The informal currency market in Cuba opened this Thursday with a new record in the exchange rate of the euro.
At 7:00 a.m. (Cuban local time), the European currency is being sold on average for 560 CUP, five pesos more than the previous day.
The US dollar, for its part, remains at its record value of 500 CUP, reached on Tuesday, for the third consecutive day.
In the case of the Freely Convertible Currency (MLC), it falls from 408 to 405, according to the index of representative rates of the informal market (TRMi), which is published daily by the independent media elTOQUE.
Exchange Rate Evolution
It is a moderate decline but symbolically significant amid growing distrust toward this currency, which is used in state-run stores and increasingly marginalized by consumers.
Exchange rate today 12/02/2026 - 7:15 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 500 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 560 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 405 CUP.
According to the Observatory of Currencies and Finances of Cuba (OMFi), the market behavior in the early weeks of the year has been relatively stable, despite the adverse macroeconomic environment.
According to the OMFi, despite a sustained increase in the dollar and the euro, there has not been a sudden surge in demand.
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 - productive paralysis, a reduction in international flights, and the logistical difficulties faced by 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 multiplying effect on the economy.
With production semi-paralyzed, transportation collapsed, and an increasing difficulty in importing goods, the market has contracted.
“The consequences are felt throughout the economy: interruptions in production, collapse of transportation, logistical difficulties for imports, and a deepening of the scarcity of basic goods,” detailed elTOQUE in an article published this week.
In this scenario, the reduced supply acts as a powerful inflationary force. 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 amid an apparent stagnation.
Official market: Persistent imbalance and limited intervention capacity
Despite the rapid evolution of the informal market, the official exchange rate of Segment III still fails to align with reality.
The latest update shows a gap of 36 CUP compared to the informal market, reinforcing the latter's use as a reference for citizens and small and medium-sized enterprises.
Since its creation in December 2025, Segment III has recorded an upward "float," but it has been unable to keep pace with the informal dollar.
The lack of liquid reserves and the absence of credible monetary instruments seriously 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 experiencing a dramatic reduction in their purchasing power.
At the same time, those who receive remittances in foreign currency have differentiated access to essential goods, which deepens social disparities.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates of this February 12:
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 bills (EUR) to Cuban Peso (CUP):
1 EUR = 560 CUP.
5 EUR = 2,800 CUP.
10 EUR = 5,600 CUP.
20 EUR = 11,200 CUP.
50 EUR = 28,000 CUP.
100 EUR = 56,000 CUP.
200 EUR = 112,000 CUP.
500 EUR = 280,000 CUP.
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