This Monday, the informal currency market in Cuba awakens with two updates: the price of the euro rises for the second consecutive day, and the value of the Freely Convertible Currency (MLC) also increases.
At 6:00 a.m. (Cuban local time) the euro rises to 570 euros, five pesos more than yesterday, which marks a new record selling price for the European currency on the island.
The MLC, for its part, adds another episode of instability and -after having dropped in price on Sunday- it rises again today to 410 CUP.
In recent weeks, the MLC has been at the center of a genuine price dance between 400 and 420 CUP, with frequent fluctuations making it the most volatile currency in recent days.
Exchange Rate Evolution
On February 23rd, only the dollar remains stable.
The US dollar holds at 505 CUP that it reached last Friday, when it hit a new record that pushed the dollar to surpass the 500 pesos barrier in informal sales in Cuba, according to the reference rate published by elTOQUE.
Exchange rate today 02/23/2026 - 6:00 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 505 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 570 CUP.
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 significantly 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 exchange rate and the informal one reflects the ongoing scarcity 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.
In a context of sustained inflation, low state wages, and increasing partial dollarization of the economy, every fluctuation in the informal market directly affects internal prices and the purchasing power of Cubans.
The evolution over the next few days will be crucial in determining whether the market resumes a more pronounced upward trend or if a new phase of contained fluctuations is established.
Equivalence of United States Dollar (USD) Bills to Cuban Peso (CUP), according to the exchange rates as of February 23:
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 = 570 CUP.
5 EUR = 2,850 CUP.
10 EUR = 5,700 CUP.
20 EUR = 11,400 CUP.
50 EUR = 28,500 CUP.
100 EUR = 57,000 CUP.
200 EUR = 114,000 CUP.
500 EUR = 285,000 CUP.
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