The Cuban black market witnessed record-breaking highs for its three major currencies on Thursday.
The U.S. dollar surged to 640 Cuban pesos (CUP), an increase of five pesos from the previous day.
The euro climbed to 730 CUP, marking a significant jump of 15 units in just one day.
As for the Freely Convertible Currency (MLC), this digital construct used by the Cuban regime in select stores matched its recent record, standing at 450 CUP, according to real-time tracking by elTOQUE.
Exchange rates on June 11, 2026, at 8:15 a.m. in Cuba were as follows:
USD to CUP exchange rate according to elTOQUE: 640 CUP.
EUR to CUP exchange rate according to elTOQUE: 730 CUP.
MLC to CUP exchange rate according to elTOQUE: 450 CUP.
Unrelenting Depreciation of the Cuban Peso
This day continues an upward trend that has seen over 15 consecutive days of the Cuban peso's decline in the informal market, with no signs of slowing down.
Devastating Impact on Cuban Citizens
With an average monthly salary of merely 6,930 CUP, as reported by the National Office of Statistics and Information (ONEI) in 2025, the currency's escalation crushes the purchasing power of the populace.
A study by researcher Javier Pérez Capdevila, published in May 2026, estimates that meeting basic needs for one person costs 96,060 CUP per month, equating to 14 average salaries.
Year-on-year inflation stands at 14.73%, with agricultural prices soaring 31.9% in the first quarter of 2026.
Underlying Causes of the Crisis
The rapid devaluation of the peso stems from structural issues that remain unaddressed by the regime: chronic currency shortages, a collapsed tourism industry, unsupported monetary emission, and international isolation.
In March 2026, the Central Bank introduced 2,000 and 5,000 peso bills, citing a need to "facilitate cash transactions," implicitly acknowledging inflation's erosion of cash value.
Since 2020, the Cuban peso has lost over 95% of its value against the dollar in the informal market, dropping from 42 CUP to more than 640 CUP in just six years.
Economist Elías Amor recently warned that the dollar could approach 1,000 CUP if macroeconomic imbalances are not corrected.
Analysts consulted by elTOQUE were even more straightforward: "The dollar has no short-term limits," given the peso's continued weakness and the lack of correction in structural imbalances.
The OMFi of elTOQUE cautioned that "without negotiations with the United States, the new phase of isolation will exacerbate foreign currency restrictions, imported goods, and production inputs, leading to more scarcity, social deterioration, and inflationary pressures."
Currency Exchange Rates: USD and EUR to CUP
Conversion from U.S. dollars (USD) to Cuban pesos (CUP) based on June 11 exchange rates:
1 USD = 640 CUP.
5 USD = 3,200 CUP.
10 USD = 6,400 CUP.
20 USD = 12,800 CUP.
50 USD = 32,000 CUP.
100 USD = 64,000 CUP.
Conversion from Euros (EUR) to Cuban pesos (CUP):
1 EUR = 730 CUP.
5 EUR = 3,650 CUP.
10 EUR = 7,300 CUP.
20 EUR = 14,600 CUP.
50 EUR = 36,500 CUP.
100 EUR = 73,000 CUP.
200 EUR = 146,000 CUP.
500 EUR = 365,000 CUP.
Understanding Cuba's Currency Exchange Crisis
Why is the Cuban peso rapidly depreciating?
The Cuban peso is depreciating due to chronic currency shortages, a collapsed tourism sector, unsupported monetary expansion, and international isolation, which remain unaddressed by the government.
What is the impact of currency devaluation on the Cuban population?
Currency devaluation severely affects the purchasing power of Cubans, with the cost of basic needs exceeding average salaries by a significant margin, compounded by high inflation rates.
How are current exchange rates affecting economic transactions in Cuba?
The introduction of higher denomination bills and escalating exchange rates indicate severe inflation, complicating cash transactions and further straining the economy.