This Thursday, Cuba's informal market witnessed an unusual event: the simultaneous drop in the value of the US dollar, euro, and Moneda Libremente Convertible (MLC). Each currency dipped by 10 Cuban pesos (CUP) over the past 24 hours.
According to data from elTOQUE, the dollar fell to 685 CUP, the euro sank to 790 CUP, and the MLC dropped to 500 CUP.
Current Exchange Rates in Cuba
As of June 25, 2026, at 8:28 a.m., the exchange rate for the dollar is 685 CUP, the euro is valued at 790 CUP, and the MLC stands at 500 CUP, based on elTOQUE reports.
Impact of Recent Currency Surge
This simultaneous decline follows a dramatic surge throughout June, with the dollar and euro reaching their all-time highs of 695 and 800 CUP respectively on June 21. The dollar began June at 585 CUP, and the euro at 645 CUP, marking an increase of 18.8% and 24% respectively within just three weeks, consistently breaking their own records.
Despite the modest 10 CUP drop per currency, this marks the first instance in recent months where all three currencies have decreased simultaneously, making it a significant moment for the market.
Political and Economic Influences
The sudden halt in currency values could be influenced by two immediate political-economic factors. The first is the approval of 176 economic and social measures by the National Assembly on June 19, which Prime Minister Manuel Marrero Cruz touted as the most extensive reform package since the Special Period. These measures include the approval of private banks and exchange houses, private remittance operators, a real-time digital exchange market with currency auctions, and the opening of foreign currency accounts without prior authorization.
The second factor involves Miguel Díaz-Canel's unprecedented invitation to a group of critical economists, such as Juan Triana, Julio Carranza, and Omar Everleny Pérez Villanueva, to advise on economic matters, generating market expectations.
Independent Economists' Perspective
Meanwhile, the independent project "Cuba Transformación" led by five Cuban economists, including Pedro Monreal González and Mauricio De Miranda Parrondo, seeks comprehensive economic reform outside the government's influence. Monreal has criticized the government's measures, emphasizing, "The accounts don't add up, and the government tries to portray it as a matter of will rather than mathematics."
The Cuban Peso's Struggles
The peso's recent devaluation reflects a deeper structural issue. In 2020, the dollar traded at about 42 CUP in the informal market. By January 2026, it had risen to 435 CUP, reaching 695 CUP by June 21. Even after the recent drop, the dollar remains at 685 CUP, signifying a loss of over 95% of the peso's value in six years. Economist Elías Amor predicts harsh times ahead, warning, "No foreign currency will enter Cuba in the coming months. The issue is that demands can be met with foreign currency, and people will pay whatever it takes to obtain it."
Currency Conversion Rates
Here are the current equivalencies for USD and EUR to CUP as of June 25:
- 1 USD = 685 CUP
- 5 USD = 3,425 CUP
- 10 USD = 6,850 CUP
- 20 USD = 13,700 CUP
- 50 USD = 34,250 CUP
- 100 USD = 68,500 CUP
For euros:
- 1 EUR = 790 CUP
- 5 EUR = 3,950 CUP
- 10 EUR = 7,900 CUP
- 20 EUR = 15,800 CUP
- 50 EUR = 39,500 CUP
- 100 EUR = 79,000 CUP
Understanding the Cuban Currency Situation
What caused the recent drop in currency values in Cuba?
The drop could be attributed to recent economic reforms approved by the Cuban government and a new advisory group of economists influencing market expectations.
How has the value of the Cuban peso changed over the years?
The Cuban peso has significantly depreciated, with the dollar rising from about 42 CUP in 2020 to 695 CUP by June 2026, reflecting a loss of over 95% of its value.
What are the implications of the recent economic measures in Cuba?
The measures, including private banking and a digital exchange market, aim to stabilize the economy but their effectiveness remains uncertain amid ongoing structural issues.