The informal currency market in Cuba recorded new historical highs this Sunday: the dollar reached 695 Cuban pesos (CUP) and the euro hit 800 CUP for the first time, according to data published by elTOQUE. The freely convertible currency (MLC) was at 510 CUP.
Compared to Saturday, the dollar rose by two pesos —closing at 693 CUP— and the euro advanced by five, from 795 CUP. Both currencies thus surpassed the psychological barriers that were viewed as a ceiling just 24 hours earlier.
Informal exchange rate in Cuba Sunday, June 21, 2026 - 06:36
Exchange rate of the dollar (USD) to Cuban pesos CUP: 695 CUP
Exchange rate of the euro (EUR) to Cuban pesos CUP: 800 CUP
Exchange rate of (MLC) to Cuban pesos CUP: 510 CUP
The rise throughout June has been staggering. The dollar started the month at 585 CUP and in 21 days has accumulated an increase of 110 pesos, equivalent to over 18%. The euro began at 645 CUP on June 1 and has risen by 155 pesos in the same period, an increase of more than 23%.
The speed of depreciation exceeded all expectations: the Currency and Finance Observatory (OMFi) of elTOQUE projected a cap of 650 CUP for the entire month at the beginning of June, a barrier that was crossed on June 12, 18 days ahead of schedule.
Exchange Rate Evolution
The gap with the official rates is enormous. The Central Bank of Cuba (BCC) sets the dollar at 565 CUP and the euro at 647 CUP through CADECA. Those who buy dollars on the informal market pay more than 120 pesos above what the state recognizes.
The announcement of the 176 economic measures presented by Prime Minister Manuel Marrero Cruz before the National Assembly on June 19 —the largest reform package since the Special Period, which includes private banking, private exchange houses, and currency auctions— did not halt the pressure on foreign currencies: the informal market responded with further increases following the announcement.
Miguel Díaz-Canel himself acknowledged before the National Assembly that "there are obstacles that do not come from outside or from the embargo," an unusual admission of internal responsibility amid the crisis.
The economist Elías Amor warned that the fiscal deficit exceeds 12% of GDP and was unequivocal about the immediate future: "No foreign currency will enter Cuba in the coming months." He added that "the problem is that the needs can be met with foreign currency, and people will be willing to pay whatever it takes for the currency," which anticipates sustained upward pressure.
In historical perspective, the magnitude of the peso's collapse is devastating: in 2020, the dollar was valued at around 42 CUP in the informal market. This Sunday it stands at 695 CUP, a loss of more than 95% of the peso's value in just six years.
The euro, which reached 500 CUP in October 2025 in what was then considered a historical record, has accumulated an additional increase of 300 pesos from that level in less than a year.
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