The MLC (Freely Convertible Currency) dropped this Friday to 437.19 Cuban pesos in the informal market, according to the Representative Rate of the Informal Market published by elTOQUE, which gathers data from 7:00 a.m. (local time).
The dollar and the euro, for their part, remain unchanged in their average selling values.
The US dollar remains valued at 660 CUP for the fifth consecutive day, and the euro stays at 760 CUP, completing ten straight days without variation in the Cuban informal market.
The fact that the TRMI is not moving does not mean that the market is in equilibrium.
Exchange Rate Evolution
The available offers in that market range from 600 to 710 CUP for the dollar; from 665 to 800 CUP for the euro; and from 400 to 500 CUP for the MLC, which reflects the wide gap between buyers and sellers.
Exchange rate today 07/17/2026 - 7:00 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 from MLC to CUP, according to elTOQUE: 437.19 CUP.
The most revealing data is in the monthly accumulation: since the end of June, the peso has depreciated by 9.1% against the greenback, which amounts to an additional 55 pesos for every dollar.
In six years, the decline is staggering: from 42 CUP in 2020 to 660 CUP in July 2026, representing a loss of over 95% of the value of the Cuban peso.
The Currency and Finance Observatory (OMFi) of elTOQUE projected in its bulletin on July 9 that the dollar would fluctuate 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 drop in foreign currencies at the end of June was temporary,” and “the demand for dollars has regained strength compared to the supply.”
The cited independent observatory also indicated that the euro will hover around 780 CUP in July, "with a possible maximum of 820 CUP."
The MLC is the currency with the highest instability among the three monitored in the informal market.
In July, the MLC has experienced significant fluctuations. The Currency and Finance Observatory (OMFi) of elTOQUE has estimated 520 CUP as a reference for the MLC in July, a level that has not been reached on any day of the month.
Differences by provinces
The price of the dollar varies significantly depending on the province.
The Isle of Youth records the highest rate at 702 CUP, while Matanzas has the lowest at 651 CUP.
Havana is quoted at 664 CUP, and Villa Clara, at 681 CUP, is the interior province with the highest price.
Regarding the official rates, the Banco Popular de Ahorro (BPA) sells the dollar at 603.84 CUP and the euro at 690.43 CUP, figures that are significantly lower than those of the informal market. CADECA in hotels and airports can sell the euro for as much as 714.68 CUP.
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 meeting basic needs in Cuba requires about 96,060 pesos per month, around 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, and the creation of a digital currency exchange market.
The OMFi was emphatic: “The Cuban government is facing a credibility problem, which means the real impact of the announced measures can only be assessed once they are translated into concrete decrees, regulations, and institutional changes.”
The observatory also warned that internal reforms "will hardly be sufficient if not accompanied by some form of negotiation with the United States to allow for the easing of sanctions, facilitate 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."
A peso that keeps losing value
The macroeconomic context exacerbates the situation for Cubans.
Since the end of June, the peso has depreciated by 9.1% against the dollar, which amounts to an additional 55 pesos for each green bill. In six years, the national currency has lost more than 95% of its value: from 42 CUP per dollar in 2020 to 660 CUP in July 2026.
The new minimum wage of 3,210 CUP, effective from the first of July but which workers will not receive until August, is equivalent to less than five dollars at the informal exchange rate. The official average salary of 6,930 CUP barely reaches 10.5 dollars per month, while independent economists estimate that covering basic needs requires about 96,060 pesos per month, roughly 14 times that salary.
The OMFi warned that "the recent decline in foreign currency at the end of June was temporary," and that "the demand for dollars has regained strength against the supply."
The organization also indicated that "internal reforms are unlikely to be sufficient if they are not 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."
Equivalence of United States dollar (USD) bills to Cuban peso (CUP), according to the exchange rates as of July 17:
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 notes (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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