The MLC (Freely Convertible Currency) started this Tuesday with a sharp decline of 25 pesos in the Cuban informal market, standing at 485 Cuban pesos (CUP), according to data monitored by elTOQUE.
The decline contrasts with the temporary stability of the dollar and the euro.
Both currencies have remained at the record prices they reached on Sunday for three consecutive days: the dollar at 695 CUP and the euro at 800 CUP.
Exchange rate today 06/23/2026 - 7:58 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: 485 CUP.
These figures represent the result of an unprecedented escalation during June.
The dollar started the month at 585 CUP and has risen by 110 CUP (+18.8%) in just three weeks.
The euro started at 645 CUP and has risen 155 pesos (+24%) in the same period.
The Observatory of Coins and Finance (OMFi) of elTOQUE had projected a ceiling of 650 CUP for the dollar throughout June, but that barrier was crossed on June 12, 18 days earlier than anticipated.
The MLC, a currency increasingly shrouded in uncertainty
The decline of the MLC this Tuesday is not an isolated phenomenon.
This electronic currency, created by the Cuban regime in 2020, has shown erratic behavior throughout June: in the first ten days of the month, it rose from 405 to 510 CUP, then fell to 500 on June 16, returned to 510 on Monday, and is now dropping to 485.
The offer ranges in the informal market for MLC on Monday fluctuated between 430 and 570 CUP, a spread of 140 pesos that reflects the deep uncertainty about its future.
For years, the perception among Cubans has been growing that the government could eliminate it without providing clear guarantees to those holding balances in that currency. Additionally, fewer and fewer establishments accept it as a means of payment.
An exchange rate gap that nearly doubled in six months
The gap between the informal market and the official rate of the Central Bank of Cuba (BCC/CADECA) has reached critical levels.
The exchange gap in the informal market is now 130 CUP per dollar (informal: 695 compared to official: 565) and more than 153 CUP per euro (informal: 800 compared to official: 647).
In January 2026, that gap was only 71 CUP per dollar; in six months it has nearly doubled.
In historical perspective, the magnitude of the collapse is even more striking: in 2020, the dollar was trading at about 42 CUP in the informal market.
Today it stands at 695 CUP, which represents a loss of more than 95% of the value of the Cuban peso in 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 maintain upward pressure.
"Foreign currency will not be coming into Cuba in the coming months," he noted, adding, "The problem is that needs can be met with foreign currency, and people will be willing to pay whatever it takes for it."
The foreign exchange landscape in Cuba continues to be dominated by uncertainty: the dollar and the euro remain at historic highs, the Cuban peso has experienced unprecedented deterioration, and the reforms announced by the regime have yet to reverse this trend.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on June 23rd:
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.
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