The informal currency market in Cuba awakens this Monday with a new historical record for the euro, amidst a backdrop of political and economic uncertainty following the appearance of the ruling Miguel Díaz-Canel and the announcement of talks between the Cuban government and the United States.
According to the daily monitoring by the independent media elTOQUE, the US dollar remains stable on March 16 at 513 Cuban pesos (CUP), the record level it reached on Sunday after two consecutive days of increase.
The main movement of the day is led by the European currency. The euro rises to 579 CUP, marking its highest recorded value in the Cuban informal market and solidifying its position as the most expensive currency in the island's parallel economy.
For its part, the freely convertible currency (MLC) is set at 400 CUP, which represents a rebound compared to the previous day.
Exchange Rate Evolution
Informal exchange rate in Cuba Monday, March 16, 2026 - 06:51
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 513 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 579 CUP
- Exchange rate from (MLC) to Cuban pesos CUP: 400 CUP
During the past week, the behavior of the informal market has been characterized by a prolonged phase of stability, followed by a renewed upward momentum of the dollar.
Between March 7 and 13, the US dollar remained virtually frozen at 510 CUP, a level that already represented its historical high and was sustained for more than ten consecutive days.
That period coincided with a climate of growing social tension on the island, marked by prolonged blackouts, protests in several provinces, and significant economic uncertainty.
The trend changed over the weekend. First, there was a slight increase in the dollar's exchange rate, and a day later, it hit a new record, thus establishing a new reference level for the informal market.
In parallel, the euro has been on an upward trajectory during the last few days and continues to widen the gap against the dollar, getting closer to a new psychological barrier in the parallel market.
Market behavior also aligns with a moment of political anticipation. On Friday the 13th, Díaz-Canel appeared publicly amid social pressure due to the economic crisis, while the government confirmed ongoing discussions with Washington.
In uncertain scenarios like the current one, many players in the informal market tend to adopt cautious positions and delay important transactions while waiting for clearer signals regarding potential political or economic changes.
In a country marked by inflation, low state wages, and a growing partial dollarization of the economy, the informal currency market continues to serve as one of the key indicators of the real value of the Cuban peso and the deterioration of the population's purchasing power.
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