Informal Market Exchange Rates: The price of the dollar, the euro and the MLC in Cuba today

The dollar continues to fall against the euro on the international market, while in Cuba the gap is not as significant.

The euro and the dollar remain the most traded currencies on the Cuban informal market. Abroad, the euro is worth more than the dollar, but in Cuba the difference is barely 10 pesos. Domestic inflation and the devaluation of the peso are crushing wages.

Stability in informal rates

This Sunday, April 20, the exchange rates of the Cuban informal market remain unchanged compared to the previous day, according to data published by El Toque at 6:55 am:

• 1 euro (EUR): 375 CUP

• 1 US dollar (USD): 365 CUP

• 1 MLC: 265 CUP

• 1 Canadian dollar (CAD): 228 CUP

The dollar and the euro remain the most popular currencies for those who need to buy goods, pay for services, or emigrate. The euro remains the most expensive currency on the island, although it is only 10 pesos above the dollar, a much smaller difference than in international markets.

The euro is increasingly worth more than the dollar globally.

In international markets, the euro is currently trading at 1,14 US dollars. In other words, the euro is stronger than the dollar, as it has historically been. However, in Cuba, the two currencies are almost at par on the informal market.

The explanation lies in practice: the dollar has a greater influence on daily transactions on the island, especially in remittances, informal stores, and savings. The euro, although stronger globally, is less widely used, and therefore its street price doesn't reflect its true international value.

Economic analysts predict that the dollar will continue to lose value against the euro during 2025, due to possible rate cuts by the Federal Reserve, while the European Central Bank maintains its more restrictive monetary policy.

The average salary only allows you to live on $0,53 a day.

According to the most recent report from the National Office of Statistics and Information (ONEI), the average salary in Cuba during 2024 was 5.839 CUP monthly. At current informal market rates, this is equivalent to:

• 15,99 USD

• 13,96 EUR (calculated from the international euro/dollar ratio)

• 22,03 MLC

• 25,61 CAD

This means that the average Cuban lives on just over half a dollar a day, well below the extreme poverty line established by the World Bank, which is $2,15 per person per day.

Although the average salary has increased compared to previous years, the price of street food has risen even more, erasing any positive effect. A bottle of olive oil costs around 1.200 euros. CUP, a carton of eggs costs more than 2.000 CUP, and a pound of rice can cost between 130 and 150 CUP.

Currency conversion this Sunday in Cuba

Euro (EUR) to CUP:

• 1 EUR = 375 CUP

• 5 EUR = 1.875 CUP

• 10 EUR = 3.750 CUP

• 20 EUR = 7.500 CUP

• 30 EUR = 11.250 CUP

• 50 EUR = 18.750 CUP

• 100 EUR = 37.500 CUP

US Dollar (USD) to CUP:

• 1 USD = 365 CUP

• 5 USD = 1.825 CUP

• 10 USD = 3.650 CUP

• 20 USD = 7.300 CUP

• 30 USD = 10.950 CUP

• 50 USD = 18.250 CUP

• 100 USD = 36.500 CUP

MLC a CUP:

• 1 MLC = 265 CUP

• 5 MLC = 1.325 CUP

• 10 MLC = 2.650 CUP

• 20 MLC = 5.300 CUP

• 30 MLC = 7.950 CUP

• 50 MLC = 13.250 CUP

• 100 MLC = 26.500 CUP

Canadian Dollar (CAD) to CUP:

• CAD 1 = 228 CUP

• CAD 5 = 1.140 CUP

• CAD 10 = 2.280 CUP

• CAD 20 = 4.560 CUP

• CAD 30 = 6.840 CUP

• CAD 50 = 11.400 CUP

• CAD 100 = 22.800 CUP

Unstoppable inflation, falling purchasing power

Despite official silence on current data, cumulative inflation in 2024 was 24,88%, and the trend continues to rise. The Cuban peso continues to weaken, and real prices are set in foreign currencies.

Meanwhile, only those who receive dollars, euros, or remittances from abroad can afford to pay their basic daily expenses. The rest survive by making a living, going without food or selling whatever they can.