Unchanged, this is how the black currency market in Cuba has started this morning.
At 8:00 a.m. (local Cuban time), the dollar continues to be sold on average at 378 CUP, the price it reached yesterday.
Also without any movement in their selling values are the euro and the Convertible Currency (MLC): valued at 410 CUP and 260 CUP, respectively.
Regarding the median values of buying and selling in the last 24 hours, for the second consecutive day, the dollar is selling at 380 CUP, while the euro falls to 410, according to the daily report from the independent media elTOQUE.
Exchange Rate Evolution
Exchange rate today 20/06/2025 - 8:25 a.m. in Cuba:
Dollar exchange rate USD to CUP according to elTOQUE: 378 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 410 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 260 CUP.
Cuban government cools off the promised currency reform
The announced implementation of a floating exchange rate in 2025 has been put on hold.
In the recent ANEC Congress, the Minister of Economy, Joaquín Alonso, acknowledged that, although "alternatives are being analyzed", 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 rate for companies (24 CUP), a bank rate for the population (120 CUP), and an informal market rate (over 370 CUP).
This fragmentation, referred to as "distortion" by the authorities themselves, exacerbates inequality.
The economist from the Observatory of Currencies and Finance of Cuba (OMFi), Pavel Vidal, has warned that a real floating rate is unprecedented in Cuba, and questions its viability under a centralized state system.
Other analysts, such as Mauricio de Miranda, suggest incorporating the private sector with regulated exchange houses. “As long as the state maintains its economic monopoly, any adjustment will be an illusion,” warns De Miranda.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates as of June 20th:
1 USD = 378 CUP.
5 USD = 1,890 CUP.
10 USD = 3,780 CUP.
20 USD = 7,560 CUP.
50 USD = 18,900 CUP.
100 USD = 37,800 CUP.
Euros (EUR) to CUP
1 EUR = 410 CUP.
5 EUR = 2,050 CUP.
10 EUR = 4,100 CUP.
20 EUR = 8,200 CUP.
50 EUR = 20,500 CUP.
100 EUR = 41,000 CUP.
200 EUR = 82,000 CUP.
500 EUR = 205,000 CUP.
An article recently published by elTOQUE indicated—based on an analysis by OMFi—that it was likely the exchange market for the remainder of June would become "more active and uncertain" than in previous months, and this is indeed the case.
The Observatory of Coins and Finance of Cuba (OMFi) explained that in May there was an excess of supply, and forecasted that June could be characterized by an excess of demand, which would raise the exchange rates of currencies.
According to the forecasting models of OMFi, the probable exchange rate values in Cuba by June 30, 2025, would be as follows:
For the US dollar (USD), a central value of 385 Cuban pesos is projected, with a maximum value of 408 and a minimum of 365.
Regarding the euro (EUR), a central value of 406 Cuban pesos is estimated, with a maximum of 421 and a minimum of 385.
Finally, for the Freely Convertible Currency (MLC), the forecast indicates a central value of 274 Cuban pesos, reaching a maximum of 284 and a minimum of 260.
Frequently Asked Questions about the Black Market for Currency in Cuba
What is the current exchange rate of the dollar, euro, and MLC in the black market in Cuba?
The dollar is sold at 378 CUP, the euro at 410 CUP, and the Freely Convertible Currency (MLC) at 260 CUP. These values reflect the current situation in the black market for currencies in Cuba.
Why has the Cuban government decided to pause the implementation of a floating exchange rate?
The Cuban government has paused the implementation of a floating exchange rate to minimize risks due to the severe shortage of foreign currency and goods on the island. There is concern that any measures could cause the exchange rate to skyrocket, which could worsen the economic situation.
What are the challenges of implementing a floating exchange rate in Cuba?
The lack of infrastructure and inflationary pressures are the main challenges to implementing a floating exchange rate in Cuba. Additionally, the insufficient technological and logistical capacity in banks and exchange houses, along with the absence of clear policies to control inflation, complicate the implementation of this measure.
What does the Observatory of Currencies and Finances of Cuba (OMFi) foresee for the foreign exchange market?
The OMFi predicts that the currency market will be more active and volatile for the remainder of June, with an excess demand that could raise the exchange rates of currencies. It is expected that the dollar will reach a central value of 385 CUP, while the euro could reach 406 CUP.
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