This Thursday, Cuba's informal currency market presents a new development: a slight drop in the price of the U.S. dollar. The dollar has decreased to 507 CUP, a peso less than its record high from Wednesday, according to the reference rate published by elTOQUE.
Meanwhile, as of 6:00 a.m. local time on February 26, the euro remains at 570 CUP. The MLC, on the other hand, holds steady at 405 CUP, a rate it reached on February 24.
Exchange Rates on February 25, 2026 - 6:37 a.m. in Cuba
The exchange rate for the U.S. dollar (USD) to the Cuban peso (CUP) as reported by elTOQUE is 507 CUP. The euro (EUR) to CUP rate stands at 570 CUP, and the MLC to CUP rate remains at 405 CUP.
Rates provided by elTOQUE have emerged as a critical benchmark for assessing the true state of the Cuban peso against foreign currencies. This comes in a context where the official exchange rate (1 USD = 24 CUP for businesses and 1 USD = 120 CUP in the state exchange market) remains significantly lower than the rates observed in everyday transactions.
Moreover, the so-called "floating" exchange rate, introduced as a more flexible mechanism since mid-December, remains far removed from the informal exchange rate. It fails to meet the actual demand for foreign currencies among the population.
The gap between the official and informal rates highlights the ongoing shortage of foreign currency within the state banking system and the high demand for dollars and euros among Cubans. This demand is driven by various needs, such as emigration, importing goods, safeguarding savings, or making purchases in the private sector.
In a scenario marked by persistent inflation, low state salaries, and increasing partial dollarization of the economy, every fluctuation in the informal market directly affects internal prices and the purchasing power of Cuban citizens.
Conversion Rates for U.S. Dollars (USD) to Cuban Pesos (CUP)
According to the exchange rates on February 26:
- 1 USD = 507 CUP
- 5 USD = 2,535 CUP
- 10 USD = 5,070 CUP
- 20 USD = 10,140 CUP
- 50 USD = 25,350 CUP
- 100 USD = 50,700 CUP
Conversion Rates for Euros (EUR) to Cuban Pesos (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 Currency Exchange Dynamics
Why is the informal exchange rate in Cuba higher than the official rate?
The informal exchange rate is higher due to the scarcity of foreign currency in the official banking system and the high demand for dollars and euros among the population for various needs.
How does the fluctuation in the informal market affect Cuban citizens?
Fluctuations in the informal market impact internal prices and the purchasing power of Cubans, especially in a context of inflation and low state salaries.