In recent days, foreign currencies in Cuba have shown a trend of relative stability. As of this Wednesday, for the fourth consecutive day, there have been no fluctuations in the informal trading of the three major reference currencies on the island, as reported by the independent outlet elTOQUE.
The exchange rate for the U.S. dollar remains steady at 387 CUP, with the euro also unchanged at 435 CUP per unit. Meanwhile, the Moneda Libremente Convertible (MLC), a virtual currency used by the regime in select stores, continues to be valued at 225 CUP.
Despite this apparent stability, the median values from the past 24 hours reveal that the selling price for the euro is at 440 CUP, while the U.S. dollar has seen a slight increase to 390 CUP. As of 9:26 a.m. on July 23, 2025, the exchange rates according to elTOQUE are as follows:
Exchange Rates:
- USD to CUP: 387 CUP
- EUR to CUP: 435 CUP
- MLC to CUP: 225 CUP
USD to 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
EUR to 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
Last week, Cuban Prime Minister Manuel Marrero Cruz addressed the National Assembly of People’s Power (ANNP), announcing the introduction of a new "management, control, and allocation mechanism for foreign currency" in the second half of 2025. This initiative is part of the so-called “Government Program to Correct Distortions and Reinvigorate the Economy.”
Marrero's plan aims to overhaul the official exchange market, enhance financing frameworks, and allegedly ensure a more efficient distribution of foreign currency generated by state enterprises. In the meantime, the informal market continues to set the pace, with the Cuban peso losing value, and remittances from emigrants serving as a lifeline for countless families.
Cubans are compelled to purchase dollars on the street for necessities like food, medicine, or to pay for immigration procedures. Experts have long warned that any attempt to reorganize the currency system without an inclusive policy will only deepen inequality. Without genuine access to foreign currency, the population is trapped in a parallel economy that disproportionately affects the most vulnerable.
Understanding Cuba's Currency Exchange Landscape
Why is the informal currency market important in Cuba?
The informal currency market is crucial in Cuba because it reflects the real demand and supply dynamics, offering rates that are more accessible to the public than the official ones. It provides a means for Cubans to obtain foreign currency necessary for purchasing essential goods and services.
How does the government's new currency plan aim to change the current system?
The government's plan seeks to reform the official exchange market, consolidate financing structures, and improve the allocation of foreign currency. However, skepticism remains regarding its effectiveness without inclusive policies that address the informal market's realities.