The informal currency market in Cuba reached 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) stood at 510 CUP.
Compared to Saturday, the dollar rose by two pesos —closing at 693 CUP— and the euro increased by five, from 795 CUP. Both currencies therefore surpassed the psychological barriers that just 24 hours earlier seemed like a ceiling.
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 increase throughout June has been rapid. The dollar started the month at 585 CUP and in 21 days has accumulated a rise of 110 pesos, equivalent to over 18%. The euro began at 645 CUP on June 1 and has climbed 155 pesos in the same period, a rise of more than 23%.
The rate of depreciation surpassed all forecasts: the Currency and Finance Observatory (OMFi) of elTOQUE projected a ceiling of 650 CUP for the entire month at the beginning of June, a threshold that was crossed on June 12 with 18 days to spare.
Exchange Rate Evolution
The gap between 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 in the informal market pay over 120 pesos above what the State acknowledges.
The announcement of the 176 economic measures presented by Prime Minister Manuel Marrero Cruz to the National Assembly on June 19 —the largest reform package since the Special Period, which includes private banking, private currency exchanges, and currency auctions— did not stop 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 abroad 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 emphatic about the immediate outlook: "No foreign currency will enter Cuba in the coming months." He added that "the problem is that needs can be met with foreign currency, and people will be willing to pay whatever it takes for that currency," which foreshadows sustained upward pressure.
In historical perspective, the magnitude of the peso's collapse is devastating: in 2020, the dollar was priced at around 42 CUP in the informal market. This Sunday, it stands at 695 CUP, representing 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 historic record, has since added an additional increase of 300 pesos in less than a year.
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