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El Toque has been publishing a Representative Currency Exchange Rate for some time now. It fills a need as the Cuban government maintains an “official” exchange rate that defies reality. This article comes after the latest attack on El Toque for informing the citizenry amid the systematic void left by the Cuban Communist Party and its government.
Keys to understanding the new wave of foreign currency demand.
As the country dollarizes its economy, citizens improvise, adapt, and survive, aware that each liter purchased or each empty tank left behind is a reminder of the distance between official rhetoric and real life.
In early May 2025, El Toque published a list of the dollar stores we were able to find in Cuba. At that time, we counted 85 establishments that sold their products exclusively in foreign currency. Now, five months later, we count 209 — an increase of 146%.
Oscar Perez-Oliva Fraga, Cuba’s Minister of Foreign Trade and Foreign Investment, informed government media on September 7, 2025, that the island’s banks will integrate into the Cross-Border Interbank Payment System (CIPS). The system is designed by China as an alternative to SWIFT for conducting international payments in Chinese yuan, and that the use of this currency will increase in transactions between the two nations.
Dollar trades at historic 400 CUP in Cuba’s informal market; official rates lag far behind amid dire economic pressures.
Buying U.S. dollars or euros in Cuba isn’t as straightforward as it seems. Between digital appointments, daily limits, and a booming informal market, knowing where and how to exchange money can significantly impact your trip. Here’s what you need to know about official and unofficial options, the risks involved, and recent changes to the island’s foreign exchange system.
On July 5, 2025, President Díaz-Canel announced a vague economic reform plan. Experts criticized the lack of details and transparency, citing past failed policies. Core issues like state inefficiency and low productivity remain unaddressed, raising doubts about the government’s ability to deliver real economic change.
Cuban banks are withholding euros from Spanish pensions and aid programs, forcing recipients to accept Cuban pesos or MLC at unfavorable rates—causing financial hardship for thousands of elderly citizens.
Cuba’s Minister of Economy and Planning, Joaquin Alonso Vasquez, confirmed that the partial dollarization of the economy will not only continue but is the official strategy for the near future.
According to press reports, Alonso acknowledged the existence of three exchange rates and how this has led the dollar to become the main “mechanism of interconnection” within the Cuban economy.
Cuban economist Miguel Alejandro Hayes dismantles official economic figures and exposes the true scale of Cuba’s collapse. His analysis offers a critical approximation of the island’s economic reality using alternative methods amid a lack of government transparency.
Novabank S.A., a newly licensed corporate bank in Cuba, is owned by Canadian investors from the Lussier family, longtime business partners with decades of experience on the island.
Cuba accelerates partial dollarization amid the peso's collapse and rising inflation. A new report reveals shrinking wages, increased inequality, and government-backed policies fueling a dual-currency economy.
On May 6, the Cuban military-owned Tiendas Caribe opened a new dollar-only wholesale store in the Mariel Special Development Zone — but private business owners are sounding the alarm. While the state sells in USD, entrepreneurs still can’t charge in foreign currency, forcing them to buy dollars on the black market at triple the official rate. Is this really support for private enterprise or just another layer of control?
Airbnb has paused payments and experiences in Cuba, leaving many hosts without income. The move highlights growing challenges for the island’s private tourism sector.
Would you like a few more ultra-compact options in case you need them for different platforms like social media or newsletters?
Since late 2024, Cubans have grown worried as MLC loses value and dollar-only stores expand. Despite official claims, both the MLC and peso are devaluing, making dollarized goods harder to afford.
Despite official claims, more state-run shops are switching to USD only. Same products, new price tags in dollars, while wages stay in pesos.
At the end of December 2024, several people wrote to elTOQUE expressing concerns about rumors regarding a possible elimination of the magnetic MLC for shopping in government stores priced in US dollars.
The opening of the new supermarket 3ra y 70, located under the Gran Muthu Habana Hotel, dominated the headlines of Cuba’s independent press in the first days of 2025.
Social media reactions, citizen reports, and press coverage highlight the widespread indignation among Cubans over the store’s policy: purchases can only be made with cash in foreign currency or international and certain domestic cards.
Prime Minister Manuel Marrero Cruz, presented an update on the government’s plan and projections for 2025 at the National Assembly of People’s Power on December 18, 2024. In his over two-hour intervention, he emphasized the increased use of dollarization as a strategy to generate foreign currency.
Almost four years after the monetary unification that forced many Cubans to convert their “foreign currency savings accounts” into “certificates of deposit”. The excuse given to Daymi, Iran, and other clients of any Cuban bank is almost always the same: “we don’t have liquidity.”
Instead of addressing the direct causes of the farm sector’s low productivity, the authorities continue to promote centralized structures.
For decades the Venezuelan State Oil Co., PDVSA, has been Cuba’s main supply under highly favorable conditions that haven’t been fully disclosed.
Who is Bouygues, the French conglomerate that built Cuba’s Five-Star Hotels? Read on and you will find out.
