The value of the Freely Convertible Currency (MLC) has declined, marking a notable shift in Cuba’s informal currency market this Tuesday. This digital currency, viewed by many as on the brink of extinction on the island, has taken another hit, dropping five pesos in recent hours to stand at 215 CUP. Since July 24, the MLC had been stable at 220 CUP. However, as of August 5, it has resumed its downward trajectory, a trend that has been consistent for several months.
Meanwhile, both the U.S. dollar and the euro remain unchanged from the previous day’s rates: the American currency is at 395 CUP, and the European one is at 445 CUP, both representing record sales figures.
Current Exchange Rates
As of August 5, 2025, at 9:28 a.m. in Cuba, the exchange rates according to elTOQUE are as follows:
- USD to CUP: 395 CUP
- EUR to CUP: 445 CUP
- MLC to CUP: 215 CUP
Currency Conversion Examples
For reference, here are the current conversions for U.S. dollars to Cuban pesos:
- 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
And for euros to Cuban pesos:
- 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
Government’s Proposed Economic Measures
In mid-July, Cuban Prime Minister Manuel Marrero Cruz revealed to the National Assembly of People’s Power (ANNP) that a new “management, control, and allocation mechanism for foreign currency” will be implemented in the latter half of 2025. This initiative is part of the so-called “Government Program to Correct Distortions and Revitalize the Economy.”
The proposed model aims to reform the official exchange market, solidify financing frameworks, and purportedly ensure a more efficient distribution of foreign currency revenues generated by state enterprises. Nevertheless, the informal market continues to set the pace: the Cuban peso’s value is increasingly diminished, and remittances from emigrants remain the primary support for millions of households across the nation.
Frequently Asked Questions About Cuba’s Informal Currency Market
Why is the MLC declining in value?
The MLC’s decline is largely attributed to the lack of confidence in its longevity and the overall instability of the Cuban economy. The informal market reflects these uncertainties.
How do current exchange rates affect Cuban households?
High exchange rates for the USD and EUR mean that remittances from abroad can significantly support Cuban households, providing essential financial relief amid economic challenges.
