On the morning of this Wednesday, February 11, the informal currency market in Cuba starts with a single significant change: the Convertible Currency (MLC) has slightly dropped, from 410 to 408 CUP.
It is a moderate decline but symbolically significant amid a growing distrust in this currency, used in state-owned stores and increasingly sidelined by consumers.
In contrast, the U.S. dollar remains at its record value of 500 CUP, reached the day before.
The euro also remains unchanged, priced at 555 CUP, according to the representative market rates index (TRMi) compiled by the independent media elTOQUE.
Exchange Rate Evolution
Exchange rate today 11/02/2026 - 7:15 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 500 CUP.
The exchange rate of the euro EUR to CUP according to elTOQUE: 555 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 408 CUP.
The milestone of the dollar: The 500 CUP and the background of the crisis
On February 10, at 1:38 p.m. (Cuba time), the dollar crossed for the first time the symbolic barrier of 500 Cuban pesos.
The figure marks a new chapter in the sustained depreciation of the Cuban peso, a direct reflection of a structural currency crisis in the context of an energy collapse, shortage of foreign exchange, and the absence of effective state containment mechanisms.
“The new level confirms the ongoing trend of depreciation of the Cuban peso and marks a new chapter in the currency crisis the island is experiencing,” notes elTOQUE, highlighting that this is not a speculative rebound but the result of real and persistent economic forces.
Projections and "strange calm" in the market
According to the Observatory of Currencies and Finance of Cuba (OMFi), market behavior in the early weeks of the year has been relatively stable, despite the adverse macroeconomic environment.
Their models had already predicted that the dollar would surpass the barrier of 500 CUP in February, with a projected central value of 530 CUP and an estimated range between 475 and 590 CUP.
However, a sudden surge in demand has not been observed.
The OMFi points to a "strange calm" in the informal market, driven by a combination of factors: the contraction of tourism—a key source of foreign currency—the paralysis of production, the reduction of international flights, and the logistical difficulties faced by micro, small, and medium-sized enterprises in importing.
Energy shock: inflationary catalyst
The energy crisis, exacerbated by the interruption of fuel shipments from Venezuela and Mexico, has had a multiplicative effect on the economy.
With production partially halted, transportation collapsed, and increasing difficulties in importing goods, the market has contracted.
“The consequences are felt throughout the economy: disruptions in production, collapse of transportation, logistical difficulties for imports, and a deepening shortage of basic goods,” details elTOQUE.
In this scenario, the lower supply acts as a strong inflationary impulse. The rising cost of basic goods and the erosion of purchasing power in CUP feed a vicious cycle where the relative demand for foreign currency persists, even amidst an apparent stagnation.
Recent evolution: from the threshold of 400 to the current record
The closest precedent occurred in August 2025, when the dollar reached 400 CUP for the first time.
What was then considered a psychological ceiling has since consolidated and normalized. From that date until February 2026, the TRMI has shown a steady evolution toward new historical highs, without clear signs of reversal.
The OMFi interpreted from the outset that these fluctuations were not the result of speculative bubbles, but rather of deep structural imbalances: a decline in GDP, a collapse in tourism, partial dollarization, and a crisis in international reserves.
Official market: persistent imbalance and limited capacity for intervention
Despite the rapid evolution of the informal market, the official exchange rate of Segment III remains unadjusted to reality.
The latest update shows a gap of 36 CUP compared to the informal market, reinforcing the latter's use as a benchmark for citizens and small and medium-sized enterprises (mipymes).
Since its creation in December 2025, Segment III has experienced an upward "float," but has been unable to keep pace with the informal dollar.
The lack of liquid reserves and the absence of credible monetary instruments severely weaken the state's ability to compete in attracting foreign currency.
Social impact: more inequality and precariousness
The depreciation of the peso and the resulting inflation have a direct impact on Cuban households. Sectors that rely on income in CUP are witnessing a dramatic reduction in their purchasing power.
At the same time, those receiving remittances in foreign currency have differentiated access to essential goods, which deepens social gaps.
“The crossing of the dollar above 500 CUP is not a point of arrival”, warns the OMFi, but rather a further symptom of an economic system in crisis, requiring deep structural reforms and a credible macroeconomic stabilization strategy.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates from February 11:
1 USD = 500 CUP.
5 USD = 2,500 CUP.
10 USD = 5,000 CUP.
20 USD = 10,000 CUP.
50 USD = 25,000 CUP.
100 USD = 50,000 CUP.
Equivalence of Euro (EUR) bills to Cuban Peso (CUP):
1 EUR = 555 CUP.
5 EUR = 2.775 CUP.
10 EUR = 5,550 CUP.
20 EUR = 11,100 CUP.
50 EUR = 27,750 CUP.
100 EUR = 55,500 CUP.
200 EUR = 111,000 CUP.
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