A year later, the euro is once again approaching 400 Cuban pesos: exchange rates in Cuba today

In May 2024, the European banknote surpassed the symbolic threshold of 400 Cuban pesos on the informal market. Exactly one year later, the euro's value is once again dangerously close to that threshold.

Today the single currency of the Eurozone is placed at 390 CUP per unit, according to elTOQUE's daily monitoring.

The euro's appreciation is neither an isolated nor sudden phenomenon. Since the beginning of this year, the common currency has continued its almost uninterrupted upward trend. This, after having reached a low of 300 pesos in December 2024. Distrust in the Cuban peso, the limited official supply of foreign currency, and the practical dollarization of many services on the island have consolidated the euro as a preferred safe haven.

Rising value

The statistics of the evolution of the last 12 months confirm it: after the peak of 402 CUP In May 2024, the euro plummeted to 295 CUP in just weeks. However, since January of this year, its recupThe exchange rate has been constant, first surpassing 340, then 360, and now just 10 pesos away from the all-time high.

This rally cannot be understood without taking into account the international context. The euro has also gained ground against the US dollar, currently trading at $1,136, with a 4,7% year-on-year increase. A more predictable monetary policy by the European Central Bank, in the face of volatility and tightening by the Federal Reserve, has strengthened its appeal.

In Cuba, the population increasingly relies on remittances and the informal market to purchase basic goods. And the rise of the euro has direct consequences. On the one hand, those who receive aid from Europe see the value of what they receive increase. On the other, the prices in pesos of products sold in MLC or in euros tend to rise, further eroding the purchasing power of state wages, which remain stagnant.

Today, in addition to the euro at 390 CUP, the informal dollar is sold at 370 CUP, just like Zelle. The MLC It is still quoted at 260 CUP, while the Canadian dollar falls slightly to 235 CUPThe Mexican peso, for its part, is the only currency showing a visible rise and is quoted at 18,50 CUP.

Equivalences updated as of May 28, 2025:

1 euro = 390 CUP
10 euros = 3,900 CUP
20 euros = 7,800 CUP
30 euros = 11,700 CUP
50 euros = 19,500 CUP
100 euros = 39,000 CUP.

1 dollar = 370 CUP
10 dollars = 3,700 CUP
20 dollars = 7,400 CUP
30 dollars = 11,100 CUP
50 dollars = 18,500 CUP
100 dollars = 37,000 CUP.

MLC = 260 CUP
10 MLC = 2,600 CUP
20 MLC = 5,200 CUP
30 MLC = 7,800 CUP
50 MLC = 13,000 CUP
100 MLC = 26,000 CUP.

CAD 1 = 235 CUP
CAD 10 = 2,350 CUP
CAD 20 = 4,700 CUP
CAD 30 = 7,050 CUP
CAD 50 = 11,750 CUP
CAD 100 = 23,500 CUP.

MXN = 18,50 CUP
10 MXN = 185 CUP
20 MXN = 370 CUP
30 MXN = 555 CUP
50 MXN = 925 CUP
100 MXN = 1,850 CUP.

With an average salary in Cuba of 5,839 CUP Monthly, 100 euros today is equivalent to almost seven daily salaries. The gap between those with access to foreign currency and those surviving on Cuban pesos is widening every day.