A Day of Change in the Informal Currency Market in Cuba: The Price of the Freely Convertible Currency (MLC) Decreases.
At 7:00 a.m. (local Cuban time) this Tuesday, the MLC drops to 415 CUP, which is five pesos less than its price on Tuesday, according to the index of representative rates of the informal market (TRMi), published daily by the independent media elTOQUE.
The dollar, for its part, has today reached nine consecutive days valued at its record high of 500 CUP.
The euro also remains unchanged and is maintained today at 560 CUP.
Exchange Rate Evolution
Sustained volatility in the informal exchange rate of the MLC
The Freely Convertible Currency (MLC) has been experiencing a period of marked instability in the Cuban informal market for several weeks, fluctuating between 400 and 415 Cuban pesos (CUP).
This volatility reflects the growing uncertainty surrounding a financial instrument that, although originally designed as a mechanism to collect foreign currency and supply state stores, has long been facing an environment of distrust and structural scarcity.
In practice, the MLC has become a parallel currency within the already complex partial dollarization of the Cuban economy.
Its informal exchange rate is more influenced by supply and demand than by any official reference, and the sharp fluctuations—sudden increases followed by moderate declines—evidence a tense market, sensitive to rumors about product availability, openings or closures of currency shops, and changes in economic policy.
The current range between 400 and 415 CUP exhibits erratic behavior: on some days, it approaches the upper limit driven by the demand for foreign currency for specific purchases, while on others, it retreats slightly due to a lack of liquidity in pesos or an increasing preference for cash in dollars.
This prolonged instability confirms that the MLC is no longer seen as a safe asset, but rather as a transactional instrument subject to the uncertainties of the state trading system.
Dollar and euro consolidate their stability in the informal market
Unlike the MLC, the US dollar has shown a more pronounced stability in the Cuban informal market in recent days, consolidating at its record value of 500 CUP.
After months of sustained increases, the US dollar appears to have settled at that threshold, serving as the main reference for higher-volume transactions, household savings, and price setting in the private sector.
The euro, for its part, also maintains a relatively stable behavior around 560 CUP, keeping the usual premium over the dollar.
Although its circulation is lower, the European currency is still valued as a store of value, especially among those who receive remittances from countries on the European continent.
This simultaneous stability of the dollar and the euro contrasts with the volatility of the MLC and reinforces the trend in the informal market to favor strong physical currencies over financial instruments whose backing directly depends on government decisions.
Exchange rate today 02/18/2026 - 7:25 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: 415 CUP.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates on February 18th:
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) banknotes 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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