The announcement by Manuel Marrero promising official transformations in the currency exchange market for the second half of the year has resulted in an immediate revolution in the informal currency market at the dawn of this Friday.
For the first time in several weeks, the dollar, the euro, and the Freely Convertible Currency (MLC) are experiencing changes in the same day.
The price of the European and US currencies is rising, while the MLC experiences another drop that raises concerns about its future.
At 7:00 a.m. (local Cuban time) on this July 18, the dollar is averaging 387 CUP, which represents an increase of two pesos compared to its previous value.
Exchange Rate Evolution
In the case of the euro, the European currency reaches a new record by climbing to 432 CUP, two pesos more compared to its price on Thursday.
In the case of the MLC, it dropped suddenly by five units and is now at 225 CUP.
But there’s more; the median values reveal that the currency movement goes further: the coming hours could bring new exchange developments.
According to the table of the Median for the last 24 hours, the euro is trending towards an increase to 440 CUP, which is quite insane; in the case of the dollar, it shows a sale of the U.S. currency at 390.
Exchange rate today 07/18/2025 - 7:32 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 387 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 432 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 225 CUP.
Marrero promises that changes in the currency market are indeed on their way now
The Prime Minister of Cuba, Manuel Marrero Cruz, announced this Wednesday before the National Assembly of People's Power that in the second half of 2025, a new "management, control, and currency allocation mechanism" will be implemented as part of the so-called Government Program to correct distortions and revitalize the economy.
According to Marrero, the new model will include the transformation of the official currency market, the consolidation of financing schemes, and the supposed more efficient redistribution of the foreign currencies generated by state-owned enterprises.
What the Prime Minister did not mention is that this "transformation" is the third in three years. And that the visible face of the previous two, former minister Alejandro Gil Fernández, was removed in February 2024 on corruption charges.
Marrero asserts that this time there will indeed be changes. He states that entities will receive directly the foreign currency they generate, which will increase the supply of products; however, the Cuban people have heard this promise before.
Something similar was heard in 2022, when it was announced the “structured” buying and selling of currencies.
In 2023, when the collapse of the CADECAs and the 100-day lines to exchange 100 dollars was recognized.
In 2024, when there was talk of “flexibilization” of the exchange rate and a promised "floating" currency market.
Now, in the midst of 2025, the informal market continues to set the trend, the Cuban peso is worthless, and remittances from emigrants are the backbone of millions of households.
The "new stage" of the foreign exchange market seems to once again focus on state-owned enterprises and sectors, without clarifying what will happen to currency access for the general public.
Cubans, meanwhile, are still forced to buy dollars on the street to purchase food, medicine, or pay for immigration processes, in an economy where everything is more expensive if paid for in MLC.
For a long time, experts have warned that any attempt to reorganize the currency system without an inclusive policy will only deepen inequality. Without real access to foreign currency, the population remains trapped in a parallel economy that punishes the most vulnerable.
Instead of de-dollarizing, as the official discourse claims, the reality shows that Cuba is more dollarized than ever, and the Cuban peso continues to lose purchasing power day after day.
With this new announcement, the government once again asks for patience and trust. However, after so many failures, Cubans want results, not promises.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates as of July 18:
1 USD = 387 CUP.
5 USD = 1,935 CUP.
10 USD = 3,870 CUP.
20 USD = 7,740 CUP.
50 USD = 19,350 CUP.
100 USD = 38,700 CUP.
Equivalence of Euro (EUR) notes to Cuban Peso (CUP):
1 EUR = 432 CUP.
5 EUR = 2,160 CUP.
10 EUR = 4,320 CUP.
20 EUR = 8,640 CUP.
50 EUR = 21,600 CUP.
100 EUR = 43,200 CUP.
200 EUR = 86,400 CUP.
500 EUR = 216,000 CUP.
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