The informal currency exchange scene in Cuba witnessed a notable shift as the value of the Freely Convertible Currency (MLC) increased. As of 8:00 a.m. local time on Sunday, the MLC rose to 410 Cuban Pesos (CUP), marking a seven-peso jump from the previous day, according to the representative rates index of the informal market (TRMi), published daily by the independent outlet elTOQUE.
In recent weeks, the MLC has experienced fluctuations, generally ranging between 400 and 415 CUP.
Meanwhile, the U.S. dollar has held steady for six consecutive days at its record value of 500 CUP, a level it reached last Tuesday. Similarly, the euro remains unchanged, standing at 560 CUP.
Exchange rates as of February 14, 2026, at 10:39 a.m. in Cuba:
USD to CUP exchange rate according to elTOQUE: 500 CUP.
EUR to CUP exchange rate according to elTOQUE: 560 CUP.
MLC to CUP exchange rate according to elTOQUE: 419 CUP.
Market Stability Amid Economic Challenges
The Cuba Currency and Finance Observatory (OMFi) reports that despite the challenging macroeconomic environment, the market has shown relative stability in the early weeks of the year.
Even with the sustained rise of the dollar and euro, there hasn't been a sudden surge in demand, according to OMFi. The market is experiencing an "unusual calm," attributed to several factors including a decline in tourism—a key source of foreign currency—industrial stagnation, fewer international flights, and logistical hurdles faced by micro, small, and medium enterprises (MSMEs) in importing goods. The energy crisis, exacerbated by disrupted fuel shipments from Venezuela and Mexico, has further strained the economy.
The partial production halt, transportation breakdown, and increasing import challenges have contracted the market.
"The ripple effects are felt throughout the economy: disruptions in production, transportation collapse, logistical import difficulties, and worsening shortages of basic goods," elTOQUE elaborated in a recent article.
Inflationary Pressures and Social Inequality
This scenario of reduced supply acts as a significant inflationary driver. The rising cost of essential goods and the erosion of CUP purchasing power create a vicious cycle where the relative demand for foreign currency remains strong, even amid apparent market stagnation.
Cuban households are directly impacted by the peso's depreciation and ensuing inflation. Those relying on CUP income see their purchasing power dwindle significantly. Conversely, individuals receiving remittances in foreign currency enjoy differentiated access to essential goods, exacerbating social inequalities.
Currency Conversion Rates
The following are conversion rates from U.S. Dollar (USD) to Cuban Peso (CUP) as of February 15:
- 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.
Equivalent conversion for Euros (EUR) to CUP:
- 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 Currency Fluctuations in Cuba
What factors are influencing the current currency value changes in Cuba?
Factors include a decrease in tourism, industrial stagnation, fewer international flights, and energy supply disruptions, alongside logistical challenges for imports.
How is the peso's depreciation affecting Cuban households?
The depreciation leads to a significant reduction in purchasing power for those earning in CUP, while those receiving remittances in foreign currency maintain better access to goods, increasing social inequality.