The U.S. dollar and the euro rose again this Friday in the Cuban informal market, solidifying an upward trend that has already lasted more than two weeks and reflecting the increasing deterioration of the national economy amid a deep energy crisis.
According to the reference rate published by elTOQUE, the dollar opened at 650 Cuban pesos (CUP), after gaining 10 pesos compared to the previous day.
The euro also rises by 10 CUP and is now at 740 pesos, increasing the difference with the US dollar to 90 pesos.
The only exception to the upward trend of the day is the freely convertible currency (MLC), which has dropped by 25 pesos and is now at 425 CUP, demonstrating erratic behavior in contrast to the sustained rise of the dollar and the euro.
Exchange Rate Evolution
Exchange rate today 12/06/2026 - 8:00 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 650 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 740 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 425 CUP.
The informal market has experiencedmore than 15 consecutive days of sustained increases in the dollar and the euro, a trend that coincides with the worsening of the energy crisis, prolonged blackouts, and the continued shortage of basic goods on the island.
For many Cubans, the dollar and the euro have become safe havens against the constant depreciation of the national currency.
Every prolonged blackout and every sign of productive deterioration fuels the demand for foreign currency and further pressures the rates in the informal market.
The energy situation is experiencing the most complex moment in recent years.
Electricity generation deficits have become a constant issue, impacting both households and economic activity, and exacerbating supply problems.
In this context, the rising cost of foreign currency acts as a thermometer of public trust.
The greater the doubts about the economy's recovery capacity, the higher the pressure on the dollar and the euro.
The structural causes behind the escalation
The accelerated depreciation of the peso is due to unresolved structural problems: chronic foreign exchange shortages, low performance of the tourism sector, a decline in exports, lack of productive investment, and a monetary expansion not backed by national production.
In March of this year, the Central Bank of Cuba introduced 2,000 and 5,000 peso bills, a decision that authorities justified by the need to facilitate cash transactions.
However, for many economists, the measure represented an implicit admission of the impact of inflation and the loss of purchasing power of the peso.
Since 2020, the peso has lost more than 95% of its value against the dollar in the informal market, dropping from around 42 CUP per dollar to the current 650 CUP.
The Cuban economist Elías Amor recently warned that the dollar could approach 1,000 pesos if macroeconomic imbalances persist.
The Observatory of Currencies and Finances of Cuba (OMFi) warned that greater economic isolation could result in more restrictions on the entry of foreign currency, reduced availability of imported goods, and an additional increase in inflationary pressures.
The new barrier broken by the dollar and the euro not only reflects the behavior of the currencies: it also depicts the worsening of an economic and energy crisis that continues to hit the pockets of Cubans hard and shows no signs of slowing down.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates this June 12th:
1 USD = 650 CUP.
5 USD = 3,250 CUP.
10 USD = 6,500 CUP.
20 USD = 13,000 CUP.
50 USD = 32,500 CUP.
100 USD = 65,000 CUP.
Equivalence of Euro (EUR) bills to Cuban Peso (CUP):
1 EUR = 740 CUP.
5 EUR = 3,700 CUP.
10 EUR = 7,400 CUP.
20 EUR = 14,800 CUP.
50 EUR = 37,000 CUP.
100 EUR = 74,000 CUP.
200 EUR = 148,000 CUP.
500 EUR = 370,000 CUP.
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