The informal currency market in Cuba has shown stability recently. After a period of fluctuation in the exchange rates for the U.S. dollar, the euro, and the Freely Convertible Currency (MLC), August 14th has brought a sense of calm. This Thursday, both the U.S. dollar and the euro have maintained the high values reached earlier this week: the euro remains at 450 CUP and the dollar at 400, both hitting record highs.
In the case of the MLC, it continues to hold at 200 CUP, a price it reached yesterday, highlighting yet another failure of the Cuban regime’s economic policies. According to Efraín González, an analyst for Cubanet, “It’s neither a currency nor something we could ‘freely convert.’ It was the aborted offspring of the late CUC and is essentially the remittance dollar that GAESA converts into a bond, useful only for purchasing limited items at certain state-controlled military stores.”
Meanwhile, the Cuban government remains silent on the anticipated changes it hinted at weeks ago. In July, Manuel Marrero announced forthcoming transformations in the official exchange market in Cuba, expected to take place in the second half of the year. However, no concrete steps have been taken yet.
Current Exchange Rates as of August 14, 2025, 10:47 a.m. in Cuba
According to elTOQUE, the current exchange rates are:
- USD to CUP: 400 CUP
- EUR to CUP: 450 CUP
- MLC to CUP: 200 CUP
Conversion Values
For U.S. dollars (USD) to Cuban pesos (CUP):
- 1 USD = 400 CUP
- 5 USD = 2,000 CUP
- 10 USD = 4,000 CUP
- 20 USD = 8,000 CUP
- 50 USD = 20,000 CUP
- 100 USD = 40,000 CUP
For euros (EUR) to Cuban pesos (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
Understanding Cuba’s Currency Market
Why is the MLC considered a failure?
The MLC is seen as a failure because it was meant to be a freely convertible currency but has become a limited-use bond, only accepted in certain military-controlled stores, failing to provide the flexibility it promised.
What are the current exchange rates for USD and EUR in Cuba?
As of August 14, 2025, the exchange rate for the U.S. dollar is 400 CUP, and for the euro is 450 CUP.
Has the Cuban government announced any changes to the currency market?
Although changes were announced by Manuel Marrero to occur in the second half of the year, no specific measures have been implemented yet.
