Surprise! The dollar has started to fluctuate in the Cuban informal market again after being anchored at 500 Cuban pesos (CUP) for ten consecutive days.
This Friday, the U.S. dollar opened with an increase of five pesos, now standing at 505 CUP, according to the reference rate published by elTOQUE.
The increase breaks a period of relative stability that had drawn attention in a market characterized by its volatility and its quick response to economic and political signals, both internal and external.
For more than a week, the greenback remained unchanged at 500 CUP, a level that already represented a significant depreciation of the national currency against the dollar.
Exchange Rate Evolution
In contrast, the euro remains stable today at 560 CUP, a value that sets a record within the current exchange rate cycle of the informal market.
The European currency thus remains at its highest recorded range to date, consolidating itself as the most expensive currency on the island.
The freely convertible currency (MLC) today holds the 410 CUP reached in the previous day, amid dynamics characterized by instability of that digital currency.
In recent weeks, the MLC has played a leading role in a genuine price dance, fluctuating between 400 and 420 CUP, with frequent swings that have made it the most volatile currency in recent days.
Exchange rate today 02/20/2026 - 5:00 a.m. in Cuba:
Dollar exchange rate USD to CUP according to elTOQUE: 505 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 560 CUP.
The exchange rate of MLC to CUP according to elTOQUE: 410 CUP.
Informal market as an economic thermometer
The rates published by elTOQUE have become a key indicator for measuring the real evolution of the Cuban peso against foreign currencies, in a context where the official exchange rate (1 USD = 24 CUP for legal entities and 1 USD = 120 CUP in the state exchange market) remains well below the values that prevail in everyday practice.
This is compounded by the so-called "floating" exchange rate, which, although presented as a more flexible mechanism, remains far from the informal rate and fails to meet the actual demand for foreign currency from the population.
The gap between the official and informal exchange rates reflects the ongoing shortage of foreign currency in the state banking system and the high demand for dollars and euros among the population, whether for emigration, importing goods, protecting savings, or making purchases in the private sector.
The increase in the dollar price today—albeit moderate—could indicate a reactivation of buying pressure after several days of restraint.
However, it is still early to determine whether this marks the beginning of a new upward trend or a temporary adjustment within a market that is highly sensitive to rumors, cash availability, and economic expectations.
In an environment of sustained inflation, low state wages, and increasing partial dollarization of the economy, every change in the informal market directly affects internal prices and the purchasing power of Cubans.
For now, the dollar is once again setting the trend with a slight increase, while the euro remains at peak levels and the MLC continues to fluctuate within its recent range.
The evolution of the upcoming days will be crucial to determine whether the market resumes a more pronounced upward trend or if it consolidates into a new phase of contained fluctuations.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates on this 20th of February:
1 USD = 505 CUP.
5 USD = 2,525 CUP.
10 USD = 5,050 CUP.
20 USD = 10,100 CUP.
50 USD = 25,250 CUP
100 USD = 50,500 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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