On Sunday, September 14, 2025, Cuba’s informal currency market experienced a significant surge as the euro climbed to 475 Cuban pesos (CUP), an increase of five CUP from the previous day, making it the most expensive currency on the black market. Meanwhile, the U.S. dollar (USD) remained steady at 420 CUP, and the Freely Convertible Currency (MLC) held its ground at 200 CUP.
Informal Exchange Rates in Cuba
Sunday, September 14, 2025 – 6:00 AM
USD to CUP: 420 CUP
EUR to CUP: 475 CUP
MLC to CUP: 200 CUP
This surge in the euro’s value confirms a trend observed over the past week, where all foreign currencies have gained ground against the Cuban peso, albeit with different dynamics. The dollar quickly reached a ceiling at 420 CUP and has maintained that level since September 12, while the MLC stabilized at 200 CUP after climbing from 193 CUP in just a week.
In contrast, the euro continues to rise. From 460 CUP last Saturday, it increased to 470 CUP on Friday, and opened at 475 CUP this Sunday, marking a 15 CUP gain in just one week. The euro’s upward trajectory has led it to reach new historic highs, standing 55 CUP above the dollar, an unprecedented gap that enhances its appeal for those conducting international transactions or receiving remittances from Europe.
The varied behavior of these currencies highlights two complementary dynamics: the stabilization of the dollar and MLC around round figures that serve as psychological barriers, and the euro’s ascent, indicating growing demand and increased pressure on the Cuban peso. This scenario underscores the sustained devaluation of the CUP and its inability to regain ground, despite official measures.
The Cuban population, compelled to turn to the black market to meet basic needs or access dollarized goods, faces an increasingly challenging situation. With the euro skyrocketing and the dollar, although stable, reaching levels unattainable for many island salaries, the economic outlook remains bleak.
Understanding Cuba’s Currency Challenges
Why has the euro become more expensive than the dollar in Cuba?
The euro’s increased value compared to the dollar is due to rising demand for the currency, driven by international transactions and remittances from Europe, coupled with the ongoing devaluation of the Cuban peso.
What is causing the devaluation of the Cuban peso?
The Cuban peso is losing value due to economic instability, insufficient foreign currency reserves, and the government’s inability to implement effective measures to stabilize the currency.
How does the black market impact everyday Cubans?
Many Cubans rely on the black market to access necessities and dollarized goods, as the official market does not meet their needs. This situation exacerbates economic challenges for those with limited incomes.
