On Monday, September 22, the informal currency market in Cuba witnessed a historic shift as the euro (EUR) soared to 485 Cuban pesos (CUP), its highest value recorded to date. This surge continues the upward trend observed since the start of the month. Meanwhile, the U.S. dollar (USD) holds steady at 425 CUP, and the Freely Convertible Currency (MLC) has slightly decreased to 209 CUP from the weekend’s 210.
Informal Exchange Rates in Cuba
Monday, September 22, 2025 – 05:00
Exchange rate for the U.S. dollar (USD) to Cuban pesos (CUP): 425 CUP
Exchange rate for the euro (EUR) to Cuban pesos (CUP): 485 CUP
Exchange rate for the MLC to Cuban pesos (CUP): 209 CUP
Euro’s Dominance in the Market
In just five days, the euro has climbed by 10 CUP against the Cuban peso, reinforcing its lead over the dollar with a 60 CUP gap. This disparity highlights the weakening of the Cuban peso and the euro’s appeal in the black market. The U.S. dollar, though stable at its recent high of 425 CUP after a leap on Sunday, remains eclipsed by the euro’s performance.
Volatility of the MLC
The MLC exhibits more volatility. After peaking at 210 CUP at the end of last week, it has now settled at 209 CUP, showing signs of recovery from the beginning of the month when it dipped to 193 CUP.
Impact on Cuban Life
The euro’s new record exacerbates the purchasing power crisis on the island. With minimum pensions set at 4,000 CUP, retirees can barely obtain 8.2 euros in the informal market, highlighting the dire situation of an already vulnerable group.
This Monday’s developments confirm that rather than stabilizing, Cuba’s informal currency market is caught in an upward spiral, further devaluing the national currency and diminishing the quality of life for millions of families.
Understanding Cuba’s Currency Crisis
Why is the euro rising in Cuba’s informal market?
The euro’s rise is attributed to the weakening of the Cuban peso and the euro’s growing appeal as a stable currency, leading to increased demand in the black market.
How does the currency fluctuation affect Cubans?
The fluctuation decreases the purchasing power of Cuban citizens, making it difficult for them to afford basic goods and services, especially for those relying on fixed incomes like pensions.
What is the significance of the MLC in Cuba’s economy?
The MLC is a critical component that reflects the complex nature of Cuba’s dual currency system, influencing both consumer purchasing power and import dynamics.
