The U.S. dollar and the euro rose again this Friday in the informal Cuban market, solidifying a rising trend that has now lasted for more than two weeks and reflecting the growing 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 10 CUP and is now at 740 pesos, widening the gap to 90 pesos with the US dollar.
The only exception to the bullish trend is the Freely Convertible Currency (MLC), which has fallen by 25 pesos and now stands at 425 CUP, exhibiting 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 recorded more than 15 consecutive days of sustained increases in the value of the dollar and the euro, a trend that coincides with the worsening of the energy crisis, prolonged blackouts, and the ongoing shortage of basic goods on the island.
For many Cubans, the dollar and the euro have become safe havens amid the constant devaluation of the national currency.
Each 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 going through the most complex period in recent years.
Electricity generation deficits have become a constant issue, affecting both households and economic activity, and exacerbating supply problems.
In that context, the rising cost of foreign currency serves as a thermometer for citizen confidence.
The greater the doubts about the economy's ability to recover, the greater the pressure on the dollar and the euro.
The structural causes behind the escalation
The accelerated depreciation of the peso is driven by unresolved structural problems: chronic foreign exchange shortages, poor performance in the tourism sector, a decline in exports, lack of productive investment, and monetary expansion without support from national production.
In March of this year, the Central Bank of Cuba introduced 2,000 and 5,000 peso bills, a decision that the authorities justified by the need to facilitate cash transactions.
However, for many economists, the measure constituted an implicit acknowledgment of the impact of inflation and the loss of purchasing power of the peso.
Since 2020, the peso has lost over 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 the macroeconomic imbalances persist.
The Observatory of Currencies and Finances of Cuba (OMFi) warned that greater economic isolation could lead to more restrictions on the entry of foreign currency, a 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 severely impact the finances of Cubans, showing no signs of slowing down.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates of this June 12:
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.
Equivalent of Euro (EUR) banknotes 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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