At 10:00 a.m. local time in Cuba, the informal currency exchange market opened this Thursday, July 23, with a notable increase for the major currencies.
The U.S. dollar and euro experienced gains compared to the previous day, while the MLC also saw a significant rise, though its rate should be considered indicative due to the limited volume of transactions supporting it.
Exchange Rate Overview
The exchange rate for USD to CUP stands at 671 CUP, while the euro is valued at 778 CUP, and the MLC at 480 CUP, which is considered a guide due to insufficient data.
U.S. Dollar: Maintaining an Upward Trend
As of 10:00 a.m. this Thursday, the U.S. dollar is valued at 671 Cuban pesos (CUP) in the informal market, with buying at 667 CUP and selling at 675 CUP.
This represents a 3.5-peso increase from the previous session, where the average was 668 CUP. Over the past week, the dollar has shown a clear upward trend, moving from 655 CUP seven days ago, an increase of 16 pesos or 2.4%.
The demand for dollars remains high among those seeking to protect their savings against the devaluation of the peso.
On a monthly basis, the dollar was at 695 CUP 30 days ago, slightly above the current level. However, this comparison should be approached with caution, as it may reflect index methodology adjustments rather than market movements alone.
Over the last month, the dollar has fluctuated between a low of 610 CUP and a high of 695 CUP in the informal market.
Euro: Continuing as the Most Expensive Currency
The euro has also risen, reaching 778 CUP on average, with a buying range of 770 CUP and selling at 786 CUP.
Compared to the previous session, the European currency has gained 3 pesos, a 0.4% increase. Weekly, the euro has moved from 755 CUP, gaining 23 pesos or 3% over the past week.
It continues to assert itself as the most expensive currency in the Cuban parallel market, surpassing the dollar by 107 pesos, reinforcing its dominant position.
On a monthly scale, the euro was at 799 CUP 30 days ago, slightly higher than the current rate. This difference may partly result from methodological adjustments.
In the past month, the euro has ranged from a low of 688 CUP to a high of 799 CUP.
MLC: Substantial Increase Amid Data Scarcity
This Thursday, the MLC shows an indicative average value of 480 CUP, with buying at 476 CUP and selling at 484 CUP.
From the previous day, when it was at 439 CUP, the increase is 41 pesos, a 9.3% rise. However, this figure should be taken cautiously: the source warns that operations in this segment are sparse, making the value merely indicative.
Weekly, the MLC was at 475 CUP, just 5.5 pesos below the current level.
Without physical presence, its use is confined to state-run stores that accept it, limiting its circulation compared to cash currencies.
Widening Gap with Official Rates
The official exchange rate from the Banco Central de Cuba (Segment III) is set at 596 CUP per dollar and 680 CUP per euro, significantly below the values prevailing in the informal currency market.
This Thursday, the gap between the official and informal rates is 75 pesos for the dollar and 98 pesos for the euro.
While Segment III was introduced as a more flexible exchange mechanism, its official rate remains far from the informal market and fails to meet the real demand for foreign currency among the population.
Over the past month, the official dollar rate has adjusted from 569 to 596 CUP, a change that hasn't closed the gap with the parallel market.
The disparity between the official and informal rates highlights the persistent currency shortage in the state banking system and the high demand for dollars and euros among Cubans, whether for emigration, importing goods, protecting savings, or making private sector purchases.
In an environment of sustained inflation, low state wages, and increasing partial dollarization of the economy, each fluctuation in the informal market directly affects internal prices and the purchasing power of Cubans.
Methodology
The CiberCuba Exchange Rate is an index of the Cuban informal market generated from the automated analysis of thousands of currency trading posts on Telegram and Facebook groups.
The calculation excludes atypical offers and spam, weighs each transaction according to its age, and consolidates a representative value updated multiple times daily.
Currency Equivalences
According to this Thursday, July 23, 2026, exchange rates:
U.S. Dollar (USD) to Cuban Peso (CUP) Equivalents
- 1 USD = 671 CUP
- 5 USD = 3,355 CUP
- 10 USD = 6,710 CUP
- 20 USD = 13,420 CUP
- 50 USD = 33,550 CUP
- 100 USD = 67,100 CUP
Euro (EUR) to Cuban Peso (CUP) Equivalents
- 1 EUR = 778 CUP
- 5 EUR = 3,890 CUP
- 10 EUR = 7,780 CUP
- 20 EUR = 15,560 CUP
- 50 EUR = 38,900 CUP
- 100 EUR = 77,800 CUP
- 200 EUR = 155,600 CUP
Understanding Cuba's Informal Currency Market
Why is there a significant gap between official and informal exchange rates in Cuba?
The gap exists due to a persistent shortage of foreign currency in the state banking system and high demand for dollars and euros among Cubans. This demand is driven by factors such as emigration needs, importing goods, and protecting savings.
How does the informal market impact the Cuban economy?
The informal market influences internal prices and the purchasing power of Cubans due to sustained inflation, low state wages, and increasing dollarization, directly affecting the cost of living and economic stability.
What is the role of the MLC in Cuba's economy?
The MLC is primarily used in state-run stores, and its circulation is limited compared to cash currencies. The lack of physical presence further restricts its use, impacting its role in the broader economy.