As the week kicks off, foreign currencies maintain their average selling rates in Cuba's informal market, although the euro and the dollar are poised for potential increases. As of 9:00 a.m. local time on Monday, the dollar remains valued at 390 CUP. The euro also holds steady at 440 pesos, and the Moneda Libremente Convertible (MLC) stays at 220 CUP. Nevertheless, the median value over the past 24 hours suggests looming hikes for both the euro and the dollar: the median selling price for the euro stands at 445 CUP and for the dollar at 395 CUP, marking an increase of five pesos each, according to the independent outlet elTOQUE.
Current Exchange Rates as of July 28, 2025
According to elTOQUE, today's exchange rates in Cuba are as follows:
- Dollar (USD) to Peso Cubano (CUP): 390 CUP
- Euro (EUR) to Peso Cubano (CUP): 440 CUP
- MLC to Peso Cubano (CUP): 220 CUP
Conversion examples for USD to CUP based on the current rate:
- 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
Conversion examples for EUR to CUP:
- 1 EUR = 440 CUP
- 5 EUR = 2,200 CUP
- 10 EUR = 4,400 CUP
- 20 EUR = 8,800 CUP
- 50 EUR = 22,000 CUP
- 100 EUR = 44,000 CUP
- 200 EUR = 88,000 CUP
- 500 EUR = 220,000 CUP
Upcoming Changes in Cuba's Currency Management
Earlier this month, Cuban Prime Minister Manuel Marrero Cruz announced before the National Assembly of People's Power (ANNP) that a new "management, control, and allocation mechanism for foreign currency" will be introduced in the second half of 2025. This initiative is part of the so-called "Government Program to Correct Distortions and Boost the Economy." Marrero stated that the new model will involve overhauling the official exchange market, consolidating financing frameworks, and ostensibly more efficient redistribution of the foreign currency generated by state enterprises.
In the meantime, the informal market continues to set the pace, the Cuban peso keeps losing value, and remittances from emigrants remain a lifeline for millions of households. Cubans are still compelled to purchase dollars on the street to buy food, medicine, or pay for immigration procedures.
For years, various economists have cautioned that any attempt to reorganize Cuba's exchange system without an inclusive policy will only deepen inequality. Without genuine access to foreign currency, the population is trapped in a parallel economy that punishes the most vulnerable.
Understanding Cuba's Currency Challenges
Why are the euro and dollar expected to rise in Cuba's informal market?
The median values over the last 24 hours indicate potential increases for both currencies, suggesting a trend of rising demand and limited availability.
What impact do remittances have on Cuban households?
Remittances are crucial for many Cuban families, providing essential support for purchasing food, medicine, and handling various expenses amid a struggling economy.
What are the proposed changes to Cuba's currency management?
The government plans to implement a new mechanism to manage, control, and allocate foreign currency, including revamping the official exchange market and enhancing currency distribution efficiency.