The informal currency market in Cuba is experiencing another bullish day for the dollar and the euro this Thursday.
The US dollar rises five pesos to 685 CUP.
Meanwhile, the euro increases by ten pesos to 775 CUP, according to the daily report from elTOQUE that documents the fluctuations of currencies on the island.
The Freely Convertible Currency (MLC) is the only one that remains unchanged today, valued at 500 CUP for the second consecutive day.
Exchange rate today 06/18/2026 - 8:00 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 685 CUP.
Exchange Rate Evolution
Exchange rate of the euro EUR to CUP according to elTOQUE: 775 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 500 CUP.
An escalation that exceeds all projections
The June rally has no recent precedent.
The dollar started the month at 585 CUP and in just 18 days has risen by 100 pesos, over 17%.
The Currency and Finance Observatory (OMFi) of elTOQUE had projected a maximum ceiling of 650 CUP for the end of June; that barrier was crossed on the 12th, with 18 days to spare.
On Wednesday, the dollar had reached 680 CUP and the euro 765 CUP, both historic highs at that time.
This Thursday both currencies rise again, confirming that the pause on Tuesday the 16th —the first after 20 consecutive days of increases— was merely a breather.
The offers in the informal market
Transactions between individuals show a wide range reflecting the current volatility. The euro is traded between 760 and 815 CUP; the dollar, between 610 and 750 CUP; and the MLC, between 420 and 570 CUP.
The gap with the official rate of the Central Bank of Cuba (BCC) widens every day.
The BCC sets the dollar at 555 CUP and the euro at 644.77 CUP for today, which means that anyone buying dollars in the informal market pays 130 pesos more than what the State recognizes.
This distortion makes access to imported goods more expensive and deepens the inequality between those who have access to foreign currency and those who depend on the peso.
The Cuban peso, in free fall
The accumulated depreciation is devastating. In 2020, the dollar was valued at about 42 CUP in the informal market; this Thursday it stands at 685 CUP, which represents a loss of more than 95% of the value of the Cuban peso in six years.
The average year-on-year depreciation between January and April 2026 was 45%, more than double that of the entire year 2025.
The economist Elías Amor has warned that the dollar could approach 1,000 pesos if macroeconomic imbalances persist.
"The problem is that the needs can be met with foreign currency, and people will be willing to pay whatever it takes for that currency," he noted.
He also stated emphatically: "No foreign currency will enter Cuba in the coming months."
Structural crisis behind the numbers
Behind the escalation are accumulating factors that feed into each other. Tourism, the main source of foreign currency for the country, has collapsed: between January and May 2026, only 359,491 international visitors arrived.
The figure shows a 58.4% decrease compared to the same period in 2025, with a hotel occupancy rate of 12.9% in the first quarter.
The energy crisis with prolonged blackouts, the fiscal deficit, and the issuance of unbacked currency complete the bleak picture.
The impact on the population is direct and severe. The average state salary hovers around 6,930 CUP monthly, while the basic cost of living is estimated to be around 96,000 CUP per month. The official year-on-year inflation reached 15.89% in May 2026, although independent estimates suggest it is around 70% annually.
The Cuban vice president Salvador Valdés Mesa himself acknowledged in May that with 6,000 CUP "one cannot live" due to high prices, an admission that highlights the extent of the crisis that the regime has been unable to contain.
The OMFi warned that "increased economic isolation could result in more restrictions on the entry of foreign currency, less availability of imported goods, and an additional increase in inflationary pressures," a prospect that, in light of the data from this Thursday, appears to be unfolding precisely.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates of June 18:
1 USD = 685 CUP.
5 USD = 3,425 CUP.
10 USD = 6,850 CUP.
20 USD = 13,700 CUP.
50 USD = 34,250 CUP.
100 USD = 68,500 CUP.
200 USD = 137,000 CUP.
500 USD = 342,500 CUP.
Equivalence of Euro (EUR) banknotes to Cuban Peso (CUP):
1 EUR = 775 CUP.
5 EUR = 3.875 CUP.
10 EUR = 7,750 CUP.
20 EUR = 15,500 CUP.
50 EUR = 38,750 CUP.
100 EUR = 77,500 CUP.
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