On Saturday, Cuba's informal currency market opened with no apparent changes.
As of 10:00 a.m. local time, the U.S. dollar remains steady at its peak value of 500 CUP, a position it has held for five consecutive days since reaching this milestone on Tuesday.
The euro continues to hover at 560 CUP, while the Freely Convertible Currency (MLC) holds at 403 CUP, aligning with the previous day's figures as reported by the informal market's representative rates index (TRMi), which is daily published by the independent outlet elTOQUE.
Exchange Rates as of February 14, 2026 - 10:39 a.m. in Cuba:
USD to CUP rate according to elTOQUE: 500 CUP.
EUR to CUP rate according to elTOQUE: 560 CUP.
MLC to CUP rate according to elTOQUE: 403 CUP.
The Cuban Currency and Finance Observatory (OMFi) notes that the market has shown relative stability during the initial weeks of the year, despite facing challenging macroeconomic conditions.
According to OMFi, even though there has been a steady increase in the value of the dollar and the euro, there hasn't been a significant surge in demand.
Market Dynamics and Economic Strain
The OMFi has recently observed an "unusual calm" in the informal market, attributed to multiple factors: a decline in tourism—a crucial source of foreign currency—the stagnation of production, a reduction in international flights, and logistical challenges for small businesses in importing goods.
Energy Crisis: An Inflation Catalyst
The energy crisis, exacerbated by halted fuel shipments from Venezuela and Mexico, has had a ripple effect on the economy.
With production nearly at a standstill, transportation in disarray, and increasing difficulties in importing goods, the market has contracted.
"The impacts are widespread across the economy: production disruptions, transportation collapse, logistical hurdles for imports, and a deepening scarcity of basic goods," detailed elTOQUE in a recent article.
In this context, the limited supply acts as a significant inflationary force. Rising costs of essential products and the diminishing purchasing power in CUP perpetuate a vicious cycle where the relative demand for foreign currency persists, even amidst apparent stagnation.
Social Impact: Growing Inequality and Precarity
The depreciation of the peso and resulting inflation directly affect Cuban households. Those reliant on CUP income experience a sharp decline in their purchasing power.
Simultaneously, individuals receiving remittances in foreign currency enjoy a distinct advantage in accessing essential goods, further widening social disparities.
U.S. Dollar (USD) to Cuban Peso (CUP) Equivalents as of February 14:
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) Equivalents:
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
Understanding Cuba's Currency Market
Why is the Cuban peso depreciating?
The depreciation is primarily due to economic instability, reduced tourism, and logistical challenges in importing goods, alongside the energy crisis affecting production and transportation.
How does the energy crisis affect Cuba's economy?
The energy crisis has exacerbated economic challenges by halting production, collapsing transportation, and making imports more difficult, leading to a contraction in the market and increased inflation.
What factors contribute to the stable demand for foreign currencies in Cuba?
Despite economic challenges, the stable demand for foreign currencies is driven by the scarcity and high cost of basic goods, which erodes the purchasing power of the Cuban peso, prompting individuals to seek stable foreign currencies.