This Friday, the euro has hit a new record high in Cuba's informal market. The European currency has increased by one peso, reaching an unprecedented 437 CUP per unit, marking a new milestone in the fluctuating exchange rates tracked within Cuba. Meanwhile, the U.S. dollar, which reached 390 CUP the previous day, maintains this exchange rate on July 25, according to the daily update from elTOQUE, showing no movement in either direction. Similarly, the Freely Convertible Currency (MLC) remains stable at 220 CUP.
Current Exchange Rates in Cuba
As of 10:13 a.m. on July 25, 2025, in Cuba, the exchange rates according to elTOQUE are as follows:
- The exchange rate for the U.S. dollar (USD) to Cuban Peso (CUP) is 390 CUP.
- The exchange rate for the euro (EUR) to CUP is 437 CUP.
- The exchange rate for the MLC to CUP is 220 CUP.
Currency Conversion Equivalents
The following are the Cuban Peso equivalents for various denominations of U.S. dollars and euros on July 25:
U.S. Dollar (USD) to Cuban Peso (CUP):
- 1 USD = 390 CUP
- 5 USD = 1,950 CUP
- 10 USD = 3,900 CUP
- 20 USD = 7,800 CUP
- 50 USD = 19,500 CUP
- 100 USD = 39,000 CUP
Euro (EUR) to Cuban Peso (CUP):
- 1 EUR = 437 CUP
- 5 EUR = 2,185 CUP
- 10 EUR = 4,370 CUP
- 20 EUR = 8,740 CUP
- 50 EUR = 21,850 CUP
- 100 EUR = 43,700 CUP
- 200 EUR = 87,400 CUP
- 500 EUR = 218,500 CUP
Upcoming Economic Reforms and Challenges
Last week, Cuba's Prime Minister, Manuel Marrero Cruz, announced to the National Assembly of People's Power (ANNP) that a new "mechanism for managing, controlling, and allocating currency" will be implemented in the second half of 2025. This initiative is part of the so-called "Government Program to correct distortions and reinvigorate the economy." According to Marrero, this new model will involve an overhaul of the official exchange market, reinforcement of financing schemes, and a supposed more efficient redistribution of currency generated by state enterprises. Meanwhile, the informal market continues to set the pace, with the Cuban Peso losing value and remittances from emigrants sustaining millions of households.
Many Cubans are compelled to buy dollars on the street to purchase food, medicines, or pay for immigration procedures. For a long time, experts have warned that any attempt to reorganize the exchange system without an inclusive policy will only deepen inequality. Without genuine access to foreign currencies, the population remains stuck in a parallel economy that punishes the most vulnerable.
Understanding Cuba's Currency Crisis
What is the current exchange rate for the euro in Cuba's informal market?
As of July 25, 2025, the euro is valued at 437 CUP in Cuba's informal market.
How does the Cuban government plan to address the currency situation?
The government plans to implement a new mechanism for managing currency, which includes transforming the official exchange market and improving the efficiency of currency distribution from state enterprises.
Why are Cubans forced to buy dollars on the street?
Cubans often have to buy dollars on the street to afford essential goods, such as food and medicine, due to the lack of access to foreign currency through official channels.