The euro starts the month with a significant price increase in the Cuban informal market.
At dawn on this Tuesday, July 1st, the European currency rises to 425 CUP, five pesos more than the previous day, a figure that marks a new sales record since elTOQUE began documenting the fluctuations of foreign currencies.
As for the rest, at 9:00 a.m. (Cuban local time) this Tuesday, the dollar is averaging 382 CUP, the same price it reached the previous day.
The freely convertible currency (MLC) remains at 255 CUP.
Exchange Rate Evolution
Regarding the median values of sales in the past 24 hours, both the euro and the dollar have seen increases, according to the daily report from elTOQUE.
Exchange rate today 01/07/2025 - 9:12 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 382 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 425 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 255 CUP.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on this July 1st:
1 USD = 382 CUP.
5 USD = 1,910 CUP.
10 USD = 3,820 CUP.
20 USD = 7,640 CUP.
50 USD = 19,100 CUP.
100 USD = 38,200 CUP.
Equivalence of Euro (EUR) bills to Cuban Peso (CUP):
EUR 5 = 2.125 CUP.
EUR 10 = 4,250 CUP.
EUR 20 = 8,500 CUP.
EUR 50 = 21,250 CUP.
EUR 100 = 42,500 CUP.
EUR 200 = 85,000 CUP.
EUR 500 = 212,500 CUP.
Last month, it was reported that the announced implementation of a floating exchange rate in 2025 has been put on hold.
In the Congress of the ANEC, held in early June, the Minister of Economy, Joaquín Alonso, acknowledged that although "alternatives are being considered", it is necessary to "minimize risks" in light of the serious shortage of foreign currency and products.
"We have already defined the actions for each stage, but the risk is high. Any measure must ensure that the exchange rate does not skyrocket," he pointed out.
The Cuban economy currently operates with at least three exchange rates: an official one for businesses (24 CUP), another banking rate for the population (120 CUP), and a rate from the informal market (around 380 CUP in the case of the dollar).
This fragmentation, described as a "distortion" by the authorities themselves, exacerbates the inequality among Cubans living on the island.
Frequently Asked Questions about the Foreign Exchange Market in Cuba
What is the current price of the euro in the Cuban informal market?
The euro is currently being sold for 425 CUP in the Cuban informal market, reaching a new record sale. This significant increase highlights the instability and volatility of the currency exchange market in Cuba.
Why has the implementation of a floating exchange rate in Cuba been paused?
The implementation of a floating exchange rate in Cuba has been paused due to the severe shortage of foreign currency and goods. The Minister of Economy, Joaquín Alonso, stated that it is necessary to minimize risks before adopting new measures that could dramatically alter the exchange rate.
What are the different exchange rates currently operating in Cuba?
In Cuba, there are at least three exchange rates: an official one for businesses (24 CUP), a banking rate for the population (120 CUP), and an informal market rate (around 380 CUP for the dollar). This fragmentation is characterized as a "distortion" by the authorities themselves and contributes to economic inequality in the country.
How does the informal exchange rate affect purchasing power in Cuba?
The informal exchange rate in Cuba determines the real purchasing power of citizens, due to the scarcity and inflation that characterize the country's economy. The volatility of the rates leads many Cubans to closely monitor their fluctuations to protect their purchasing capacity against the devaluation of the national currency.
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