In a notable shift within Cuba's informal currency exchange scene, the value of the Freely Convertible Currency (MLC) has once again climbed. As of 8:00 a.m. local time on Tuesday, the MLC has reached 415 CUP, marking an increase of 10 pesos from its price on Monday, according to the representative rate index for the informal market (TRMi), which is regularly updated by the independent outlet elTOQUE.
For several weeks, the MLC has been fluctuating primarily between 400 and 415 CUP. Meanwhile, the U.S. dollar has remained steady at its record value of 500 CUP for eight consecutive days. The euro also shows no variation, holding at 560 CUP.
As of February 14, 2026, at 10:39 a.m. in Cuba, exchange rates as reported by elTOQUE are as follows: 1 USD equals 500 CUP, 1 EUR equals 560 CUP, and the MLC equals 415 CUP.
Economic Landscape in Cuba: A Closer Look
The Cuban Observatory of Currencies and Finances (OMFi) notes that despite the challenging macroeconomic environment, the market has shown relative stability in the early weeks of the year. Even with a steady increase in both the dollar and the euro, there has been no sudden surge in demand.
The Observatory recently highlighted a "strange calm" in the informal market, driven by several factors: a downturn in tourism—a vital source of foreign currency—production standstills, reduced international flights, and logistical challenges for small and medium-sized enterprises (SMEs) in importing goods.
The energy crisis, exacerbated by halted fuel shipments from Venezuela and Mexico, has compounded economic difficulties. With production nearly at a standstill, transportation in disarray, and increased import challenges, the market has contracted significantly.
Inflation and Social Inequality: The Impact
This reduced supply acts as a strong inflationary force. The rising cost of basic goods and the erosion of purchasing power in CUP create a vicious cycle, sustaining relative demand for foreign currencies even amid apparent stagnation.
The depreciation of the peso and resulting inflation directly affect Cuban households. Sectors reliant on CUP income are witnessing a severe decline in their purchasing power. Conversely, those receiving remittances in foreign currency maintain differentiated access to essential goods, exacerbating social disparities.
Current Exchange Rates: USD and EUR to CUP
According to the exchange rates on February 17, the equivalence of U.S. dollars to Cuban pesos is as follows:
- 1 USD = 500 CUP
- 5 USD = 2,500 CUP
- 10 USD = 5,000 CUP
- 20 USD = 10,000 CUP
- 50 USD = 25,000 CUP
- 100 USD = 50,000 CUP
For the euro, the rates are:
- 1 EUR = 560 CUP
- 5 EUR = 2,800 CUP
- 10 EUR = 5,600 CUP
- 20 EUR = 11,200 CUP
- 50 EUR = 28,000 CUP
- 100 EUR = 56,000 CUP
- 200 EUR = 112,000 CUP
- 500 EUR = 280,000 CUP
Understanding Cuba's Currency Exchange Dynamics
Why is the MLC important in Cuba's market?
The MLC is crucial in Cuba's market as it is often used for transactions involving imported goods and services, reflecting broader economic trends and impacting purchasing power.
What factors contribute to the "strange calm" in Cuba's informal market?
The "strange calm" is attributed to reduced tourism, production halts, fewer international flights, and challenges for SMEs in importing, all amidst an energy crisis and logistical issues.
How does inflation affect Cuban households?
Inflation erodes the purchasing power of those earning in CUP, while those receiving foreign remittances maintain better access to goods, widening social inequalities.