This Thursday sees the U.S. dollar gaining traction and slightly closing the gap with the euro in Cuba's informal currency market. As of 8:00 a.m. local time on June 19, the American currency is trading at 378 CUP, marking an increase of two pesos from the previous day, according to the daily report by independent outlet elTOQUE. Over the course of this week, the dollar has risen by three pesos, although it remains below the 385 CUP benchmark predicted by the Cuban Observatory of Currencies and Finances (OMFi) for the end of June. With several days still left in the month, the currency's trajectory remains uncertain.
Currently, the difference in the selling price between the euro and the dollar in Cuba stands at 32 pesos. Although the dollar is gaining some ground today, the disparity between the two currencies remains significant. The euro has stayed unchanged today, holding steady at 410 CUP. Nevertheless, over the past 24 hours, the median buying and selling prices for both the euro and the dollar have shown an upward trend: the euro at 415 pesos and the dollar at 380, figures that may either stabilize or fluctuate in the coming hours or days.
The virtual currency used by the Cuban regime, known as the Freely Convertible Currency (MLC), also remains stable today, continuing to sell at 260 CUP.
Current Exchange Rates in Cuba (June 19, 2025 - 8:42 a.m.)
Exchange rate for the U.S. dollar (USD) to Cuban Peso (CUP) as reported by elTOQUE is 378 CUP.
Exchange rate for the euro (EUR) to CUP is 410 CUP.
Exchange rate for the MLC to CUP is 260 CUP.
Conversion rates for U.S. Dollars (USD) to Cuban Pesos (CUP), based on the exchange rates from June 18, are as follows:
- 1 USD = 378 CUP
- 5 USD = 1,890 CUP
- 10 USD = 3,780 CUP
- 20 USD = 7,560 CUP
- 50 USD = 18,900 CUP
- 100 USD = 37,800 CUP
Conversion rates for Euros (EUR) to CUP:
- 1 EUR = 410 CUP
- 5 EUR = 2,050 CUP
- 10 EUR = 4,100 CUP
- 20 EUR = 8,200 CUP
- 50 EUR = 20,500 CUP
- 100 EUR = 41,000 CUP
- 200 EUR = 82,000 CUP
- 500 EUR = 205,000 CUP
Recently, elTOQUE published an article based on an analysis by the Cuban Observatory of Currencies and Finances (OMFi), suggesting that the currency market might become "more volatile and uncertain" in the remaining days of June compared to previous months. This prediction seems to be materializing. The OMFi noted that May saw an excess supply, while June is anticipated to be characterized by increased demand, potentially driving up exchange rates.
According to OMFi's forecasting models, the likely exchange rates in Cuba by June 30, 2025, are as follows:
- For the U.S. dollar (USD), a central value of 385 Cuban pesos is projected, with a maximum of 408 and a minimum of 365.
- Regarding the euro (EUR), a central value of 406 Cuban pesos is expected, with a maximum of 421 and a minimum of 385.
- For the Freely Convertible Currency (MLC), the forecast indicates a central value of 274 Cuban pesos, with a maximum of 284 and a minimum of 260.
Understanding the Exchange Rates in Cuba
Why is the U.S. dollar gaining value in Cuba?
The U.S. dollar is gaining value due to increased demand and market fluctuations in the informal exchange market. Economic predictions and the current financial climate are contributing to this trend.
What factors influence the exchange rate between the euro and the dollar in Cuba?
Exchange rates are influenced by supply and demand dynamics, economic policies, and market predictions by observatories like OMFi, as well as external economic conditions.
How does the Freely Convertible Currency (MLC) impact Cuba's economy?
The MLC is used for certain transactions within Cuba and impacts the economy by providing a means for the Cuban government to engage in foreign trade, affecting local market dynamics and currency valuation.