The informal currency market in Cuba began this Sunday with no movement in exchange rates compared to the previous day. According to a report by elTOQUE and shared by CiberCuba, the dollar remains at 380 Cuban pesos (CUP). Meanwhile, the euro and the freely convertible currency (MLC) hold steady at 410 CUP and 260 CUP, respectively.
Current Exchange Rates in Cuba
Sunday, June 22, 2025 - 07:00 AM
Dollar (USD) to Cuban pesos (CUP): 380 CUP
Euro (EUR) to Cuban pesos (CUP): 410 CUP
MLC to Cuban pesos (CUP): 260 CUP
Despite the lack of fluctuation potentially offering a temporary respite, Cuba's economic landscape reveals a fragile stability, maintained merely by the absence of change since there is no catalyst to ease the pressure on the peso.
A Disquieting Calm
The market's tranquility masks significant uncertainty. The Observatory of Cuban Currency and Finance (OMFi) has warned of a potential rise to 385 CUP for the dollar by the end of June, driven by patterns of excess demand following a gradual increase since last month.
On the other hand, while the euro and MLC values remain stable, they fail to establish a reliable trend, instead illustrating an economy that is stagnant and devoid of dynamic variables.
The Elusive Reform
This scenario of stasis is set against a broader backdrop of unfulfilled promises regarding the reorganization of the currency market. Although there was an official announcement of a floating rate for 2025, the plan is currently stalled.
Minister Joaquín Alonso stated at the ANEC Congress that "alternatives are being analyzed," but acknowledged that "the risk is high" and "actions are defined... yet no changes will occur for now."
Experts suggest that the monetary restructuring faces structural, ideological, and technical hurdles. The plan, rather than a free float, appears to be a strategy designed to capture informal currency without altering state control.
Critics like Miguel Alejandro Hayes and Mauricio de Miranda argue that under the current centralized logic, only an "administered" rate akin to the informal market would be achieved, not true transparency. De Miranda even proposes that allowing private exchange houses to operate under regulation—a common scheme in more open economies—could help formalize the market.
Persistent Inequities
Meanwhile, the three official rates (24 CUP for state enterprises, 120 CUP at banks, and over 370 CUP in the informal market) continue to create inequity. In this maze, those living on fixed salaries or without access to remittances see their purchasing power further eroded.
The day without changes in currency prices should not be mistaken for a structural relief. On the contrary, the stability in waiting highlights a dual deficiency: that of the Cuban peso, subject to ongoing distortions, and that of a coherent monetary reform.
The current stability is a fragile situation, as fragile as the hopes that are deferred each day.
Understanding Cuba's Currency Market Challenges
Why is the Cuban peso under pressure?
The Cuban peso is under pressure due to the absence of catalysts to ease the economic strain, persistent inflation, and structural challenges in the currency market.
What are the official exchange rates in Cuba?
The official exchange rates are 24 CUP for state enterprises, 120 CUP at banks, and over 370 CUP in the informal market.
What obstacles does Cuba face in monetary reform?
Cuba faces structural, ideological, and technical obstacles in implementing monetary reform, with the current plan focusing more on capturing informal currency rather than achieving a free-floating rate.