The clandestine currency exchange market in Cuba stays lively as ever, with today's spotlight on a new high for the euro. Following a brief dip that saw the euro fall to 415 CUP on Wednesday, the European currency has jumped back up by five pesos, reaching an unprecedented 420 CUP per euro. This marks a record level since the independent outlet elTOQUE began tracking these fluctuations in Cuba's informal market.
Meanwhile, as of 7:00 a.m. local time on June 26, the U.S. dollar remains steady at an average of 380 CUP, a rate established last Saturday. The Freely Convertible Currency (MLC) also holds its ground, staying at 260 CUP, a rate unchanged for several days.
The median values for buying and selling have shown an upward trend in the past 24 hours, with both the euro's buying and selling prices climbing. The dollar's buying price has also seen an increase, according to the daily report from elTOQUE.
Current Exchange Rates in Cuba
As of June 26, 2025, at 7:40 a.m., the exchange rates according to elTOQUE are as follows:
Dollar (USD) to CUP: 380 CUP
Euro (EUR) to CUP: 420 CUP
MLC to CUP: 260 CUP
Here is the equivalence of U.S. dollars to Cuban pesos based on today's rates:
- 1 USD = 380 CUP
- 5 USD = 1,900 CUP
- 10 USD = 3,800 CUP
- 20 USD = 7,600 CUP
- 50 USD = 19,000 CUP
- 100 USD = 38,000 CUP
For euros to Cuban pesos, the conversion is:
- 1 EUR = 420 CUP
- 5 EUR = 2,100 CUP
- 10 EUR = 4,200 CUP
- 20 EUR = 8,400 CUP
- 50 EUR = 21,000 CUP
- 100 EUR = 42,000 CUP
- 200 EUR = 84,000 CUP
- 500 EUR = 210,000 CUP
Uncertain Future for Cuba's Exchange Rate Policy
Recently, it was reported that the much-anticipated implementation of a floating exchange rate in 2025 has been postponed. During this month's ANEC Congress, Economy Minister Joaquín Alonso acknowledged that although "alternatives are being considered," it is essential to "minimize risks" in the face of severe currency and goods shortages.
"We have already outlined actions for each phase, but the risk is high. Any measure must ensure the exchange rate does not skyrocket," Alonso emphasized.
Currently, the Cuban economy operates with at least three different rates: an official rate for businesses at 24 CUP, a bank rate for the population set at 120 CUP, and the informal market rate, which hovers around 380 CUP for the dollar. This fragmentation, labeled as "distortion" by the authorities themselves, exacerbates inequality.
Pavel Vidal, an economist at the Cuban Observatory of Currencies and Finance (OMFi), warned back in December that a genuine floating rate has no precedent in Cuba, questioning its feasibility under a centralized state system. Other experts, like Mauricio de Miranda, have suggested involving the private sector with regulated exchange houses.
De Miranda cautioned, "As long as the state maintains its economic monopoly, any adjustment will remain an illusion."
FAQs on Cuba's Currency Exchange Market
What is the informal market rate for the euro in Cuba?
As of June 26, 2025, the euro is trading at 420 CUP in the informal market.
Why has the implementation of a floating exchange rate been delayed?
The delay is due to the need to minimize risks associated with the severe shortage of currency and goods in Cuba, as explained by Economy Minister Joaquín Alonso.
What are the current exchange rates for USD and MLC in Cuba?
The USD is currently trading at 380 CUP, while the MLC is at 260 CUP according to elTOQUE's report on June 26, 2025.