The black market for currency in Cuba continues to witness limited activity, with this Wednesday seeing changes only in the Freely Convertible Currency (MLC), which has taken yet another dive. Over the past month, the MLC has consistently dropped, now decreasing by five pesos to reach 200 Cuban Pesos (CUP) as of 7:00 a.m. local time. This value is precisely half of the current black market rate for the U.S. dollar.
Both the euro and the U.S. dollar remain stable at the levels established the day before. The European currency holds steady at 450 CUP, while the dollar is set at 400 CUP, both reaching record highs that underscore the precarious state of the Cuban peso.
Economist Efraín González recently described the Cuban peso as a "zombie of the Cuban economy" in an analysis for Cubanet, noting its lack of vitality. The MLC, too, received a critical assessment, described as a remnant of the now-defunct CUC and essentially a military-controlled voucher, useful only in specific state-run stores.
Despite the ongoing turmoil, the Cuban government remains silent on potential changes that could alter the current economic landscape. Cuban Prime Minister Manuel Marrero had previously promised reforms to the official exchange market by the latter half of the year. Until then, the dollar and euro persist in their record-breaking trajectory, while the MLC continues to decline.
Current Exchange Rates in Cuba - August 13, 2025
As of 7:47 a.m. in Cuba, here are the exchange rates:
- USD to CUP according to elTOQUE: 400 CUP.
- EUR to CUP according to elTOQUE: 450 CUP.
- MLC to CUP according to elTOQUE: 200 CUP.
Conversion Rates for USD and EUR
Here are the current conversion rates for U.S. Dollars (USD) to Cuban Pesos (CUP):
- 1 USD = 400 CUP
- 5 USD = 2,000 CUP
- 10 USD = 4,000 CUP
- 20 USD = 8,000 CUP
- 50 USD = 20,000 CUP
- 100 USD = 40,000 CUP
And the conversion rates for Euros (EUR) to Cuban Pesos (CUP):
- 1 EUR = 450 CUP
- 5 EUR = 2,250 CUP
- 10 EUR = 4,500 CUP
- 20 EUR = 9,000 CUP
- 50 EUR = 22,500 CUP
- 100 EUR = 45,000 CUP
- 200 EUR = 90,000 CUP
- 500 EUR = 225,000 CUP
Frequently Asked Questions about Cuba's Currency Situation
Why is the Cuban peso considered a "zombie" currency?
The Cuban peso is described as a "zombie" currency because it lacks vitality in the economy, neither fully operational nor entirely defunct, highlighting its ineffective role in the economic system.
What is MLC and why is it significant?
MLC, or Freely Convertible Currency, is a form of digital currency in Cuba used mainly in certain military-run stores. It originated as a replacement for the CUC and reflects the government's control over certain economic activities.
What changes has the Cuban government promised for the exchange market?
The Cuban government, through Prime Minister Manuel Marrero, has promised reforms to the official exchange market, expected in the second half of the year, though details remain undisclosed.