Economía
El Toque has been publishing a Representative Currency Exchange Rate for some time now. It fills a need as the Cuban government maintains an “official” exchange rate that defies reality. This article comes after the latest attack on El Toque for informing the citizenry amid the systematic void left by the Cuban Communist Party and its government.
Keys to understanding the new wave of foreign currency demand.
Oscar Perez-Oliva Fraga, Cuba’s Minister of Foreign Trade and Foreign Investment, informed government media on September 7, 2025, that the island’s banks will integrate into the Cross-Border Interbank Payment System (CIPS). The system is designed by China as an alternative to SWIFT for conducting international payments in Chinese yuan, and that the use of this currency will increase in transactions between the two nations.
On July 5, 2025, President Díaz-Canel announced a vague economic reform plan. Experts criticized the lack of details and transparency, citing past failed policies. Core issues like state inefficiency and low productivity remain unaddressed, raising doubts about the government’s ability to deliver real economic change.
Cuban economist Miguel Alejandro Hayes dismantles official economic figures and exposes the true scale of Cuba’s collapse. His analysis offers a critical approximation of the island’s economic reality using alternative methods amid a lack of government transparency.
On May 6, the Cuban military-owned Tiendas Caribe opened a new dollar-only wholesale store in the Mariel Special Development Zone — but private business owners are sounding the alarm. While the state sells in USD, entrepreneurs still can’t charge in foreign currency, forcing them to buy dollars on the black market at triple the official rate. Is this really support for private enterprise or just another layer of control?
Since late 2024, Cubans have grown worried as MLC loses value and dollar-only stores expand. Despite official claims, both the MLC and peso are devaluing, making dollarized goods harder to afford.
The opening of the new supermarket 3ra y 70, located under the Gran Muthu Habana Hotel, dominated the headlines of Cuba’s independent press in the first days of 2025.
Social media reactions, citizen reports, and press coverage highlight the widespread indignation among Cubans over the store’s policy: purchases can only be made with cash in foreign currency or international and certain domestic cards.
Instead of addressing the direct causes of the farm sector’s low productivity, the authorities continue to promote centralized structures.
As the country dollarizes its economy, citizens improvise, adapt, and survive, aware that each liter purchased or each empty tank left behind is a reminder of the distance between official rhetoric and real life.
Dollar trades at historic 400 CUP in Cuba’s informal market; official rates lag far behind amid dire economic pressures.
Cuban banks are withholding euros from Spanish pensions and aid programs, forcing recipients to accept Cuban pesos or MLC at unfavorable rates—causing financial hardship for thousands of elderly citizens.
Novabank S.A., a newly licensed corporate bank in Cuba, is owned by Canadian investors from the Lussier family, longtime business partners with decades of experience on the island.
Airbnb has paused payments and experiences in Cuba, leaving many hosts without income. The move highlights growing challenges for the island’s private tourism sector.
Despite official claims, more state-run shops are switching to USD only. Same products, new price tags in dollars, while wages stay in pesos.
Prime Minister Manuel Marrero Cruz, presented an update on the government’s plan and projections for 2025 at the National Assembly of People’s Power on December 18, 2024. In his over two-hour intervention, he emphasized the increased use of dollarization as a strategy to generate foreign currency.
For decades the Venezuelan State Oil Co., PDVSA, has been Cuba’s main supply under highly favorable conditions that haven’t been fully disclosed.
In early May 2025, El Toque published a list of the dollar stores we were able to find in Cuba. At that time, we counted 85 establishments that sold their products exclusively in foreign currency. Now, five months later, we count 209 — an increase of 146%.
Buying U.S. dollars or euros in Cuba isn’t as straightforward as it seems. Between digital appointments, daily limits, and a booming informal market, knowing where and how to exchange money can significantly impact your trip. Here’s what you need to know about official and unofficial options, the risks involved, and recent changes to the island’s foreign exchange system.
Cuba’s Minister of Economy and Planning, Joaquin Alonso Vasquez, confirmed that the partial dollarization of the economy will not only continue but is the official strategy for the near future.
According to press reports, Alonso acknowledged the existence of three exchange rates and how this has led the dollar to become the main “mechanism of interconnection” within the Cuban economy.
Cuba accelerates partial dollarization amid the peso's collapse and rising inflation. A new report reveals shrinking wages, increased inequality, and government-backed policies fueling a dual-currency economy.
Would you like a few more ultra-compact options in case you need them for different platforms like social media or newsletters?
At the end of December 2024, several people wrote to elTOQUE expressing concerns about rumors regarding a possible elimination of the magnetic MLC for shopping in government stores priced in US dollars.
Almost four years after the monetary unification that forced many Cubans to convert their “foreign currency savings accounts” into “certificates of deposit”. The excuse given to Daymi, Iran, and other clients of any Cuban bank is almost always the same: “we don’t have liquidity.”
Who is Bouygues, the French conglomerate that built Cuba’s Five-Star Hotels? Read on and you will find out.