The informal foreign exchange market in Cuba starts 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 stayed unchanged at 760 CUP for nine days, and the MLC is quoted at 452.44 CUP.
Exchange rate today 07/16/2026 - 7:05 a.m. in Cuba:
Exchange rate of the dollar 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 of 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 between 600 and 700 CUP, a spread of 100 pesos in which some sellers demand nearly 17% more than the cheapest options.
The most revealing fact is in the monthly cumulative: 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 move within a range of 620 to 730 CUP during this month, with the 700 CUP area acting as a resistance level.
The OMFi was clear: “The recent decline in foreign currency at the end of June was temporary,” and “the demand for dollars has regained strength against the supply.”
Euro: Nine days of stability that don't deceive
The euro, for its part - according to the monitoring by elTOQUE - has recorded nine consecutive days at 760 CUP, a prolonged stability that is uncommon in the Cuban informal market.
However, the monthly balance tells a different story: compared to the end of June, the European currency appreciated by 60 pesos, a rise of 8.6% that reflects the same structural deterioration of the peso.
Daily offers range between 730 and 795 CUP, with a dispersion of 65 pesos, meaning it is more contained than that of the dollar.
The OMFi projects that the euro will be around 780 CUP in July, "with a possible peak of 820 CUP."
Meanwhile, the gap with the official rate set by the Central Bank of Cuba is vast: the state entity sets the dollar at 592 CUP and the euro at 676.15 CUP, while the informal market surpasses these by 68 and 84 CUP, respectively.
MLC: The most volatile of the three
The Free Convertible Currency is going through a week of turbulence.
After falling to 419 CUP on July 11 and bouncing back to 492 CUP on July 13, the MLC falls back this Thursday to 452.44 CUP, well below the 520 CUP that the 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 as of July 1 —a nominal increase of 53% compared to the previous 2,100 CUP— amounts 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 meeting basic needs in Cuba requires about 96,060 pesos per month, which is approximately 14 times the official average salary.
The approved reforms and the skepticism of analysts
On June 19, 2026, the National Assembly approved a package of 176 economic reforms, which includes the legalization of private banking, the removal of the cap of 100 workers for small and medium-sized enterprises (mipymes), and the creation of a digital currency 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 if they are not accompanied by some kind 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."
As the debate continues, the OMFi anticipates that "the rebound in prices will continue in the coming days."
The informal foreign exchange market in Cuba will open this Wednesday with activity in all three reference currencies.
The dollar rises five pesos, from 655 to 660 CUP; the euro gains another five pesos, climbing from 755 to 760 CUP.The freely convertible currency (MLC), meanwhile, notably declines, falling from 476 to 441.26 CUP.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates of this July 16th:
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 banknotes (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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