This Wednesday, the U.S. dollar and euro reached unprecedented heights in Cuba's informal market, as reported by elTOQUE. This follows a brief respite on Tuesday, marking the first time in 20 consecutive days that these currencies did not see an increase.
In the past few hours, the dollar shot up by 10 pesos, hitting a historic high of 680 CUP in Cuba's informal trading. Meanwhile, the euro rose by five pesos, setting a new record at 775 CUP.
The Freely Convertible Currency (MLC) remained stable at 500 CUP, consistent with Tuesday's close after it fell from Monday's high of 510 CUP.
Exchange Rates as of June 17, 2026
As of 8:00 a.m. in Cuba, the exchange rate for the U.S. dollar is 680 CUP, according to elTOQUE. The euro is exchanged at 775 CUP, while the MLC stands at 500 CUP.
A Brief Interruption in the Rally
On Tuesday, the informal market presented an unusual scenario: the dollar held steady at 670 CUP and the euro at 770 CUP, marking a pause in their upward trajectory for the first time after 20 days of continuous increases.
This temporary break quickly dissipated. By Wednesday, upward pressure resumed, and the currencies continued their relentless climb that has characterized June thus far.
According to elTOQUE, offers for the euro range between 740 and 810 CUP; the dollar trades between 650 and 710 CUP; and the MLC is between 400 and 570 CUP.
Widening Gap Between Informal and Official Rates
While the informal market sets the dollar at 680 CUP, the official rate by the Central Bank of Cuba places it at 555 CUP, with the euro at 643.80 CUP.
Purchasing dollars in the real market means paying 125 pesos more than the state-sanctioned rate, creating significant distortions in the availability of goods and services for millions of Cubans.
June's Unprecedented Surge
The dollar began June at 585 CUP and has surged by 95 CUP in just 17 days, representing an increase of more than 16% in less than three weeks.
At the start of the month, elTOQUE's Observatory of Currencies and Finance (OMFi) projected a ceiling of 650 CUP for the end of June. This threshold was surpassed on June 12, nearly three weeks ahead of schedule.
The OMFi warned that a deeper economic isolation could lead to further restrictions on currency inflows, reduced availability of imported goods, and additional inflationary pressures.
Deterioration of the Cuban Peso Over Six Years
In 2020, the dollar was valued at approximately 42 CUP in the informal market. It now stands at 680 CUP, indicating a loss of over 95% in the value of the Cuban peso over six years.
The average annual depreciation from January to April 2026 was 45%, significantly higher than the 22% recorded throughout 2025.
Several structural factors contribute to this escalation: a tourism collapse—Cuba received just 359,491 visitors from January to May, a 58.4% drop—an unprecedented energy crisis, and wages that fail to align with the actual cost of living. Economist Elías Amor cautioned in June that the dollar might approach 1,000 pesos if macroeconomic imbalances persist.
Current Exchange Rates for USD and EUR
According to the exchange rates as of June 17, the conversion for the U.S. dollar is as follows:
1 USD = 680 CUP
2 USD = 1,360 CUP
5 USD = 3,400 CUP
10 USD = 6,800 CUP
20 USD = 13,600 CUP
50 USD = 34,000 CUP
100 USD = 68,000 CUP
For the euro, the rates are:
1 EUR = 775 CUP
2 EUR = 1,550 CUP
5 EUR = 3,875 CUP
10 EUR = 7,750 CUP
20 EUR = 15,500 CUP
50 EUR = 38,750 CUP
100 EUR = 77,500 CUP
200 EUR = 155,000 CUP
500 EUR = 387,500 CUP
FAQs on Cuba's Currency Situation
Why is the dollar increasing in value in Cuba?
The value of the dollar is rising in Cuba due to structural economic issues, including decreased tourism, an energy crisis, and inflationary pressures, coupled with restricted access to foreign currency.
What is the impact of the currency gap on Cubans?
The disparity between informal and official exchange rates creates significant challenges for Cubans, as it affects their ability to purchase goods and services at reasonable prices, leading to economic hardships.
What factors are causing the peso's decline?
The decline of the Cuban peso is attributed to a combination of economic factors such as the collapse of the tourism industry, energy shortages, and salaries that do not match the rising cost of living.