In recent developments, the euro has experienced a significant increase in value within Cuba's informal currency exchange market, setting a new record.
As of 6:00 a.m. local time on Wednesday, the euro jumped by five pesos, reaching 575 CUP. This unprecedented level further exacerbates the depreciation of the Cuban peso.
Meanwhile, the US dollar has maintained its position at 510 CUP, a rate it achieved over the past weekend.
The Freely Convertible Currency (MLC) remains steady at 413 CUP, a value it reached on Tuesday.
Current Exchange Rates in Cuba
As of March 4, 2026, at 6:35 a.m., the following exchange rates are reported:
USD to CUP according to elTOQUE: 510 CUP.
EUR to CUP according to elTOQUE: 575 CUP.
MLC to CUP according to elTOQUE: 413 CUP.
The rates provided by elTOQUE have become critical indicators for tracking the actual progression of the Cuban peso against foreign currencies. The official exchange rate (1 USD = 24 CUP for businesses and 1 USD = 120 CUP in the state exchange market) remains significantly lower than the figures observed in daily transactions.
In addition, the so-called "floating" exchange rate, introduced as a flexible mechanism since mid-December, still falls short of the informal market rates and fails to meet the population's genuine currency demands.
The disparity between official and informal rates underscores the persistent shortage of foreign currencies within the state banking system and the high demand for dollars and euros among Cubans. This demand stems from the need to emigrate, import goods, safeguard savings, or shop in the private sector.
In a climate of sustained inflation, low state salaries, and increasing partial dollarization of the economy, each fluctuation in the informal market has a direct impact on domestic prices and the purchasing power of Cuban citizens.
Currency Conversion: USD and EUR to CUP
As per the exchange rates on March 4, here are the equivalents:
USD to CUP:
1 USD = 510 CUP.
5 USD = 2,550 CUP.
10 USD = 5,100 CUP.
20 USD = 10,200 CUP.
50 USD = 25,500 CUP.
100 USD = 51,000 CUP.
EUR to CUP:
1 EUR = 575 CUP.
5 EUR = 2,875 CUP.
10 EUR = 5,750 CUP.
20 EUR = 11,500 CUP.
50 EUR = 28,750 CUP.
100 EUR = 57,500 CUP.
200 EUR = 115,000 CUP.
500 EUR = 287,500 CUP.
Understanding Cuba's Currency Exchange Market
Why is the euro reaching record highs in Cuba's black market?
The euro is reaching record highs due to the persistent devaluation of the Cuban peso and the high demand for foreign currencies, driven by factors like emigration, importation of goods, and the need to protect savings.
What is the impact of exchange rate fluctuations on the Cuban economy?
Fluctuations in the exchange rate directly affect domestic prices and the purchasing power of Cubans, especially in a context of inflation and low state salaries.
How does the "floating" exchange rate compare to the informal market rate?
Despite being introduced as a flexible mechanism, the "floating" exchange rate remains significantly lower than the rates in the informal market and does not meet the real demand for foreign currencies.