The Freely Convertible Currency (MLC) is once again at the center of the only change recorded in informal sales in Cuba in recent hours.
At 6:00 a.m. (Cuban local time) this Thursday, the MLC accentuates its decline, dropping from 415 to 410 CUP in the black market.
The dollar and the euro, for their part, continue their streak of stability, according to the index of representative rates from the informal market (TRMi), which is published daily by the independent outlet elTOQUE.
This means that, for the moment, the informal market for the two main reference currencies in Cuba has not reacted to the news revealed on Wednesday by Axios, which pointed to alleged conversations between Raúl Guillermo Rodríguez Castro -nicknamed "El Cangrejo"- and U.S. Secretary of State Marco Rubio.
Exchange Rate Evolution
The U.S. dollar today marks ten consecutive days valued at its record high of 500 CUP.
The euro also remains unchanged, and is currently valued at 560 CUP this February 19.
Exchange rate today 19/02/2026 - 6:00 a.m. in Cuba:
Dollar exchange rate 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: 410 CUP.
Sustained volatility in the unofficial exchange rate of the MLC
The Freely Convertible Currency (MLC) has been experiencing a marked period of instability in the Cuban informal market for several weeks, fluctuating between 400 and 420 Cuban pesos (CUP).
This volatility reflects the growing uncertainty surrounding a financial instrument that, although designed as a mechanism to attract foreign currency and supply state-run shops, has long been grappling with 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 quotation is more reflective of supply and demand than any official reference, and the sharp movements -sudden rises followed by moderate declines- highlight a tense market, sensitive to rumors about product availability, openings or closures of currency exchange stores, and changes in economic policy.
The current range - between 400 and 420 CUP for several weeks now - shows erratic behavior: on some days it nears the upper limit driven by the demand for foreign currency for specific purchases, while on others it slightly retreats due to a lack of liquidity in pesos or a growing preference for cash dollars.
This prolonged instability confirms that the MLC is not seen as a safe asset, but rather as a transactional instrument subject to the uncertainties of the state commercial 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 U.S. dollar seems to have stabilized at this threshold, serving as the primary reference for larger volume transactions, household savings, and price setting in the private sector.
The euro, for its part, has also maintained a stable performance in recent days, holding a higher selling value compared to the dollar.
Although its circulation is smaller, the European currency continues to be valued as a store of value, especially among those who receive remittances from countries in Europe.
This simultaneous stability of the dollar and the euro contrasts with the volatility of the MLC and reinforces the tendency of the informal market to favor strong physical currencies over internal financial instruments whose backing directly depends on state decisions.
Equivalence of United States Dollar (USD) Bills to Cuban Peso (CUP), according to the exchange rates of this February 19:
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 = 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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