The Cuban regime announced this Friday that it "creates the conditions" to establish an official currency exchange market that is “ordered, transparent, and functional”, amidst an escalation of institutional attacks against the independent media El Toque, which is accused of manipulating the informal dollar rate in Cuba.
The announcement, published in Granma under the title “The Central Bank Creates the Conditions to Establish an Official Exchange Market”, seeks to present the measure as a “step towards macroeconomic stabilization,” after acknowledging the government’s “fiscal advances.”
However, the political and economic context shows that the new promise is part of a state campaign to discredit El Toque and its Informal Market Representative Rate (TRMI), a tool that millions of Cubans use as a reference in the absence of a real currency exchange market.
Coordinated attacks from the top of power
The text from Granma repeated the official narrative that in recent weeks has been upheld by figures of the regime such as Miguel Díaz-Canel, Humberto López, and the Central Bank of Cuba (BCC), who accused the independent media of "attacking the financial sovereignty" of the country through "distorted indicators."
According to statements made by Deputy Ian Pedro Carbonell Karell, director of Macroeconomic Policies at the BCC, El Toque “measures an opaque and inefficient market” and its rate “cannot be considered valid for determining equilibrium in the economy.”
Carbonell Karell argued that the State is "reasserting sovereign control" over the exchange rate and is preparing "technological and regulatory conditions" to establish an official system.
The official stance labeled the methodology of the independent media as a "blatant manipulation" and asserted that the new official market will be the "key component of the economic transformations" within the Cuban socialist model.
A promise repeated since 2022
This is not the first time that the Central Bank has promised a "orderly and transparent" market.
In August 2022, the entity launched an official exchange rate of 1 USD = 120 CUP, presented as a "stability strategy," but it quickly failed due to a lack of liquidity and state control.
In 2023 and 2024, the government once again promised the establishment of a functional currency market and acknowledged the failures of banking and monetary regulation, without providing effective solutions.
Cubans, increasingly skeptical, have responded on social media with irony and frustration. “The only thing they need to change is the system that doesn't work,” wrote a user on Facebook, in a post from CiberCuba that garnered hundreds of comments following the new acknowledgment of economic failure.
Without technical details or a visible economic plan
Although the article from Granma discusses "creating the conditions" for an "orderly and transparent exchange market," it does not provide any technical explanation or concrete measures to support the announcement.
No dates, operational mechanisms, or foreign currency sources supporting the new exchange rate are mentioned. It is also not explained whether citizens or businesses will be able to freely buy or sell dollars, nor if the State will intervene directly in the market.
The only spokesperson mentioned, the deputy and official from the Central Bank, Ian Pedro Carbonell Karell, merely dismissed the methodology of El Toque, labeling its rate as “invalid” for being based on an “opaque market.”
However, the official did not specify what methodology the government will use to set the official rate or how transparency and sustainability will be ensured.
The text also does not provide verifiable data regarding the supposed "fiscal advancements" that would allow for the implementation of the measure.
On the contrary, economists and analysts indicate that Cuba lacks liquidity in foreign currency, that international reserves are minimal, and that confidence in the Cuban peso has been completely eroded following multiple failures of the Central Bank, such as the official rate of 120 CUP per dollar in 2022 or the failed banking initiative of 2023-2024.
Ultimately, the announcement seems to respond more to a political need—showing initiative and diverting attention from the crisis—than to a genuine economic strategy.
Meanwhile, the informal market remains the only functional space for currency exchange reference on the island, sustained by the supply and demand for foreign currency outside state control.
Experts and civil society: “El Toque does not set the dollar, it just reflects reality.”
Independent economists and journalists from the media El Toque have reiterated that their rate neither fixes nor manipulates the value of the dollar, but rather reflects the real prices of the informal market, a space that exists precisely due to the absence of a functional state exchange market.
The outlet itself has reported that the accusations of "financial terrorism" and "speculative manipulation" are part of a coordinated harassment campaign orchestrated by State Security, involving spokespersons and official media.
"Publishing verified information about the informal market is not financial terrorism; it is a public service," recently responded the editorial team of El Toque.
Economic reality vs. propaganda
Despite the rhetoric of "macroeconomic stabilization," the country remains mired in a profound crisis: uncontrolled inflation, crushed salaries, chronic shortages, and unprecedented mass emigration.
The informal exchange rate of the dollar recently surpassed 400 CUP, and it remains the only credible reference for citizens and businesses.
The announcement from the Central Bank, rather than a technical measure, seems to be a political maneuver aimed at diverting attention and reaffirming the regime's narrative control over the economy.
Meanwhile, citizens continue to distrust state financial institutions and seek alternatives outside the official system.
Conclusion
The new promise of an "official exchange market" comes at a time of the regime's greatest economic discredit in years.
Far from stabilizing the currency or regaining public trust, the Cuban regime is attempting to blame an independent media outlet for the collapse caused by its own policies.
And while the Central Bank talks about "transparency," Cubans continue to buy dollars on Telegram.
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