The informal currency exchange market in Cuba remains largely unchanged as the weekend approaches.
As of 7:00 a.m. local time this Friday, both the US dollar and the euro have maintained their record-high selling rates, according to the independent news outlet elTOQUE.
The US currency has been stable at 510 CUP for a week, while the euro is valued at 575 CUP, 65 CUP higher than the dollar.
Meanwhile, the Freely Convertible Currency (MLC) also holds steady, selling for 415 CUP today.
In a landscape characterized by persistent inflation, low state salaries, and increasing partial dollarization of the economy, the informal currency market has a significant impact on domestic prices and the purchasing power of Cuban citizens.
The exchange rates provided by elTOQUE have become an essential benchmark for assessing the real movement of the Cuban peso against foreign currencies, especially since the official exchange rate (1 USD = 24 CUP for legal entities and 1 USD = 120 CUP in the state exchange market) lags far behind the practical everyday rates.
The disparity between the official and informal rates underscores the ongoing scarcity of foreign currency in the state banking system and the high demand for dollars and euros among the population. This demand stems from various needs, such as emigration, importing goods, safeguarding savings, or making purchases in the private sector.
Adding to the complexity is the so-called "floating" exchange rate, introduced as a more flexible mechanism since mid-December. However, it remains significantly lower than the informal exchange rate and fails to meet the real currency demands of the population.
Exchange rates on March 6, 2026, at 7:58 a.m. in Cuba:
- Exchange rate for USD to CUP according to elTOQUE: 510 CUP.
- Exchange rate for EUR to CUP according to elTOQUE: 575 CUP.
- Exchange rate for MLC to CUP according to elTOQUE: 415 CUP.
Conversion from US Dollar (USD) to Cuban Peso (CUP) based on today's rates:
- 1 USD = 510 CUP.
- 5 USD = 2,550 CUP.
- 10 USD = 5,100 CUP.
- 20 USD = 10,200 CUP.
- 50 USD = 25,500 CUP.
- 100 USD = 51,000 CUP.
Conversion from Euros (EUR) to Cuban Peso (CUP):
- 1 EUR = 575 CUP.
- 5 EUR = 2,875 CUP.
- 10 EUR = 5,750 CUP.
- 20 EUR = 11,500 CUP.
- 50 EUR = 28,750 CUP.
- 100 EUR = 57,500 CUP.
- 200 EUR = 115,000 CUP.
- 500 EUR = 287,500 CUP.
Understanding Currency Exchange Dynamics in Cuba
Why is there a gap between the official and informal exchange rates in Cuba?
The gap exists due to the persistent shortage of foreign currency in the state banking system and the high demand for foreign currencies such as dollars and euros. This demand is driven by the need to emigrate, import goods, protect savings, or purchase items in the private sector.
How does the informal currency market affect Cuba's economy?
The informal currency market significantly impacts Cuba's economy by influencing internal prices and the purchasing power of its citizens, especially in a context of sustained inflation and low state salaries.