This Friday morning, the black market for foreign currency in Cuba shows no significant changes. At 8:00 a.m. local time, the average selling price for the U.S. dollar remains at 378 CUP, a value it reached yesterday. Similarly, the euro and the Freely Convertible Currency (MLC) are steady at 410 CUP and 260 CUP, respectively.
Looking at the median buying and selling values over the past 24 hours, the dollar continues to sell at 380 CUP for the second consecutive day, while the euro slightly decreases to 410 CUP, according to the independent outlet elTOQUE.
Exchange Rates as of June 20, 2025
The exchange rate for the U.S. dollar to the Cuban peso (CUP) is 378 CUP, the euro is at 410 CUP, and the MLC stands at 260 CUP, as reported by elTOQUE.
Cuban Government Stalls Promised Currency Reform
The much-anticipated implementation of a floating exchange rate in 2025 has been postponed. At the recent ANEC Congress, Economy Minister Joaquín Alonso acknowledged that while "alternatives are being considered," there is a need to "minimize risks" given the severe shortage of foreign currency and goods.
"We have defined actions for every stage, but the risk is high. Any measure must ensure that the exchange rate does not skyrocket," Alonso stated.
The Cuban economy currently operates with at least three exchange rates: an official rate for businesses (24 CUP), a bank rate for the public (120 CUP), and a black market rate exceeding 370 CUP. This fragmentation, referred to as a "distortion" by the authorities themselves, exacerbates inequality.
Pavel Vidal, an economist with the Observatory of Currencies and Finances of Cuba (OMFi), warns that a genuine floating rate has no precedent in Cuba and questions its feasibility under a centralized state system. Other analysts, like Mauricio de Miranda, suggest involving the private sector with regulated exchange houses. "As long as the state maintains its economic monopoly, any adjustment will be an illusion,” De Miranda cautions.
Conversion Rates for USD and EUR to Cuban Pesos
Here's a breakdown of the currency conversion rates as of June 20:
For USD to CUP:
- 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
For 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
A recent article by elTOQUE, based on an analysis from OMFi, anticipated that the currency market would become "more volatile and uncertain" for the remainder of June, and this has indeed been the case.
The OMFi explained that May saw an oversupply, but June might be marked by excessive demand, potentially driving up foreign currency rates.
According to OMFi's forecasting models, the projected exchange rates for June 30, 2025, are as follows:
- For the U.S. dollar (USD), a central value of 385 CUP, with a maximum of 408 and a minimum of 365.
- For the euro (EUR), a central value of 406 CUP, with a maximum of 421 and a minimum of 385.
- For the MLC, a central value of 274 CUP, reaching a maximum of 284 and a minimum of 260.
Key Questions About Cuba's Currency Exchange
What is the current exchange rate for the U.S. dollar in Cuba?
As of June 20, 2025, the exchange rate for the U.S. dollar is 378 CUP according to elTOQUE.
Why has the Cuban government delayed the floating exchange rate reform?
The Cuban government has delayed the reform to minimize risks due to a severe shortage of foreign currency and goods, as stated by Economy Minister Joaquín Alonso.
What are the projected exchange rates for the end of June 2025?
OMFi's forecast models predict a central value of 385 CUP for the USD and 406 CUP for the euro by June 30, 2025.