The informal currency market in Cuba started the day with new increases: the dollar and the euro continue their rise and are approaching levels that they have never reached before, according to data published by elTOQUE at 6:30 AM this Saturday.
Regarding Friday, the dollar rose by three Cuban pesos—going from 690 to 693 CUP—and is now only seven pesos away from the psychological barrier of 700 CUP. The euro increased by five pesos—from 790 to 795 CUP—and is just five pesos short of reaching 800 CUP. The freely convertible currency (MLC) also gained five pesos, reaching 505 CUP.
Informal exchange rate in Cuba Saturday, June 20, 2026 - 06:30
Exchange rate of the dollar (USD) to Cuban pesos CUP: 693 CUP
Exchange rate of the euro (EUR) to Cuban pesos CUP: 795 CUP
Exchange rate from (MLC) to Cuban pesos CUP: 505 CUP
The rise throughout June has been staggering. The dollar started the month at 585 CUP and over the course of twenty days has increased by 108 pesos, equivalent to more than 18%.
The euro started at 645 CUP on June 1 and has risen by 150 pesos in the same period, an increase of over 23%.
Exchange Rate Evolution
The timeline for the month reflects a constant acceleration with no real pauses. On June 6th, the dollar was at 615 CUP; by June 9th, it reached 630 CUP, a level at which the Currency and Finance Observatory (OMFi) of elTOQUE projected a ceiling of 650 CUP for the entire month. That barrier was crossed on June 12th, 18 days ahead of schedule.
Since then, the U.S. dollar has shown no signs of stopping: 660 CUP on June 14, 670 on the 16th, 680 on the 17th, 685 on the 18th, and 690 on Friday, before reaching 693 CUP this Saturday.
The announcement of the 176 economic measures presented by Prime Minister Manuel Marrero Cruz to the National Assembly on Friday —the largest economic package since the Special Period, which includes private exchange houses— did not alleviate the pressure on foreign currencies: the informal market reacted with further increases, not with confidence.
The citizen reaction on social media was one of widespread skepticism, with the question "Does anyone believe them?" being a common denominator, according to Friday's coverage. Miguel Díaz-Canel himself acknowledged before the Assembly that "there are obstacles that do not come from outside or from the embargo."
The gap between the informal market and official rates is staggering. The Central Bank of Cuba (BCC) sets the dollar at 573 CUP and the euro at 657 CUP through CADECA, which means that those who buy dollars on the street pay more than 120 pesos above what the State recognizes, as the State does not have foreign currency to sell.
The economist Elías Amor warned that "no foreign currency will enter Cuba in the coming months" and that the fiscal deficit exceeds 12% of GDP, which could drive inflation to 30-40% if the structural imbalance is not corrected. "The issue is that needs can be met with foreign currency, and people will be willing to pay whatever it takes for the currency," he pointed out.
In historical perspective, in 2020 the dollar was valued at about 42 CUP in the informal market; this Saturday it stands at 693 CUP, marking a loss of more than 95% of the peso's value in six years.
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