This Tuesday, Cuba's informal currency market sees two significant developments: both the US dollar and the euro experience simultaneous price increases for the first time in several days.
The US dollar sets a new record, reaching 508 CUP, marking an increase of three pesos from its previous value last Friday, according to the reference rate provided by elTOQUE.
As of 6:00 a.m. local Cuban time on Wednesday, the euro has risen to 570 CUP, five units higher than its value from the previous day.
Meanwhile, the freely convertible currency (MLC) holds steady at 405 CUP, a rate it hit on February 24.
Current Exchange Rates in Cuba
As of February 25, 2026, at 6:25 a.m. in Cuba, the exchange rates according to elTOQUE are:
USD to CUP: 508 CUP
EUR to CUP: 570 CUP
MLC to CUP: 405 CUP
The rates published by elTOQUE have become crucial indicators to gauge the real evolution of the Cuban peso against foreign currencies, especially given that the official exchange rate (1 USD = 24 CUP for legal entities and 1 USD = 120 CUP in the state market) remains significantly lower than the rates encountered in daily transactions.
This situation is exacerbated by the so-called "floating" exchange rate, which was introduced as a more flexible mechanism in mid-December. However, it still falls short of the informal market rates and fails to meet the population's real demand for foreign currency.
The disparity between the official and informal rates highlights the ongoing scarcity of foreign currency within the state banking system and the high demand for dollars and euros by the population, whether for emigration, importing goods, safeguarding savings, or purchasing in the private sector.
In a context of sustained inflation, low state salaries, and increasing partial dollarization of the economy, each fluctuation in the informal market directly impacts internal prices and the purchasing power of Cubans.
Currency Conversion Examples
Here's how US dollar bills convert to Cuban pesos based on February 25's exchange rates:
1 USD = 508 CUP
5 USD = 2,540 CUP
10 USD = 5,080 CUP
20 USD = 10,160 CUP
50 USD = 25,400 CUP
100 USD = 50,800 CUP
For the euro, the conversion is as follows:
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 Currency Crisis
Why is the US dollar at a record high in Cuba's black market?
The US dollar has reached a record high due to the significant demand for foreign currency amid a lack of availability in the formal banking sector, combined with ongoing economic challenges in Cuba.
What impact does the gap between official and informal exchange rates have on Cuba?
The gap leads to inflation, diminishing the purchasing power of Cubans, and creates challenges for those needing dollars or euros for migration, imports, or savings.