The black market for currency trading in Cuba remains active for another day. This Thursday, the highlight is a new record day for the euro.
After a temporary setback, which caused it to drop to 415 CUP this Wednesday, this Thursday the European currency surged by five pesos, reaching 420 CUP per euro, an extremely high and unprecedented figure since the independent media elTOQUE began documenting the fluctuations of the Cuban informal market.
Regarding the dollar, at 7:00 a.m. (Cuban local time) on June 26th, it continues to be sold on average at 380 CUP, the price it reached last Saturday.
Also, the freely convertible currency (MLC) has not changed in its sales values, remaining pegged at 260 CUP for many days now.
Exchange Rate Evolution
Regarding the median values of sales and purchases in the last 24 hours, both the buying and selling price of the euro has increased. The buying price of the dollar has also risen, as revealed by the daily report from elTOQUE.
Exchange rate today 06/26/2025 - 7:40 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 380 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 420 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 260 CUP.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), based on the exchange rates as of June 26:
1 USD = 380 CUP.
5 USD = 1,900 CUP.
10 USD = 3,800 CUP.
20 USD = 7,600 CUP.
50 USD = 19,000 CUP.
100 USD = 38,000 CUP.
Equivalence of euro banknotes (EUR) to CUP
1 EUR = 420 CUP.
5 EUR = 2,100 CUP
10 EUR = 4,200 CUP.
20 EUR = 8,400 CUP.
50 EUR = 21,000 CUP.
100 EUR = 42,000 CUP.
200 EUR = 84,000 CUP.
500 EUR = 210,000 CUP.
Meanwhile, it was recently reported that the announced implementation of a floating exchange rate in 2025 has been put on hold.
In the ANEC Congress held this month, the Minister of Economy, Joaquín Alonso, acknowledged that, although “alternatives are being analyzed”, it is necessary to “minimize risks” in light of the severe shortage of foreign currency and products.
"We have already outlined the actions for each stage, but the risk is high. Any measure must ensure that the exchange rate does not skyrocket," he pointed out.
The Cuban economy currently operates with at least three exchange rates: an official rate for businesses (24 CUP), a banking rate for the population (120 CUP), and an informal market rate (around 380 CUP in the case of the dollar).
This fragmentation, described as a "distortion" by the authorities themselves, exacerbates inequality.
The economist from the Observatory of Currencies and Finances of Cuba (OMFi), Pavel Vidal, already warned in December that a real floating rate has no precedent in Cuba, and questioned its viability under a centralized state system.
Other analysts, such as Mauricio de Miranda, have proposed involving the private sector with regulated exchange houses.
"While the State maintains its economic monopoly, any adjustment will be an illusion," warned De Miranda.
Filed under: