The dollar and the euro are deepening their downward trend this Monday in the informal Cuban market, consolidating a correction that began last week after reaching historic highs.
According to data from the independent source elTOQUE, the dollar has dropped by 10 pesos and is now at 610 Cuban pesos (CUP), while the euro has decreased by 20 units, falling to 700 CUP.
The freely convertible currency (MLC) is the only one that makes a difference today: it rises by five units and reaches 490 CUP.
Exchange rate today 06/29/2026 - 8:17 a.m. in Cuba:
Exchange rate of the USD to CUP according to elTOQUE: 610 CUP.
Exchange Rate Evolution
Exchange rate of the euro EUR to CUP according to elTOQUE: 700 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 490 CUP.
A week of sustained decline
The correction comes after an unprecedented escalation throughout June.
The dollar started the month at 585 CUP and the euro at 645 CUP; in just three weeks, both currencies surged to their historical highs on June 21: 695 CUP for the dollar and 800 CUP for the euro, increases of 18.8% and 24%, respectively.
The first sign of weakness arrived on June 23, when the MLC dropped by 25 pesos to 485 CUP, while the dollar and euro remained at record highs.
Two days later, the first joint drop of the three currencies occurred in many months, with a decrease of 10 pesos for each.
The decline accelerated on Friday June 26: the dollar dropped to 670 CUP and the euro to 770 CUP.
In total, since the highs of June 21, the dollar has lost 85 CUP and the euro 100 CUP in just one week.
Wide ranges: The market has yet to reach an agreement
Despite the downward trend, the trading ranges among individuals continue to be wide, reflecting some sellers' reluctance to accept the new prices.
According to elTOQUE, the offers recorded in the last hours are moving within the following margins:
- EUR: from 630 to 800 CUP.
- USD: from 530 to 690 CUP.
- MLC: from 380 to 600 CUP.
What is behind the twist?
Two factors could explain the shift in trend. The first is the package of 176 economic measures approved on June 19 by the National Assembly, which includes the authorization of private banks and currency exchange houses, private remittance operators, and a digital exchange market with currency auctions.
The second is the unprecedented call by Miguel Díaz-Canel for a group of critical economists, including Juan Triana, Julio Carranza, and Omar Everleny Pérez Villanueva. However, independent economists remain skeptical.
In parallel, five independent economists -including Pedro Monreal- have been working on the Cuba Transformación project since March, a proposal independent of the regime that aims for "a social market economy, based on a democratic rule of law."
Pedro Monreal González has been emphatic: "The numbers don't add up, and the government wants to make it seem like it's not a mathematical issue, but a matter of will."
A monetary crisis of historic proportions
This week's correction should not obscure the magnitude of the accumulated deterioration. In 2020, the dollar was valued at 42 CUP in the informal market; by January 2026, it had risen to 435 CUP; and on June 21, it reached 695 CUP.
The Cuban peso has lost more than 95% of its value in just six years, amidst a context of fuel shortages, chronic blackouts, rampant inflation, and a massive exodus of the population.
The Currency and Finance Observatory of elTOQUE had projected a ceiling of 650 CUP for the dollar throughout June, but that barrier was breached on June 12, more than two weeks earlier than expected, illustrating the speed with which the situation deteriorated prior to the current correction.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates as of June 29:
Here is the list of current equivalences in the informal currency market in Cuba, using the reference values you mentioned:
1 USD = 610 CUP.
5 USD = 3,050 CUP.
10 USD = 6,100 CUP.
20 USD = 12,200 CUP.
50 USD = 30,500 CUP.
100 USD = 61,000 CUP.
Exchange rate of Euro bills (EUR) to Cuban Peso (CUP):
1 EUR = 700 CUP.
5 EUR = 3,500 CUP.
10 EUR = 7,000 CUP.
20 EUR = 14,000 CUP.
50 EUR = 35,000 CUP.
100 EUR = 70,000 CUP.
500 EUR = 350,000 CUP.
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