The exchange rates for foreign currencies in Cuba’s informal marketplace have remained stable for several days. Both the dollar, the euro, and the Freely Convertible Currency (MLC) have held their values since last Friday. As of 7:00 a.m. local time on September 2, the exchange rate for the dollar is 410 CUP, while the euro is sold at an average rate of 460 CUP, according to the daily report from elTOQUE. Meanwhile, the MLC continues to trade at 190 CUP.
Current Currency Exchange Rates in Cuba – September 1, 2025, at 8:02 a.m.:
The exchange rate for the USD to CUP is 410 CUP.
The EUR to CUP exchange rate stands at 460 CUP.
The MLC to CUP exchange rate is 190 CUP.
In July, Manuel Marrero announced forthcoming reforms to Cuba’s official currency exchange market, planned for the second half of the year. However, there have been no updates on these changes.
Salary Increase in Cuba Overshadowed by Inflation
Recently, the Cuban government declared that the average monthly salary had risen to 6,649 pesos in the first half of 2025, marking a 16.4% increase compared to the previous year. This statistic, released by the National Office of Statistics and Information (ONEI) and highlighted by Cubadebate, was presented as a favorable outcome of the government’s economic policy.
Nevertheless, this salary increase offers little relief to the Cuban populace amid severe inflation and the perpetual devaluation of the Cuban peso. The informal market exchange rate shows the dollar at 410 CUP, translating the new average salary to a mere 16.22 dollars monthly. This amount falls significantly short of meeting basic needs.
In June, ONEI reported an average monthly salary increase to 6,506.5 pesos, which was then equivalent to just 17 dollars according to the informal exchange rate. Despite the apparent salary growth, purchasing power continues to decline.
Vice President Salvador Valdés Mesa acknowledged earlier this year that “living on a 6,000-peso salary is impossible.” His statement reflects the harsh reality where a Cuban citizen requires between 30,000 and 60,000 pesos monthly to barely make ends meet, according to independent economists.
As most essential goods are sold in dollars or MLC, the peso salary proves inadequate. The official announcement of salary increments does not ease the burden for Cubans but instead attempts to mask a systemic issue with statistics. While the government boasts of wage increases, the average Cuban remains caught in a fragmented economy, struggling with a depreciated currency and inaccessible basic goods.
USD to CUP Exchange Rate Equivalents for September 2:
1 USD is equal to 410 CUP.
5 USD equals 2,050 CUP.
10 USD equals 4,100 CUP.
20 USD equals 8,200 CUP.
50 USD equals 20,500 CUP.
100 USD equals 41,000 CUP.
EUR to CUP Exchange Rate Equivalents:
1 EUR is equal to 460 CUP.
5 EUR equals 2,300 CUP.
10 EUR equals 4,600 CUP.
20 EUR equals 9,200 CUP.
50 EUR equals 23,000 CUP.
100 EUR equals 46,000 CUP.
200 EUR equals 92,000 CUP.
500 EUR equals 230,000 CUP.
Understanding Cuba’s Currency Exchange
What is the current exchange rate for the US dollar in Cuba’s informal market?
As of September 2, the exchange rate for the US dollar in Cuba’s informal market is 410 CUP.
How does the recent salary increase affect the average Cuban citizen?
Despite an increase in the average monthly salary to 6,649 pesos, the high inflation and devaluation of the Cuban peso mean that the salary increase provides little financial relief for citizens.
What challenges do Cubans face with the current economic conditions?
Cubans face a fragmented economy, characterized by a devalued currency, inflation, and a shortage of essential goods, making it difficult for them to meet basic needs.
