The Freely Convertible Currency (MLC) resumes its plunge into the depths, falling this Thursday below the threshold of 200 CUP in the Cuban informal market.
At 7:00 a.m. on August 21, the MLC, the economic creation invented in 2019 by the Cuban government, falls to 195 CUP, according to the daily report from elTOQUE, which documents the fluctuations of currencies on the island.
The figure represents a drop of five pesos compared to its previous price and reinforces a crisis that seems to have only one outcome: its disappearance.
The dollar and the euro, for their part, hold their values from the previous day: the US currency at 405 CUP, a price it reached yesterday; and the euro at 450 CUP, a value it has maintained for several days.
Exchange Rate Evolution
The hell of the MLC, chronicle of a foretold death
The MLC remained stable at 220 CUP between July 24 and August 3. However, since then it has resumed a streak of successive declines that suggest its potential exit from the market.
In recent months, the silent closure of an increasing number of establishments that operated with this payment method has multiplied, and they now exclusively require cash in U.S. dollars, without the authorities having officially reported any gradual elimination of this modality.
When the MLC was introduced, it received a widespread promotion from the government. However, now that its use is drastically decreasing, no public explanation has been offered, nor has there been any clarification on what will happen to the money deposited by citizens in their accounts.
“It is officially still valid, but if there are no offers in that currency, it will inevitably die. The other major issue is how the USD deposited several years ago are no longer the same USD as those on the classic card... and if you go to the bank to withdraw, 'there are none in stock.' What is the role of a bank then if it does not guarantee the delivery of personal savings?” questioned a user on social media in recent days.
So far, no official entity has reported any changes regarding the acceptance of MLC or the fate of accounts in that currency. Meanwhile, the perception that its disappearance is only a matter of time is growing, despite public denials from the authorities.
In 2020, when the Government created the stores for food and hygiene products in MLC, it assured that these foreign currencies would supply the stores in Cuban pesos. However, that promise was never fulfilled, and today, shops in the national currency are scarce and almost completely out of stock.
Exchange rate today 21/08/2025 - 8:00 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 405 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 450 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 200 CUP.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), based on the exchange rates as of August 21:
1 USD = 405 CUP.
5 USD = 2,025 CUP.
10 USD = 4,050 CUP.
20 USD = 8,100 CUP.
50 USD = 20,250 CUP.
100 USD = 40,500 CUP.
Equivalence of Euro (EUR) notes to Cuban Peso (CUP):
1 EUR = 450 CUP.
5 EUR = 2,250 CUP.
10 EUR = 4,500 CUP.
20 EUR = 9,000 CUP.
50 EUR = 22,500 CUP.
100 EUR = 45,000 CUP.
200 EUR = 90,000 CUP.
500 EUR = 225,000 CUP.
In July, Manuel Marrero announced transformations in the official currency market in Cuba, changes that - as he indicated - are expected for this second half of the year. However, nothing has been finalized as of now.
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