The informal foreign exchange market in Cuba experiences another historic day this Monday, as the three reference currencies on the island have increased in price over the past 24 hours, each setting a new sales record.
The dollar rises by 10 pesos and is now at 670 CUP.
The euro rises another 10 pesos to 770 CUP, placing it exactly 100 pesos above the dollar.
In the case of the Freely Convertible Currency (MLC), it makes the most spectacular leap, jumping suddenly by 70 pesos and crossing for the first time the barrier of 500 CUP, reaching 510 CUP.
Exchange Rate Evolution
Exchange rate today 06/15/2026 - 8:00 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 670 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 770 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 510 CUP.
The three movements represent all-time highs for each currency and reinforce an upward trend that has been ongoing for several weeks.
The magnitude of the escalation becomes evident when charting the evolution of the dollar just in June.
This month started at 585 CUP and surpassed 600 CUP for the first time on the 3rd.
Since then, it hasn’t stopped: 610 on the 5th; 625 on the 8th; 640 on the 11th; 650 on the 12th; 660 on the 14th, and 670 this Monday.
In just 15 days, the dollar has gained 85 CUP, which is equivalent to more than 14% appreciation against the peso.
The euro continues a trajectory that is even more accelerated in relative terms: from 690 CUP on the 5th to 770 CUP this Monday, a gain of 80 pesos in ten days.
The gap between both currencies is widening to 100 CUP, indicating that the demand for euros is increasing at a proportionally greater rate.
The Currency and Finance Observatory (OMFi) of elTOQUE had projected at the beginning of June a maximum scenario of 650 CUP per dollar to close the month.
This figure was surpassed since the 12th, which shows that the rate of depreciation of the Cuban peso exceeds even the scenarios proposed by analysts.
Behind that currency spiral, there are structural causes that are interlinked with the energy crisis.
The new barrier broken by the dollar, the euro, and the MLC not only reflects the behavior of currencies but also depicts the worsening of an economic and energy crisis that continues to heavily impact the wallets of Cubans, showing no signs of slowing down.
For many Cubans, the dollar and the euro have become safe havens against 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 facing 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 that context, the increase in foreign currency prices serves as a gauge of public confidence.
The greater the doubts about the economy's ability to recover, the stronger the pressure on the dollar and the euro.
The structural causes behind the escalation
The accelerated depreciation of the peso is due to unsolvable structural problems: chronic scarcity of foreign currency, low performance of the tourism sector, decline in exports, lack of productive investment, and monetary expansion without backing from national production.
In March of this year, the Central Bank of Cuba introduced 2,000 and 5,000 peso notes, a decision that the authorities justified by the need to facilitate cash transactions.
However, for many economists, the measure represented 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, falling from around 42 CUP per dollar to the current 650 CUP.
Cuban economist Elías Amor recently warned that the dollar could approach 1,000 pesos if macroeconomic imbalances persist.
The Observatory of Coins and Finance of Cuba (OMFi) warned that greater economic isolation could lead to more restrictions on the entry of foreign currencies, 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 wallets of Cubans hard and shows no signs of slowing down.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates of June 15th:
1 USD = 670 CUP.
2 USD = 1,340 CUP.
5 USD = 3,350 CUP.
10 USD = 6,700 CUP.
20 USD = 13,400 CUP.
50 USD = 33,500 CUP.
100 USD = 67,000 CUP.
Equivalence of Euro (EUR) banknotes to Cuban Peso (CUP):
1 EUR = 770 CUP.
2 EUR = 1,540 CUP.
5 EUR = 3,850 CUP.
10 EUR = 7,700 CUP.
20 EUR = 15,400 CUP.
50 EUR = 38,500 CUP.
100 EUR = 77,000 CUP.
200 EUR = 154,000 CUP.
500 EUR = 385,000 CUP.
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