The Freely Convertible Currency (MLC) is in a steep decline, resembling a downhill ride without brakes, as it continues its freefall in Cuba's informal market this Sunday. As of 10:00 a.m. local time, the MLC is being traded at an average of 232 CUP, marking a decrease of three pesos compared to the previous day.
Between June 28 and July 13, the MLC has plummeted from 260 CUP to 232 CUP, a drop of 28 pesos in just two weeks. On social media, some are already predicting that it might "disappear" before the end of the summer.
Current Exchange Rates: Stability for Dollars and Euros
While the MLC continues its descent, both the U.S. dollar and the euro remain unchanged this Sunday, with the American currency at 385 CUP and the European at 425 CUP.
Exchange rates as of July 13, 2025, at 10:06 a.m. in Cuba:
USD to CUP according to elTOQUE: 385 CUP.
EUR to CUP according to elTOQUE: 425 CUP.
MLC to CUP according to elTOQUE: 232 CUP.
Currency Conversion Breakdown
Here is the equivalent conversion for U.S. dollar bills to Cuban Pesos:
1 USD = 385 CUP.
5 USD = 1,925 CUP.
10 USD = 3,850 CUP.
20 USD = 7,700 CUP.
50 USD = 19,250 CUP.
100 USD = 38,500 CUP.
For euro bills, the conversion to Cuban Pesos is as follows:
1 EUR = 425 CUP.
5 EUR = 2,125 CUP.
10 EUR = 4,250 CUP.
20 EUR = 8,500 CUP.
50 EUR = 21,250 CUP.
100 EUR = 42,500 CUP.
200 EUR = 85,000 CUP.
500 EUR = 212,500 CUP.
Controversy and Accusations Against elTOQUE
A recent article from teleSUR, echoed by Cubadebate, accused elTOQUE of being part of a U.S. strategy to destabilize Cuba by manipulating informal currency exchange rates. This accusation is another instance of the longstanding official Cuban rhetoric that lacks substantial evidence and disregards the internal causes of the island's economic crisis.
elTOQUE clarified that it does not set the market rates; instead, it reflects the existing dynamics in an environment devoid of reliable official data. Blaming the outlet for the peso's devaluation overlooks the structural imbalances fueling the informal market's rise.
In response, elTOQUE stated that its methodology is "transparent, scientific, and free of political manipulation," backed by academic research, including a publication in Applied Economics, and acknowledged by Cuban authorities, including the Minister of Economy. They also emphasized their commitment to maintaining an independent and open editorial policy, with publicly documented sources and processes.
Understanding Cuba's Currency Market Dynamics
Why is the MLC falling so rapidly?
The MLC's rapid decline is largely attributed to the lack of confidence in the currency amidst Cuba's ongoing economic turmoil, compounded by the absence of reliable data and transparent market operations.
Are the accusations against elTOQUE valid?
The accusations against elTOQUE are seen as unfounded, as the platform claims to use a transparent and scientific methodology to report market dynamics, a stance supported by academic research and some Cuban authorities.
How does the informal market affect the Cuban economy?
The informal market significantly impacts the Cuban economy by creating a parallel exchange rate system that undermines the official rates, exacerbating economic instability and influencing inflation.