Without changes, that has been for the second consecutive day the trend of informal currency trading in Cuba this Monday, although the median values suggest that this stagnation could soon change, according to the daily report from the independent media elTOQUE.
At dawn on this July 21, the dollar was selling for 387 CUP, a price it reached last Friday.
Also unchanged is the euro, which remains at 435 CUP per unit, the price it reached on Saturday.
In the case of the Freely Convertible Currency (MLC), the virtual currency that has fallen from grace, it holds on to the 225 CUP that it reached on July 18.
Exchange Rate Evolution
Despite the lack of movement both up and down, the median values of buying and selling from the last 24 hours reveal increases: selling prices for the euro at 440 CUP; and a spike to 390 for the US dollar.
Exchange rate today 07/21/2025 - 12:39 p.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: 435 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 225 CUP.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), based on the exchange rates as of July 21:
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) banknotes to Cuban Peso (CUP):
1 EUR = 435 CUP.
5 EUR = 2,175 CUP.
10 EUR = 4,350 CUP.
20 EUR = 8,700 CUP.
50 EUR = 21,750 CUP.
100 EUR = 43,500 CUP.
200 EUR = 87,000 CUP.
500 EUR = 217,500 CUP.
Last week, the Cuban Prime Minister, Manuel Marrero Cruz, announced before the National Assembly of the People's Power that a new "management, control, and currency allocation mechanism" will be implemented in the second half of 2025, as part of the so-called “Government Program to correct distortions and boost the economy”.
According to Marrero, the new model will include the transformation of the official currency exchange market, the consolidation of financing schemes, and the supposed more efficient redistribution of 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 dismissed in February 2024 on charges of corruption.
Marrero assures that changes will indeed happen now. The entities will directly receive the foreign currency they generate, which will increase the supply of products; however, the Cuban people have heard that promise before.
Something similar was heard in 2022 when the “justified” buying and selling of foreign currency was announced. Then in 2023, when the collapse of the CADECAS and the 100-day queues for exchanging 100 dollars was acknowledged.
In 2024, Marrero himself announced the future "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.
Cubans are still forced to buy dollars on the street to purchase food, medications, or pay for immigration procedures, in an economy where everything costs more if paid 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 is trapped in a parallel economy that punishes the most vulnerable.
Frequently asked questions about the black market for currency in Cuba
What is the current situation of the black market for foreign currency in Cuba?
The black currency market in Cuba is currently at a standstill, where the exchange rates for the dollar, euro, and freely convertible currency (MLC) have remained unchanged in recent days. However, the median trading values suggest potential increases in the near future.
What are the current exchange rates for the dollar, euro, and MLC in the Cuban black market?
In the black market, the dollar is selling for 387 CUP, the euro for 435 CUP, and the Convertible Currency (MLC) is trading at 225 CUP. These values have remained stable, although there are expectations of possible changes.
What measures is the Cuban government taking regarding the currency exchange market?
The Cuban government has announced a new “management, control, and allocation mechanism for foreign currency” for the second half of 2025. This plan aims to transform the official currency market and achieve a more efficient redistribution of the foreign currency generated by state-owned enterprises. However, the population remains skeptical due to similar unfulfilled promises in the past.
Why is the informal currency market important for Cubans?
The informal foreign exchange market is crucial for Cubans because it determines their real purchasing power in an economy marked by scarcity and inflation. With salaries in Cuban pesos insufficient to cover basic needs, accessing foreign currency is essential for purchasing products in stores that only sell in foreign currency or for conducting transactions in the black market.
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