The informal currency market in Cuba wakes up this Thursday with a statistical calm that conceals a real deterioration: the depreciation of the Cuban peso.
According to the Representative Rate of the Informal Market (TRMI) published today by elTOQUE, the dollar remains at 660 CUP for the fourth consecutive day, the euro has remained steady at 760 CUP for nine days, and the MLC is trading at 452.44 CUP.
Exchange rate today 07/16/2026 - 7:05 a.m. in Cuba:
Exchange rate of the USD to CUP, according to elTOQUE: 660 CUP.
Exchange rate of the euro EUR to CUP, according to elTOQUE: 760 CUP.
Exchange Rate Evolution
Exchange rate from MLC to CUP, according to elTOQUE: 452.44 CUP.
The independent media warns that the fact that the TRMI is not moving does not mean that the market is in equilibrium.
The offers published this Thursday range from 600 to 700 CUP, a spread of 100 pesos in which some sellers demand nearly 17% more than the cheapest options.
The most revealing data is in the monthly accumulated figure: since the end of June, the peso has depreciated by 9.1% against the greenback, which amounts to an additional 55 pesos for each dollar.
In six years, the decline is staggering: from 42 CUP in 2020 to 660 CUP in July 2026, a loss of more than 95% of the value of the Cuban peso.
The Currency and Finance Observatory (OMFi) of elTOQUE projected in its bulletin of July 9 that the dollar would fluctuate between 620 and 730 CUP this month, with the 700 CUP range serving as a resistance level.
The OMFi was clear: “The recent drop in foreign currencies at the end of June was temporary,” and “the demand for dollars has regained strength against the supply.”
Euro: Nine days of stability that are not deceiving
The euro, on its part —according to the monitoring by elTOQUE— has experienced nine consecutive days at 760 CUP, a prolonged stability that is rarely seen in the Cuban informal market.
However, the monthly balance tells another story: compared to the end of June, the European currency increased by 60 pesos, a rise of 8.6% that reflects the same structural deterioration of the peso.
The daily offers range between 730 and 795 CUP, with a spread of 65 pesos, meaning it is more contained than that of the dollar.
OMFi projects that the euro will hover around 780 CUP in July, "with a possible high of 820 CUP."
Meanwhile, the gap with the official exchange rate set by the Central Bank of Cuba is vast: the state institution values the dollar at 592 CUP and the euro at 676.15 CUP, while the informal market exceeds them by 68 and 84 CUP, respectively.
MLC: The most volatile of the three
The Freely Convertible Currency is going through a week of turbulence.
After plummeting to 419 CUP on July 11 and bouncing back to 492 CUP on July 13, the MLC drops this Thursday to 452.44 CUP, far below the 520 CUP that OMFi estimated as a reference for the month.
What the Numbers Hide: The Drama of the Cuban Salary
Behind every currency fluctuation lies a devastating reality for millions of families.
The new minimum wage set at 3,210 CUP since July 1 —a nominal increase of 53% compared to the previous 2,100 CUP— is equivalent to less than five dollars at the informal exchange rate, and workers will not receive it until August.
The official average salary of 6,930 CUP barely reaches 10.5 dollars per month, and the more than 1.7 million retirees who receive the minimum pension of 4,000 CUP get just over six dollars.
Independent economists estimate that covering basic needs in Cuba requires about 96,060 pesos per month, roughly 14 times the official average salary.
The approved reforms and the skepticism of analysts
On June 18, 2026, the National Assembly approved a package of 176 economic measures that includes the legalization of private banking, the removal of the limit of 100 workers for small and medium-sized enterprises (SMEs), and the creation of a digital foreign exchange market.
The OMFi was emphatic: "The Cuban government is facing a credibility problem, so the real impact of the announced measures can only be assessed when they are translated into concrete decrees, regulations, and institutional changes."
The organization also warned that internal reforms "will hardly be sufficient unless they are accompanied by some form of negotiation with the United States that allows for the easing of sanctions, facilitates external financing, the entry of oil, remittances, travel, and investment from the diaspora."
While the debate continues, the OMFi anticipates that "the rebound in prices will continue in the coming days."
Equivalence of United States dollar (USD) bills to Cuban peso (CUP), according to the exchange rates of this July 16:
1 USD = 660 CUP.
5 USD = 3,300 CUP.
10 USD = 6,600 CUP.
20 USD = 13,200 CUP.
50 USD = 33,000 CUP.
100 USD = 66,000 CUP.
Equivalence of euro bills (EUR) to Cuban peso (CUP):
1 EUR = 760 CUP.
5 EUR = 3,800 CUP.
10 EUR = 7,600 CUP.
20 EUR = 15,200 CUP.
50 EUR = 38,000 CUP.
100 EUR = 76,000 CUP.
200 EUR = 152,000 CUP.
500 EUR = 380,000 CUP.
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