This Thursday, Cuba's informal currency market witnessed a new peak in the euro's exchange rate.
At 7:00 a.m. local time, the European currency averaged a selling price of 560 CUP, marking an increase of five pesos compared to the previous day.
Meanwhile, the U.S. dollar held steady at its record value of 500 CUP for the third consecutive day, a level it reached on Tuesday.
The Freely Convertible Currency (MLC), on the other hand, saw a slight decrease, dropping from 408 to 405 CUP, according to the informal market's representative rate index (TRMi) published daily by the independent outlet elTOQUE.
This minor yet symbolically significant drop occurs amid a growing lack of trust in this monetary unit, which is used in state-run stores and increasingly shunned by consumers.
Current Exchange Rates: February 12, 2026
As of 7:15 a.m. in Cuba, the exchange rates according to elTOQUE are as follows: the USD to CUP rate stands at 500 CUP, the EUR to CUP rate is 560 CUP, and the MLC to CUP rate is 405 CUP.
The Cuban Currency and Finance Observatory (OMFi) reports that despite challenging macroeconomic conditions, the market's behavior has remained relatively stable in the early weeks of the year.
Though there has been a continuous rise in both the dollar and the euro, OMFi notes that there hasn't been a sudden surge in demand.
Market Dynamics and Energy Crisis
The OMFi describes a "strange calm" in the informal market, driven by various elements: a decline in tourism—a crucial source of foreign currency—productivity stagnation, fewer international flights, and logistical hurdles faced by small and medium enterprises in importing goods.
The energy crisis, exacerbated by halted fuel shipments from Venezuela and Mexico, has severely impacted the economy.
With production nearly at a standstill, transportation in disarray, and growing import difficulties, the market has contracted significantly.
"These disruptions ripple across the economy, halting production, collapsing transport systems, complicating import logistics, and deepening the scarcity of basic goods," elTOQUE detailed in an article published this week.
In this environment, reduced supply becomes a powerful driver of inflation. The rising cost of essential goods and the diminishing purchasing power in CUP fuel a vicious cycle where the relative demand for foreign currency remains strong, even amidst apparent stagnation.
Official Market: Persistent Lag and Limited Intervention Capacity
Despite the rapid changes in the informal market, the official exchange rate for Segment III remains out of touch with reality.
The most recent update shows a 36 CUP gap compared to the informal market, reinforcing the latter's use as a reference for the public and small businesses.
Since its inception in December 2025, Segment III has seen an upward "float," yet it struggles to keep pace with the informal dollar rate.
A lack of liquid reserves and credible monetary tools severely undermines the state's ability to compete for foreign currency inflows.
Social Impact: Growing Inequality
The depreciation of the peso and the resulting inflation directly impact Cuban households. Those relying on CUP incomes are experiencing a dramatic reduction in their purchasing power.
Conversely, individuals receiving remittances in foreign currency maintain preferential access to essential goods, thereby widening social disparities.
Here are the equivalences for U.S. Dollar (USD) to Cuban Peso (CUP) as per the exchange rates on February 12:
1 USD = 500 CUP
5 USD = 2,500 CUP
10 USD = 5,000 CUP
20 USD = 10,000 CUP
50 USD = 25,000 CUP
100 USD = 50,000 CUP
Euro (EUR) to Cuban Peso (CUP) equivalences:
1 EUR = 560 CUP
5 EUR = 2,800 CUP
10 EUR = 5,600 CUP
20 EUR = 11,200 CUP
50 EUR = 28,000 CUP
100 EUR = 56,000 CUP
200 EUR = 112,000 CUP
500 EUR = 280,000 CUP
Frequently Asked Questions About Cuba's Currency Market
What is the current exchange rate for the U.S. Dollar in Cuba's informal market?
The U.S. Dollar is currently valued at 500 CUP in Cuba's informal market.
Why is the euro's value increasing in the Cuban informal market?
The euro's value is rising due to a combination of market demand, economic uncertainty, and reduced tourist inflow, which are impacting currency availability.
How does the energy crisis affect Cuba's economy?
The energy crisis leads to halted production, collapsed transport systems, and difficulties in importing goods, exacerbating economic contraction and inflation.