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Exchange rate chaos: Euro and dollar play against the peso!
Current exchange rates in Cuba on May 17, 2025: USD, EUR and MLC in the eyes of the Cubans. Informal foreign exchange market illuminated.
Exchange rate chaos: Euro and dollar play against the peso!
On May 17, 2025, the Cuban foreign exchange market presents slight fluctuations in exchange rates, which are of great importance for both residents and the country's economy. The stability of the US dollar (USD) continues to remain at a level of 368 Cuban pesos (CUP), while the euro (EUR) is the strongest currency on the black market at 385 CUP. In these times when access to foreign currency is crucial to purchase essential products, exchange rates reflect the actual economic situation.
The freely convertible currency (MLC) recorded a decrease of five pesos to CUP 255, and similarly, the value of transactions through Zelle fell by three pesos to CUP 370. On a positive note, the Canadian dollar (CAD) rose by five pesos to CUP 235. These rates play a crucial role in the everyday economic life of Cubans, with the average monthly salary being around CUP 5,839 and many pensions not exceeding CUP 1,800.
Exchange rates in detail
An overview of the current exchange rates shows the movements on the foreign exchange market:
| currency | Course (CUP) | 5 units | 10 units | 20 units | 50 units | 100 units |
|---|---|---|---|---|---|---|
| USD | 368 | 1,840 | 3,680 | 7,360 | 18,400 | 36,800 |
| EUR | 385 | 1,925 | 3,850 | 7,700 | 19,250 | 38,500 |
| MLC | 255 | 1,275 | 2,550 | 5,100 | 12,750 | 25,500 |
| cell | 370 | 1,850 | 3,700 | 7,400 | 18,500 | 37,000 |
| CAD | 235 | 1,175 | 2,350 | 4,700 | 11,750 | 23,500 |
The drop in MLC to 255 CUP is particularly notable. On March 10, 2025, the value was still at 280 CUP, which illustrates the trends in the market. The constant adjustments and fluctuations in exchange rates are closely linked to the inflationary spiral that is weighing on the Cuban economy. Cubans closely follow the informal foreign exchange market to protect their purchasing power and counteract the constant devaluation of the Cuban peso.
The dependence on foreign currency to purchase essential goods makes the informal market a necessary port of call for many. The mix of actual available foreign exchange and the demands of everyday life has led to the informal exchange rate being viewed as a measure of the island's economic challenges.
For more information about exchange rates and their impact on the Cuban economy, you can read reports from Directory Cubano and CiberCuba pull in.