This movement breaks the fixed price trend that the European currency had maintained since April 23 and reflects the increased demand for foreign currency amid a shortage of supply and the depreciation of the Cuban peso.
By CiberCuba Editorial Team
Tuesday, April 29, 2025 – 12:30
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The informal currency market in Cuba recorded a significant rise in the exchange rate of the euro this Tuesday, which increased by five Cuban pesos in just 24 hours, reaching 385 Cuban pesos (CUP).
This movement breaks a stability that the European currency had maintained for several consecutive days at 380 CUP since Wednesday, April 23, according to reports from elTOQUE.
Exchange rate of the dollar (USD) to Cuban pesos (CUP): 368 CUP
Exchange rate of euro (EUR) to Cuban pesos (CUP): 385 CUP
Exchange rate from (MLC) to Cuban pesos CUP: 265 CUP
During almost a week, from April 23 to 28, the euro remained stable in the informal market, while the US dollar and the MLC showed milder fluctuations. Today’s session marks a significant change in the trend of foreign currencies on the Island.
In comparison, the US dollar (USD) also showed a slight increase this Tuesday, rising from 367 CUP to 368 CUP, while the freely convertible currency (MLC) remained stable at 265 CUP.
This surge of the euro may be due to a combination of factors, including a high demand for foreign currencies for private transactions, imports, and travel. There is also a shortage of euros in the informal market, in contrast to the increased circulation of dollars; while internal inflation persists and the deterioration of confidence in the Cuban peso as a means of saving and payment is pronounced.
The increasing demand for foreign currency and the lack of availability in official channels have forced many Cubans to turn to the informal market, where rates fluctuate daily based on supply and demand.
Analysts warn that if measures are not taken to improve foreign currency availability and strengthen the national currency, the upward trend could continue, exacerbating the economic and social difficulties faced by the population.
The rise of the euro in the Cuban informal market may be due to a combination of factors, such as high demand for foreign currencies for private transactions, imports, and travel, as well as a shortage of euros in the informal market. This situation is exacerbated by internal inflation and the deterioration of confidence in the Cuban peso as a means of saving and payment.
Currently, the exchange rate of the euro in the informal Cuban market is 385 CUP, following an increase of five pesos in the last 24 hours. This change disrupts the stability that the currency had maintained in the previous days.
The rise of the euro and other currencies in the Cuban informal market exacerbates the economic and social difficulties faced by the population, as it increases the cost of living and reduces the purchasing power of those who depend on the Cuban peso. Additionally, the lack of foreign currency in official channels forces many Cubans to turn to the informal market.
In addition to the euro, the US dollar has also shown a slight increase, rising from 367 CUP to 368 CUP. On the other hand, the Convertible Currency (MLC) remains stable at 265 CUP, showing less fluctuation compared to the other currencies.
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A team of journalists committed to reporting on Cuban current affairs and topics of global interest. At CiberCuba, we work to deliver truthful news and critical analysis.
A team of journalists committed to reporting on Cuban current affairs and topics of global interest. At CiberCuba, we work to deliver truthful news and critical analysis.
The euro sees a surge: It rises another five pesos in the Cuban informal market – CiberCuba
