The Freely Convertible Currency (MLC) is taking a step back in Cuba; it wants to survive but seems to be a currency doomed to disappear, as has been predicted.
The MLC has experienced a notable streak of instability this week.
After recovering on Wednesday the five pesos it lost on Tuesday in the informal currency market in Cuba, today it drops again to 215 CUP.
The dollar and the euro, on the other hand, are stagnating and maintaining the same value for the second consecutive day: the US currency at 395 CUP and the European currency at 445 CUP, record selling figures in both cases.
Exchange Rate Evolution
Increase in the average selling price for the dollar and the euro
The median values of buying and selling in the informal market indicate increases for the dollar and the euro: the US dollar is selling for 400 and the euro for 444.59.
The median of sales values published by elTOQUE represents the midpoint price among the various offers reported by users and observers in the informal market in Cuba.
Unlike the average, the median avoids distortions caused by extreme values and more accurately reflects the actual behavior of the most common transactions.
Exchange rate today 07/08/2025 - 7:29 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 395 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 445 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 215 CUP.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates as of this August 7:
1 USD = 395 CUP.
5 USD = 1,975 CUP.
10 USD = 3,950 CUP.
20 USD = 7,900 CUP.
50 USD = 19,750 CUP.
100 USD = 39,500 CUP.
Equivalence of Euro banknotes (EUR) to Cuban Peso (CUP):
1 EUR = 445 CUP.
5 EUR = 2,225 CUP.
10 EUR = 4,450 CUP.
20 EUR = 8,900 CUP.
50 EUR = 22,250 CUP.
100 EUR = 44,500 CUP.
200 EUR = 89,000 CUP.
500 EUR = 222,500 CUP
In mid-July, the Cuban Prime Minister, Manuel Marrero Cruz, announced 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 what has been announced, the new model will include the transformation of the official foreign exchange market, the consolidation of financing schemes, and the supposed more efficient redistribution of foreign currency generated by state-owned enterprises.
Meanwhile, the informal market continues to set the trend: the Cuban peso is worth less and less, and remittances from emigrants are the primary support for millions of households across the country.
Frequently asked questions about the exchange rate and the currency market in Cuba
What is the current situation of the freely convertible currency (MLC) in Cuba?
The freely convertible currency (MLC) is experiencing significant instability in the Cuban market. Currently, its value has fallen to 210 CUP, which reinforces the outlook that it is doomed to disappear. This situation is reflected in a continual downward trend in its value, highlighting the uncertainty about its future in the Cuban economy.
How are the dollar and the euro currently behaving in the informal Cuban market?
In the Cuban informal market, the dollar and the euro have shown stability in their selling values. The dollar remains at 395 CUP and the euro at 445 CUP, record figures in both cases. Despite the recent stability, both have experienced increases in the median values, indicating a possible rise in the near future.
What changes are expected in the currency management system in Cuba?
The Cuban government has announced that it will implement a new mechanism for managing, controlling, and allocating foreign currency in the second half of 2025. This model will include the transformation of the official exchange market and a more efficient redistribution of foreign currency generated by state-owned enterprises. However, the effectiveness of these measures is in question, given the predominance and influence of the informal market in the Cuban economy.
Why does the informal currency market remain important in Cuba?
The informal currency market in Cuba remains crucial due to the constant devaluation of the Cuban peso and the lack of access to official currencies for the population. The remittances from emigrants are the primary support for millions of households, making the informal market the central pillar of economic sustenance. Economic volatility and uncertainty increase Cubans' reliance on this market to meet their basic needs.
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