As the informal currency exchange market opens this Sunday in Cuba, there is a noticeable drop in the value of major foreign currencies.
According to this morning's data, the dollar is now valued at 660 Cuban pesos (CUP), the euro at 747 CUP, and the freely convertible currency (MLC) at 442 CUP.
Current Exchange Rates in Cuba
Exchange rates as of Sunday, July 12, 2026, at 06:30:
- USD to CUP: 660 CUP
- EUR to CUP: 747 CUP
- MLC to CUP: 442 CUP
These figures confirm the downward trend that intensified on Saturday, when the dollar closed at 663 CUP, the euro at 753 CUP, and the MLC at 419 CUP. Compared to Saturday's rates, the dollar has decreased by three pesos, the euro by six, while the MLC has increased by 23 pesos, though it remains below last week's levels.
This adjustment halts the steady rise that saw the dollar climb from 610 CUP on July 1 to 680 CUP between July 7 and 9, marking its peak for the week. By Friday, the dollar had already dipped to 670 CUP, and the decline persists over the weekend.
The recent record high was on June 21, with the dollar reaching 695 CUP and the euro 800 CUP, coinciding with the Cuban National Assembly's approval of 176 economic measures on June 19. Instead of stabilizing the market, the announcement fueled a surge in currency demand. Following this peak, the dollar dropped to 605 CUP by late June before climbing back up.
The gap with the official rate remains significant. The Central Bank of Cuba (BCC) sets the dollar at 592 CUP and the euro at 676.15 CUP for July 2026, figures that do not reflect the reality faced by Cubans buying and selling currencies daily.
Impact on Cuban Livelihoods
Despite the recent downward trend possibly appearing positive, the effect on Cubans' incomes continues to be severe.
With the dollar at 660 CUP, the official average salary of 6,930 CUP translates to merely 10.5 dollars per month, based on 2025 data from the National Office of Statistics and Information. Independent economists suggest that meeting basic needs requires around 96,060 CUP monthly, equivalent to about 145 dollars, which is 14 times the average salary.
Retirees face an even more precarious situation. The minimum pension of 4,000 CUP — in place since September 2025 — amounts to just over six dollars at Sunday's informal exchange rate. Basic food expenses alone demand approximately 70,000 CUP monthly, rendering this pension a nominal figure for over 1.7 million Cuban retirees who must also endure four to six-hour waits to receive it.
The minimum wage was increased to 3,210 CUP starting July 1, a 53% rise from the previous 2,100 CUP, yet at the day's informal rate, it amounts to less than five dollars per month. Over six years, the Cuban peso has lost over 95% of its value against the dollar: from 42 CUP in 2020 to 660 CUP today.
Independent economists caution that the current decline might be short-lived. "Unless the underlying conditions change — such as the severe currency shortages, triple-digit inflation, fiscal deficit, and lack of trust in the Cuban peso — the rate is likely to climb again," they stated in July 2026.
Understanding Cuba's Currency Crisis
Why is the Cuban peso losing value?
The Cuban peso is depreciating due to a combination of factors, including a lack of foreign currency, high inflation rates, a fiscal deficit, and public distrust in the peso.
How does the current exchange rate affect Cuban citizens?
The exchange rate impacts Cuban citizens by reducing the purchasing power of their salaries and pensions, making it difficult to afford basic necessities as the cost of living rises.
What measures have been taken by the Cuban government?
In June 2026, the Cuban government announced 176 economic measures aimed at stabilizing the economy, but these have yet to alleviate the currency crisis effectively.