This Tuesday brings unexpected shifts in Cuba's informal currency market as both the euro and the Freely Convertible Currency (MLC) experience declines, contrasting sharply with the previous day's trends.
On February 24, the value of the U.S. dollar remains unchanged.
The U.S. currency continues to hold its ground at 505 CUP, a rate it has maintained since last Friday when it hit a new milestone by surpassing the 500 peso threshold in Cuba's informal market, according to the reference rate provided by elTOQUE.
As of 6:00 a.m. local Cuban time on Tuesday, the euro has dropped to 565 CUP, a decrease of five pesos from the record high it reached the day before.
The MLC, on the other hand, continues its trend of instability, falling again to 405 CUP, five units below the previous day's value. Over recent weeks, the MLC has demonstrated significant volatility, fluctuating between 400 and 420 CUP.
Exchange Rates for February 24, 2026 - 6:25 a.m. in Cuba:
USD to CUP exchange rate as reported by elTOQUE: 505 CUP.
EUR to CUP exchange rate as reported by elTOQUE: 565 CUP.
MLC to CUP exchange rate as reported by elTOQUE: 405 CUP.
The rates published by elTOQUE serve as a crucial indicator for assessing the real evolution of the Cuban peso against other currencies. In a context where the official exchange rate (1 USD = 24 CUP for legal entities and 1 USD = 120 CUP in the state exchange market) is considerably lower than the rates in everyday practice, these informal rates gain importance.
Additionally, the so-called "floating" exchange rate, introduced as a more flexible mechanism since mid-December, remains far from the informal market rates and fails to meet the population's actual demand for foreign currency.
The disparity between the official and informal rates underscores the persistent shortage of foreign currency in the state banking system and the high demand for dollars and euros among the population, whether for emigration, importing goods, safeguarding savings, or making private sector purchases.
In a scenario marked by sustained inflation, low state salaries, and increasing partial dollarization of the economy, fluctuations in the informal market have direct impacts on domestic prices and the purchasing power of Cubans.
Conversion of U.S. Dollar (USD) to Cuban Peso (CUP) based on February 24 rates:
1 USD = 505 CUP.
5 USD = 2,525 CUP.
10 USD = 5,050 CUP.
20 USD = 10,100 CUP.
50 USD = 25,250 CUP.
100 USD = 50,500 CUP.
Conversion of Euros (EUR) to Cuban Peso (CUP):
1 EUR = 570 CUP.
5 EUR = 2,850 CUP.
10 EUR = 5,700 CUP.
20 EUR = 11,400 CUP.
50 EUR = 28,500 CUP.
100 EUR = 57,000 CUP.
200 EUR = 114,000 CUP.
500 EUR = 285,000 CUP.
Understanding Cuba's Informal Currency Market
Why is the informal exchange rate higher than the official rate in Cuba?
The informal exchange rate is higher due to the significant demand for foreign currency among the population and the limited availability in the state banking system, leading people to seek better rates outside official channels.
What is the impact of currency fluctuations on the Cuban economy?
Currency fluctuations directly affect domestic prices and the purchasing power of Cubans, influencing inflation rates and the cost of goods and services.
How does the MLC's volatility affect Cubans?
The MLC's volatility creates uncertainty in financial planning for Cubans, affecting how they manage savings, make purchases, and plan for future expenses.