The informal currency exchange market in Cuba begins December 17 with an unusual sense of stability. For the first time in several days, the key currencies show no fluctuations in their average selling prices.
Early this Wednesday, the U.S. dollar remains valued at 440 CUP, while the euro stands at 480 CUP per unit, according to the daily report by the independent outlet elTOQUE, which monitors currency price variations in Cuba.
The Freely Convertible Currency (MLC) also holds steady at 300 CUP, maintaining the level it reached during the previous session.
Legal Framework and Its Implications
This period of stability coincides with the implementation of Decree-Law 113/2025, which legalizes and regulates the domestic use of the dollar, euro, and other foreign currencies within Cuba's national economy. This new legal framework introduces a system for managing, controlling, and allocating foreign currency that significantly diverges from the 2021 "Monetary Ordering." It allows the Central Bank of Cuba and the Ministry of Economy and Planning (MEP) to approve foreign currency transactions.
Current Exchange Rates and the New System
As of December 17, 2025, at 6:48 a.m. in Cuba, the exchange rates according to elTOQUE are as follows:
- USD to CUP: 440 CUP
- EUR to CUP: 480 CUP
- MLC to CUP: 300 CUP
The newly established management and control system for foreign currency in Cuba introduces several key measures:
- The authorization for internal transactions in dollars and other foreign currencies.
- The creation of the Currency Access Capacity Allocation (ACAD), a mechanism that enables authorized businesses and individuals to purchase foreign currency from the state using Cuban pesos.
- The legalization of foreign currency bank accounts for micro, small, and medium enterprises (Mipymes), cooperatives, and self-employed workers.
- Non-state entities are permitted to retain only up to 80% of their hard currency income, with the remainder required to be submitted to the state.
- Internal payments in dollars or euros are allowed, further entrenching a dual economy where access to foreign currency is a regulated privilege.
Despite the government's insistence that this measure is "temporary," the decree effectively institutionalizes a partial dollarization of the Cuban economy, strengthening state control over the flow of foreign currency and widening the gap between those who operate in dollars and those reliant on CUP.
Currency Conversion Rates
Here are the conversion rates for U.S. dollar (USD) bills to Cuban pesos (CUP) as per the current exchange rates:
- 1 USD = 440 CUP
- 5 USD = 2,200 CUP
- 10 USD = 4,400 CUP
- 20 USD = 8,800 CUP
- 50 USD = 22,000 CUP
- 100 USD = 44,000 CUP
And for Euro (EUR) bills to CUP:
- 1 EUR = 480 CUP
- 5 EUR = 2,400 CUP
- 10 EUR = 4,800 CUP
- 20 EUR = 9,600 CUP
- 50 EUR = 24,000 CUP
- 100 EUR = 48,000 CUP
- 200 EUR = 96,000 CUP
- 500 EUR = 240,000 CUP
Understanding Cuba's New Currency System
What currencies are newly legalized for use in Cuba?
The U.S. dollar, euro, and other foreign currencies are now legalized for domestic use in Cuba under the new decree.
How does the new Currency Access Capacity Allocation work?
The ACAD allows authorized individuals and businesses to purchase foreign currency from the state using Cuban pesos, facilitating access to international markets.
What impact does the new decree have on non-state entities?
Non-state entities can retain up to 80% of their hard currency earnings, with the remaining required to be handed over to the state, increasing state control over foreign exchange.