Today, May 11, 2025Mother's Day in Cuba, we tell you how the informal foreign exchange market on the island is shaping up.
According to the independent media El Toque, the European currency has managed to stabilize its value and remains above 380 Cuban pesos. The US dollar is approaching that figure, although slightly below. The platform also displays reference prices for the MLC (or virtual dollar), the Canadian dollar and the Mexican peso.
Currency values on the Cuban informal market: 11-05-2025
- 1 EUR = 385.00 CUP
- 1 USD = 370.00 CUP
- 1 MLC = 260.00 CUP
- 1 CAD = 230.00 CUP
- 1 MXN = 17.00 CUP
How should these figures be interpreted? According to the aforementioned source, these are merely representative rates for the informal market and therefore merely provide reference values.
These prices are calculated "from the median of the numbers posted in currency buy and sell ads on social media groups and classifieds sites. To determine the price variation, we compare the messages from the last 24 hours before the reporting deadline with the prices from the previous day," they state on their website.
Official exchange rate in Cuba
Meanwhile, these are the official values of the Central Bank of Cuba (BCC), which vary daily:
- AUD: 76.71600
- MXN: 6.12471
- GBP: 160.04400
- NOK: 11.54684
- SEK: 12.42339
- USD: 120.00000
- CAD: 86.86211
- JPY: 1.18892
- DKK: 18.23556
- CHF: 145.82574
- EUR: 136.11600
- RUB: 1.46928
When comparing the exchange rates on the Cuban informal market with the official rates established for the population, a significant difference can be seen. For example, while the euro (EUR) is officially exchanged for 136.12 CUP, in the informal market it reaches 385.00 CUP, almost three more timesThe same goes for the US dollar (USD), which is officially worth 120.00 CUP but informally 370.00 CUP, and the Canadian dollar (CAD), which rises from 86.86 CUP a 230.00 CUPThis gap reflects the real depreciation of the Cuban peso against major currencies.
Likewise, considering that the average monthly salary in Cuba is around 4,000 CUP, this situation is even more worryingcupAt the official exchange rate, an average salary is equivalent to around 33 USD, but the informal exchange barely reaches 10.81 USD.
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Let us know what you think:
2 comments
Good morning, I think the situation we Cubans are going through is very difficult and now even bread is difficult, the first food we Cubans have and we will not even have that again because to be realistic, we will not get back everything you want, what a shame, for God's sake.
At the rate this is going, if this isn't resolved, I see it as very bad. It's a shame. How much we've fought to get here and we're losing it. I don't see any alternatives that would improve the people's nutrition, which is the main engine, the one that produces. That is, like a car without fuel.