The unofficial currency market in Cuba has seen nearly a week without any price fluctuations in key foreign currencies. As of this Wednesday morning, the U.S. dollar, euro, and Freely Convertible Currency (MLC) have maintained the same values they reached last Friday, August 29.
By 7:00 a.m. Cuban local time on September 3, the dollar was still valued at 410 CUP, while the euro held steady at an average selling price of 460 CUP, according to the daily report from elTOQUE. The MLC continued to be valued at 190 CUP, considerably lower compared to the other two currencies. It remains to be seen whether this recent trend of stability will persist.
Exchange rates as of September 3, 2025, at 7:38 a.m. in Cuba:
- USD to CUP exchange rate according to elTOQUE: 410 CUP.
- EUR to CUP exchange rate according to elTOQUE: 460 CUP.
- MLC to CUP exchange rate according to elTOQUE: 190 CUP.
In July, Manuel Marrero announced upcoming changes in Cuba’s official currency exchange market, which are expected to be implemented in the second half of the year. However, no updates have been provided on this front so far.
Rising Salaries Amidst Escalating Dollarization
Recently, the Cuban government declared that the average monthly salary rose to 6,649 pesos in the first half of 2025, marking a 16.4% increase compared to the same period last year. This statistic, shared by the National Office of Statistics and Information (ONEI) and reported by Cubadebate, was showcased as a positive sign of the country’s economic policies.
However, this salary hike means little to the Cuban populace, given the severe inflationary crisis and the ongoing depreciation of the Cuban peso. The informal market rate depicts a dollar holding at 410 CUP, translating the average salary to a mere 16.22 USD monthly. This income is insufficient to cover even the most basic needs.
In June, ONEI announced an increase in the average monthly salary to 6,506.5 pesos, equivalent to just 17 USD at the then-current informal exchange rate on the island. Despite the reported salary growth, purchasing power continues to plummet.
Even Vice President Salvador Valdés Mesa acknowledged in February that “living on a salary of 6,000 pesos is impossible.” While the government boasts of salary increases, ordinary Cubans remain trapped in a fractured economy, burdened by a devalued currency and an unattainable basic goods basket.
Currency Conversion: USD and EUR to CUP
Conversion rates for the U.S. Dollar (USD) to Cuban Peso (CUP), based on September 3 exchange rates:
- 1 USD = 410 CUP
- 5 USD = 2,050 CUP
- 10 USD = 4,100 CUP
- 20 USD = 8,200 CUP
- 50 USD = 20,500 CUP
- 100 USD = 41,000 CUP
Conversion rates for Euros (EUR) to Cuban Peso (CUP):
- 1 EUR = 460 CUP
- 5 EUR = 2,300 CUP
- 10 EUR = 4,600 CUP
- 20 EUR = 9,200 CUP
- 50 EUR = 23,000 CUP
- 100 EUR = 46,000 CUP
- 200 EUR = 92,000 CUP
- 500 EUR = 230,000 CUP
FAQs about Cuba’s Currency and Economy
Why hasn’t the exchange rate changed recently in Cuba?
The recent stability in exchange rates for the dollar, euro, and MLC can be attributed to the current conditions in the informal market and possibly the anticipation of upcoming changes in the official exchange market.
How does the average salary in Cuba compare to the informal exchange rate?
The average salary in Cuba, which was reported to have increased, still translates to a very low amount in USD when compared to the informal exchange rate, making it insufficient for basic living expenses.
What impact do currency fluctuations have on the Cuban economy?
Currency fluctuations significantly impact the Cuban economy by affecting the purchasing power of citizens and complicating the already fragile economic landscape, with many relying on the informal market for transactions.
