The euro has reached a new historic high on Tuesday in the informal currency market in Cuba, highlighting the deterioration of the Cuban peso and the worsening of a structural crisis that the government of Miguel Díaz-Canel does not know how to resolve.
The European currency is now trading at 418 Cuban pesos (CUP) per unit, three more than the previous day, marking the highest value recorded since elTOQUE began monitoring the informal exchange rate on the island.
The figure marks a milestone that, beyond its symbolic value, reflects the ongoing deterioration of the Cuban peso against major foreign currencies, in a context of economic stagnation, a scarcity of foreign exchange, and a lack of structural reforms.
In contrast, the U.S. dollar (USD) remains unchanged at 380 CUP, and the Convertible Currency (MLC) continues to be stagnant at 260 CUP, showing no signs of recovery.
Exchange Rate Evolution
Informal exchange rate in Cuba Tuesday, June 24, 2025 - 06:00
- Exchange rate of the dollar (USD) to Cuban pesos (CUP): 380 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 418 CUP
- Exchange rate from (MLC) to Cuban pesos CUP: 260 CUP
What does this new leap mean?
The euro has been steadily increasing since the beginning of May.
Only in the last 30 days, its value has risen by more than 15 pesos, which economists interpret as a direct response to the increase in demand, especially from Cubans who need euros for immigration procedures, purchases from abroad, or travel to European destinations.
But this movement is not just seasonal. An analysis of the euro's behavior over the past three months reveals sustained growth.
If we look at the evolution since 2021 —based on the historical chart created by CiberCuba— the curve clearly shows how the euro has risen from less than 50 CUP in 2021 to surpassing 400 in 2025, multiplying its value more than 13 times in just four years.
The new record of 418 CUP far surpasses the previous peak of late May 2024, when the euro came close to 405 CUP before a slight temporary correction.
The Government, immobile
This milestone in the informal market occurs in a context where the Cuban government continues to refrain from implementing the promised monetary reform.
Despite announcing in 2024 that a floating exchange rate for 2025 would be implemented, authorities recently admitted that the plan is "under review" and that the risk is high.
Recently, the Minister of Economy, Joaquín Alonso, stated that “the actions are defined,” but they will not be implemented until conditions exist to prevent an “exchange rate explosion”.
Meanwhile, the State maintains three parallel rates: 24 CUP per dollar for state-owned enterprises, 120 CUP at CADECA for the population, and the informal market, which establishes itself as the real reference.
An unequal system
The impact of this disparity is felt by millions of Cubans. Those who do not receive remittances in foreign currency or work in state sectors with salaries in pesos see their purchasing power vanish.
The informal market, although unofficial, has become the only one that reflects the true value of money in the Cuban economy.
The behavior of the euro in the informal market has become a reflection of the widespread distrust in the national currency and the lack of official options to access foreign currency.
For now, today's record raises alarms once again: the Cuban peso continues to lose ground, and the population remains trapped in a dysfunctional currency system with no reforms in sight.
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