This Monday, Cuba's informal currency market sees significant changes: the euro's value increases for the second consecutive day, and the Freely Convertible Currency (MLC) also rises in value.
At 6:00 a.m. local time, the euro climbs to 570 CUP, marking an increase of five pesos from the previous day, setting a new record high for the European currency on the island.
The MLC, meanwhile, experiences another bout of instability. After a price drop on Sunday, it rebounds to 410 CUP today. Over recent weeks, the MLC has demonstrated significant volatility, fluctuating between 400 and 420 CUP, making it the most erratic currency at present.
As of February 23, the U.S. dollar remains steady. The American currency holds its position at 505 CUP, a milestone achieved last Friday when the dollar surpassed the 500 pesos mark in Cuba's informal market, according to the reference rate published by elTOQUE.
Exchange Rates on February 23, 2026 - 6:00 a.m. in Cuba:
USD to CUP exchange rate per elTOQUE: 505 CUP.
EUR to CUP exchange rate per elTOQUE: 570 CUP.
MLC to CUP exchange rate per elTOQUE: 410 CUP.
The Informal Market: An Economic Barometer
The rates provided by elTOQUE have become an essential measure for assessing the true value of the Cuban peso against foreign currencies. This comes in a context where the official exchange rate (1 USD = 24 CUP for legal entities and 1 USD = 120 CUP in the state market) remains far below the values that govern everyday transactions.
Additionally, the so-called “floating” exchange rate, although introduced as a more flexible option, remains significantly detached from the informal market rates and fails to meet the population's real demand for foreign currency.
The gap between official and informal rates highlights the ongoing shortage of foreign currency in the state banking system and the high demand for dollars and euros among Cubans, whether for emigration, importing goods, safeguarding savings, or purchasing in the private sector.
The current rise in the dollar's price—albeit moderate—could signal a renewed buying pressure after several days of restraint. However, it's too early to determine if this marks the start of a new upward trend or a temporary adjustment in a market highly sensitive to rumors, cash availability, and economic expectations.
In a scenario characterized by persistent inflation, low state wages, and increasing partial dollarization of the economy, every change in the informal market directly impacts internal prices and the purchasing power of Cubans.
The developments in the coming days will be critical in assessing whether the market resumes a more pronounced upward path or settles into a new phase of contained fluctuations.
Currency Conversion: USD and EUR to CUP
U.S. Dollar (USD) to Cuban Peso (CUP) Conversion:
1 USD = 505 CUP.
5 USD = 2,525 CUP.
10 USD = 5,050 CUP.
20 USD = 10,100 CUP.
50 USD = 25,250 CUP.
100 USD = 50,500 CUP.
Euro (EUR) to Cuban Peso (CUP) Conversion:
1 EUR = 570 CUP.
5 EUR = 2,850 CUP.
10 EUR = 5,700 CUP.
20 EUR = 11,400 CUP.
50 EUR = 28,500 CUP.
100 EUR = 57,000 CUP.
200 EUR = 114,000 CUP.
500 EUR = 285,000 CUP.
Understanding Cuba's Currency Challenges
Why is the euro reaching record levels in Cuba?
The euro is reaching new highs due to increased demand and limited supply in Cuba's informal currency market. Economic instability and a lack of foreign currency inflow exacerbate this trend.
What factors contribute to the volatility of the MLC?
The MLC's volatility can be attributed to its fluctuating demand and speculative trading, driven by economic uncertainty and policy changes within Cuba's financial environment.
How does the informal market affect Cuban citizens?
The informal market influences prices and purchasing power significantly, as many goods and services are priced in foreign currencies, affecting the daily lives of Cuban citizens amidst economic challenges.