUP
- Exchange rate from (MLC) to Cuban pesos CUP: 260 CUP
A milestone with implications for the domestic economy
The exchange rate of the euro at 400 CUP has immediate consequences for the Cuban economy.
This figure, besides being symbolic, reflects the ongoing loss of purchasing power of the Cuban peso, in a context where state salaries remain tied to a weakened currency.
The direct impact is felt in food, medication, transportation, and access to basic services, many of which are dollarized or linked to payments in MLC.
This new peak of the euro revives the memory of May 2024, when similar figures were reported. At that time, the European currency slightly exceeded 400 CUP, driven by a scarcity of foreign currency in official channels and increasing inflation.
Today, with an even more fragile economy and no signs of effective recovery, the return to these levels raises concerns among a population that is already struggling to meet basic needs.
A sensitive and speculative market
The Observatory of Currencies and Finances of Cuba (OMFi) recently warned that the informal currency market is "highly volatile and sensitive to speculative and political factors."
The absence of a transparent currency market and distrust in official economic policies have encouraged informal operations, where supply and demand are governed by speculative and social logic.
The recent implementation of new rates by ETECSA —known as "the rate hike"— has created an additional demand for foreign currency, particularly for paying for internet and communication services.
This context puts even more pressure on the black market, where many Cubans try to access dollars and euros to keep in touch with their family members abroad or to cover everyday expenses.
Ticket equivalencies this Saturday
Dollar (USD):
- 1 USD = 375 CUP
- 10 USD = 3,750 CUP
- 20 USD = 7,500 CUP
- 50 USD = 18,750 CUP
- 100 USD = 37,500 CUP
Euro (EUR):
- 1 EUR = 400 CUP
- 10 EUR = 4,000 CUP
- 20 EUR = 8,000 CUP
- 50 EUR = 20,000 CUP
- 100 EUR = 40,000 CUP
- 200 EUR = 80,000 CUP
- 500 EUR = 200,000 CUP
Immediate perspectives
The rise of the euro and the sustained increase of the dollar could persist if measures are not implemented to build confidence in the national currency, and the "partial dollarization of the economy" moves toward total dollarization, without a comprehensive reform that establishes an official exchange rate and appropriate wages for workers and decent pensions for retirees.
Meanwhile, Cubans continue to face one of the most painful consequences of the crisis: a currency that loses value every day, and foreign currency that becomes increasingly out of reach.
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