Following a brief period of stability, Cuba's informal currency market closes the month with significant changes: the price of the dollar climbs, while the Freely Convertible Currency (MLC) declines. As of 8:00 a.m. local time on Monday, the dollar is averaging a sale price of 382 Cuban Pesos (CUP), an increase of two pesos since June 21. In contrast, the MLC drops by five units to settle at 255 CUP.
The euro remains unchanged at 420 CUP, a record level it achieved last Thursday. In the last 24 hours, median exchange values indicate increases for both the euro and the dollar. The euro can be sold for as much as 422 CUP, and the dollar for 385 CUP, according to elTOQUE's daily report. It remains to be seen if these prices will continue to rise in the coming hours.
Current Exchange Rates as of June 30, 2025
According to elTOQUE, today's exchange rates in Cuba are as follows:
- Dollar (USD) to CUP: 382 CUP
- Euro (EUR) to CUP: 420 CUP
- MLC to CUP: 255 CUP
Here's the equivalency of U.S. dollar bills to Cuban Pesos based on the current exchange rates:
- 1 USD = 382 CUP
- 5 USD = 1,910 CUP
- 10 USD = 3,820 CUP
- 20 USD = 7,640 CUP
- 50 USD = 19,100 CUP
- 100 USD = 38,200 CUP
For Euros, the equivalency is as follows:
- 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
Economic Challenges Amidst Currency Fluctuations
This month, it was announced that the implementation of a floating exchange rate planned for 2025 has been postponed. During the ANEC Congress at the beginning of June, Economy Minister Joaquín Alonso acknowledged that while "alternatives are being analyzed," reducing risks amid severe shortages of foreign currency and goods is imperative.
"We have actions defined for each stage, but the risk is high. Any measure must ensure that the exchange rate does not skyrocket," Alonso pointed out.
Currently, Cuba's economy operates with at least three different exchange rates: an official rate for businesses (24 CUP), a bank rate available to the public (120 CUP), and an informal market rate (around 380 CUP for the dollar). This fragmentation, described as a "distortion" by the authorities themselves, exacerbates inequality.
Pavel Vidal, an economist at Cuba's Observatory of Currencies and Finance (OMFi), warned back in December that a real floating rate has no precedent in Cuba and questioned its feasibility under a centralized state system. Other analysts, like Mauricio de Miranda, have suggested incorporating the private sector through regulated exchange houses.
"As long as the State maintains its economic monopoly, any adjustment will be an illusion," De Miranda cautioned.
Understanding Cuba's Currency Market Dynamics
What is the current exchange rate for the dollar in Cuba's informal market?
As of June 30, 2025, the dollar is being sold at an average rate of 382 CUP in Cuba's informal market.
How does the euro's exchange rate compare to the dollar in Cuba?
The euro currently holds a higher exchange rate of 420 CUP, compared to the dollar's 382 CUP in the informal market.
What are the implications of Cuba's multiple exchange rates?
The existence of multiple exchange rates leads to economic distortions and exacerbates inequality within the country.