The informal exchange market in Cuba opens this Monday with no changes in the exchange rate compared to Sunday’s close.
The dollar remains at 695 Cuban pesos (CUP) and the euro at 800 CUP, record selling prices for both currencies.
The Freely Convertible Currency (MLC), for its part, is still valued at the same rate, at 510 CUP, according to data from elTOQUE, a reference platform for the informal currency market on the island.
Exchange rate today 06/22/2026 - 9:00 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 695 CUP.
Exchange Rate Evolution
Exchange rate of the euro EUR to CUP according to elTOQUE: 800 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 510 CUP.
The day comes after a week of historic increases that on Sunday saw the euro break the 800 CUP barrier for the first time and the dollar approach the dangerous threshold of 700 CUP, both unprecedented figures that further undermine the Cuban peso and the purchasing power of Cubans.
Offer ranges this Monday
Although reference prices remain stable, individual offers between buyers and sellers show wide margins.
According to elTOQUE, the current ranges this Monday are as follows:
- Euro (EUR): from 720 to 864 CUP.
- Dollar (USD): from 615 to 760 CUP.
- MLC: from 430 to 570 CUP.
This dispersion reflects the fragmentation of the informal market, where each transaction depends on the seller's urgency, the buyer's availability, and the geographical area.
A month of unprecedented climbing
The stability observed this Monday contrasts sharply with the rapid depreciation that occurred throughout June. The dollar started the month at 585 CUP on the first of June and has risen by 110 CUP over 21 days, equivalent to more than 18%. The euro began at 645 CUP and has climbed 155 pesos in the same period, an increase of over 23%.
The depreciation of the peso exceeded all projections. The Currency and Finance Observatory (OMFi) of elTOQUE estimated at the beginning of June a ceiling of 650 CUP for the entire month, but that barrier was surpassed on June 12, 18 days earlier than expected.
The evolution of the dollar throughout the month illustrates the acceleration: 585 CUP on June 1, 625 on the 8th, 660 on the 14th, 680 on the 17th, 693 on the 20th, and 695 from Sunday until this Monday.
The gap with the official rate doubles
While the informal market sets the rate at 695 CUP per dollar, the Central Bank of Cuba establishes the official rate at 565 CUP through CADECA, and the euro at 647 CUP. This represents a difference of 130 CUP per dollar and 153 CUP per euro between the two markets.
In January 2026, that gap was 71 CUP per dollar. In just six months, the exchange gap has nearly doubled, making the informal market the real price reference for most Cubans.
The reforms do not curb the exchange rate pressure
On June 19, Prime Minister Manuel Marrero Cruz presented to the National Assembly a package of 176 economic measures -the largest since the Special Period- which includes private banking, private currency exchanges, foreign currency auctions, and openness to foreign investment.
However, the informal market responded with further increases following the announcement, as the reforms failed to alleviate the currency pressures. Díaz-Canel himself acknowledged before the Assembly that "there are obstacles that do not come from outside or from the embargo," an unusual admission of internal responsibility.
The historical perspective: The peso has lost over 95% of its value
In 2020, the dollar was trading at around 42 CUP in the informal market. This Monday, it stands at 695 CUP, representing a loss of over 95% of the peso's value in just six years.
The economist Elías Amor has warned that Cuba's fiscal deficit exceeds 12% of GDP and that the structural shortage of foreign currency will keep upward pressure. "No foreign currency will come into Cuba in the coming months," he stated.
And he added, "The problem is that needs can be met with foreign currency, and people will be willing to pay whatever it takes for that currency."
The euro, which in October 2025 reached 500 CUP, a figure that was then considered a historic high, has since seen an additional increase of 300 pesos in less than a year, with no signs that the trend will reverse in the short term.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates of this June 22:
1 USD = 695 CUP.
5 USD = 3,475 CUP.
10 USD = 6,950 CUP.
20 USD = 13,900 CUP.
50 USD = 34,750 CUP.
100 USD = 69,500 CUP.
Equivalence of Euro (EUR) banknotes to Cuban Peso (CUP):
1 EUR = 800 CUP.
5 EUR = 4,000 CUP.
10 EUR = 8,000 CUP.
20 EUR = 16,000 CUP.
50 EUR = 40,000 CUP.
100 EUR = 80,000 CUP.
Filed under: