The informal currency market in Cuba opened this Monday with a notable movement: the euro skyrocketed to 415 Cuban pesos (CUP), reaching its highest level so far in June.
This increase represents a rise of 5 pesos compared to Sunday, when it remained stable at 410 CUP.
In contrast, the US dollar continues to be quoted at 380 CUP, unchanged for the third consecutive day, while the Free Convertible Currency (MLC) remains at 260 CUP, at historic lows.
Informal exchange rate in Cuba Monday, June 23, 2025 - 11:00
Exchange Rate Evolution
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 380 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 415 CUP
- Exchange rate of (MLC) to Cuban pesos CUP: 260 CUP
The rise of the euro occurs after a week of precarious stability in the informal market, which adds a dimension of uncertainty to the behavior of currencies.
According to analysts, this surge is attributed to an increased demand for euros, possibly linked to travel operations or payments abroad, which are increasingly being conducted in this currency due to restrictions with the dollar.
The pressure also reflects the lack of institutional options for the buying and selling of foreign currency, which has shifted a significant portion of transactions to the informal market, where prices fluctuate more freely but without regulation or transparency.
An economy without a monetary compass
This new increase in the euro occurs against a backdrop of official currency paralysis. Although the Cuban government announced in 2024 the implementation of a floating exchange rate for 2025, the process has stalled.
The Minister of Economy, Joaquín Alonso, recently acknowledged that the measure “involves a high risk” and that for now “alternatives are being analyzed,” without providing specific dates or measures.
Meanwhile, the Cuban economy continues to operate with at least three simultaneous exchange rates: 24 CUP per dollar for state-owned enterprises, 120 CUP in banks for the public, and 380 CUP in the informal market, which effectively sets the real price of money.
This fragmentation exacerbates social and economic inequality, as those who rely on income in pesos or state salaries cannot access products and services that are sold in foreign currency.
Worrying trend
The behavior of the euro in the informal Cuban market over the past three months shows a sustained and pronounced upward trend.
According to the graph developed by CiberCuba, the exchange rate rose from around 355 CUP in March to 415 CUP by the end of June, representing an increase of over 16% in less than 90 days.
The trendline highlights not only the continuous loss of value of the Cuban peso against the euro but also the solidification of the informal market as a real reference point, in a scenario where official rates remain disconnected from the actual demand for foreign currency and dollarization policies are reaching new heights in the depressed Cuban economy.
In a context of foreign exchange scarcity and without clear signs of reform, the rise of the euro could herald a volatile week for the informal market. Economists anticipate that, unless effective regulatory mechanisms are introduced, the upward trend may extend to the dollar in the coming days.
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