This Tuesday, the informal currency market in Cuba wakes up to two completely opposing developments compared to the previous day: the price of the euro has dropped, and the value of the freely convertible currency (MLC) has also fallen.
On February 24th, only the dollar remains stable.
The U.S. dollar is currently holding at 505 CUP, a value it has maintained since last Friday, when it reached a new record that caused the dollar to surpass the 500 pesos barrier in informal sales in Cuba, according to the reference rate published by elTOQUE.
Moreover, at 6:00 a.m. (Cuban local time) this Tuesday, the euro drops to 565 pesos, five pesos less than the record figure it reached yesterday.
Exchange Rate Evolution
The MLC, for its part, adds another episode of instability and declines again, this time to 405 CUP, five units lower than the previous day.
In recent weeks, the MLC has undergone a genuine price dance between 400 and 420 CUP, with frequent fluctuations making it the most volatile currency.
Exchange rate today 02/24/2026 - 6:25 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: 565 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 405 CUP.
The rates published by elTOQUE have become a key indicator for measuring the actual 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 govern daily practices.
This is compounded by the so-called "floating" exchange rate, which, although presented as a more flexible mechanism since mid-December, remains far from the informal rate and fails to meet the actual demand for foreign currency among the population.
The gap between the official and informal 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.
In a scenario of sustained inflation, low state salaries, and increasing partial dollarization of the economy, every fluctuation in the informal market directly impacts internal prices and the purchasing power of Cubans.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to exchange rates as of February 24:
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.
Filed under: