The informal currency market in Cuba is witnessing another historic day this Monday, as the three reference currencies on the island have increased in price over the last 24 hours, setting new sales records for each.
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 marks the most remarkable jump, as it suddenly surged by 70 pesos and crossed 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 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 solidify an upward trend that has been underway for several weeks.
The magnitude of the escalation becomes evident when tracing the evolution of the dollar just in June.
It started this month at 585 CUP and exceeded 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 risen by 85 CUP, equivalent to more than 14% appreciation against the peso.
The euro continues on an even faster trajectory 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 widens to 100 CUP, indicating that the demand for euros is increasing at a proportionally greater rate.
The Observatory of Coins and Finances (OMFi) of elTOQUE had projected at the beginning of June a maximum scenario of 650 CUP per dollar for the end of the month.
That figure was surpassed on the 12th, which shows that the pace of depreciation of the Cuban peso even exceeds the scenarios projected by analysts.
Behind that currency spiral, there are structural causes that are intertwined with the energy crisis.
The new barrier breached by the dollar, the euro, and the MLC not only reflects the behavior of currencies but also illustrates the worsening of an economic and energy crisis that continues to hit the pockets of Cubans hard, showing no signs of abating.
For many Cubans, the dollar and the euro have become safe havens against the constant decline in value 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 experiencing the most complex moment in recent years.
Electricity generation deficits have become a constant issue, affecting both households and economic activity, while exacerbating supply problems.
In that context, the increase in the cost of foreign currency serves as a barometer of public trust.
The greater the doubts about the economy's capacity for recovery, 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 shortage of foreign currency, low performance in the tourism sector, decrease in exports, lack of productive investment, and monetary expansion not supported by 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 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 continue.
The Observatory of Currency and Finance of Cuba (OMFi) warned that increased economic isolation could lead to more restrictions on the entry of foreign currency, a lower availability of imported goods, and an additional rise in inflationary pressures.
The new barrier broken by the dollar and the euro not only reflects the behavior of currencies; it also depicts the worsening of an economic and energy crisis that continues to heavily impact the wallets of Cubans and shows no signs of slowing down.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates on June 15:
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) bills 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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