For the second consecutive day, there have been no fluctuations in the average selling prices of the US dollar, the euro, and the Freely Convertible Currency (MLC) in Cuba's informal market. As of 11:00 a.m. local time this Monday, the dollar remains valued at 390 CUP.
The euro also holds steady at 440 pesos, while the MLC stays unchanged at 220 CUP. The median values from recent hours show the dollar selling at 392 CUP, hinting at a possible increase in the price of the American currency.
Exchange rates as of July 29, 2025, at 11:08 a.m. in Cuba:
- USD to CUP exchange rate according to elTOQUE: 390 CUP.
- EUR to CUP exchange rate according to elTOQUE: 440 CUP.
- MLC to CUP exchange rate according to elTOQUE: 220 CUP.
Here’s how U.S. dollar bills convert to Cuban pesos based on today's rates:
- 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 bills conversion to Cuban pesos:
- 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
A Look Ahead: Economic Changes on the Horizon
In the middle of this month, Cuban Prime Minister Manuel Marrero Cruz announced before the National Assembly of People's Power (ANNP) that a new "mechanism for currency management, control, and allocation" will be implemented in the second half of 2025. This initiative is part of the "Government Program to correct distortions and revive the economy."
Marrero indicated that the new framework will include changes to the official exchange market, consolidation of financing schemes, and a purportedly more efficient redistribution of foreign currencies generated by state enterprises. Meanwhile, the informal market continues to dictate terms, the value of the Cuban peso keeps dwindling, and remittances from emigrants are the lifeline for millions of households.
Cubans remain compelled to purchase dollars on the street to buy food, medicine, or pay for migration processes. Numerous economists have long warned that any attempt to reorganize Cuba's currency system without an inclusive policy will only deepen inequality. Without real access to foreign currencies, the population remains trapped in a parallel economy that harshly affects the most vulnerable.
Understanding Cuba's Informal Currency Market
Why is the informal market the main source for foreign currency in Cuba?
The informal market dominates because the official exchange rates are often unattainable for average citizens, forcing them to turn to street vendors for foreign currency.
What impact does the informal market have on everyday Cubans?
The informal market leads to increased prices and economic inequality, as those without access to foreign currency are unable to afford basic necessities.
How might the new currency management mechanism affect Cuba's economy?
If implemented inclusively and effectively, the new mechanism could stabilize the exchange market, but without broader economic reforms, it risks exacerbating existing inequalities.