For the second consecutive day, the informal currency exchange market in Cuba remained unchanged as of this Monday. However, according to the daily report from the independent outlet elTOQUE, the median values suggest that this stagnation could soon shift.
As of the morning of July 21, the US dollar was trading at 387 CUP, a rate it reached last Friday. Similarly, the euro held steady at 435 CUP per unit, a price it achieved on Saturday. The Freely Convertible Currency (MLC), a virtual currency that has lost favor, remains at 225 CUP, a level reached on July 18.
Despite the lack of movement, the median values from the past 24 hours reveal potential increases: the selling price for the euro could rise to 440 CUP, while the US dollar might jump to 390 CUP.
Exchange Rates as of 07/21/2025 - 12:39 p.m. in Cuba:
According to elTOQUE:
- USD to CUP: 387 CUP
- EUR to CUP: 435 CUP
- MLC to CUP: 225 CUP
US Dollar (USD) to Cuban Peso (CUP) Conversion:
- 1 USD = 387 CUP
- 5 USD = 1,935 CUP
- 10 USD = 3,870 CUP
- 20 USD = 7,740 CUP
- 50 USD = 19,350 CUP
- 100 USD = 38,700 CUP
Euro (EUR) to Cuban Peso (CUP) Conversion:
- 1 EUR = 435 CUP
- 5 EUR = 2,175 CUP
- 10 EUR = 4,350 CUP
- 20 EUR = 8,700 CUP
- 50 EUR = 21,750 CUP
- 100 EUR = 43,500 CUP
- 200 EUR = 87,000 CUP
- 500 EUR = 217,500 CUP
Cuba's Government Promises New Economic Changes
Last week, Cuban Prime Minister Manuel Marrero Cruz announced to the National Assembly of People's Power that a new “management, control, and currency allocation mechanism” would be implemented in the second half of 2025. This is part of the so-called “Government Program to correct distortions and boost the economy.”
Marrero's plan involves transforming the official exchange market, consolidating financing schemes, and supposedly providing a more efficient redistribution of foreign currency generated by state enterprises. What he failed to mention is that this is the third such transformation in just three years. The face of the previous two, former Minister Alejandro Gil Fernández, was removed in February 2024 due to corruption charges.
Marrero claims this time there will be real changes, promising that entities will receive the currency they generate directly, which should increase product availability. But Cubans have heard this promise before.
Similar promises were made in 2022 with the introduction of "grounded" currency exchanges and again in 2023 when the collapse of CADECA offices and 100-day queues to change 100 dollars were acknowledged. In 2024, Marrero himself talked about the future "flexibility" of exchange rates and a promised "floating" currency market.
The Struggles of the Cuban People
Now, in 2025, the informal market continues to set the pace. The Cuban peso is worth next to nothing, and remittances from emigrants are the lifeline for millions of families. Cubans are still forced to buy dollars on the street to purchase food, medicine, or pay for migration procedures in an economy where everything costs more if paid in MLC.
Experts have long warned that any attempt to reorganize the currency system without an inclusive policy will only worsen inequality. Without real access to foreign currency, the population remains trapped in a parallel economy that punishes the most vulnerable.
Understanding Currency Trends in Cuba
Why has the black market in Cuba become so significant?
The black market in Cuba has gained prominence due to the scarcity of foreign currency and the inefficiency of the official exchange system, forcing citizens to rely on informal exchanges to meet basic needs.
What changes are being proposed by the Cuban government?
Prime Minister Manuel Marrero Cruz announced a new mechanism for managing, controlling, and allocating currency, aimed at transforming the official exchange market and improving foreign currency distribution.
How have past reforms impacted Cuba's economy?
Previous reforms have failed to stabilize the economy, often leading to increased scarcity and longer lines for currency exchange, without delivering the promised improvements.