At the start of July, the euro has made a significant leap in price within Cuba’s unofficial currency market. As dawn broke on Tuesday, July 1st, the European currency reached 425 CUP, marking an increase of five pesos from the previous day — a new record high since elTOQUE began tracking these currency fluctuations. Meanwhile, as of 9:00 a.m. local time in Cuba, the U.S. dollar was trading at an average of 382 CUP, maintaining the same level as the day before. The Freely Convertible Currency (MLC) has remained steady at 255 CUP. Daily reports from elTOQUE show increases in the median trading values for both the euro and the dollar over the last 24 hours.
Exchange rates as of 9:12 a.m. on July 1, 2025, in Cuba are as follows:
U.S. Dollar (USD) to Cuban Peso (CUP) conversions at these rates are:
Euro (EUR) to Cuban Peso (CUP) conversions are:
Last month, it was reported that the anticipated implementation of a floating exchange rate in 2025 has been delayed. During the ANEC Congress held in early June, Economy Minister Joaquín Alonso acknowledged the need to “minimize risks” due to the severe scarcity of foreign currency and essential goods, even though “alternatives are being considered.” He stated, “We have defined actions for each phase, but the risk is high. Any measures must ensure that the exchange rate does not spiral out of control.”
The Cuban economy currently operates with at least three separate exchange rates: an official rate for businesses at 24 CUP, a bank rate for the population at 120 CUP, and an informal market rate of around 380 CUP for the dollar. This fragmented system, which authorities themselves have labeled a “distortion,” exacerbates inequality among residents on the island.
