As the weekend arrives, Cuba's informal currency market shows little fluctuation, yet a significant trend prevails: the U.S. dollar remains steadfast at its historical peak, marking nine consecutive days at this level.
According to the daily report released by the independent outlet elTOQUE on Saturday, the U.S. dollar (USD) holds steady at 510 Cuban pesos (CUP), maintaining the same rate observed throughout the past week.
Meanwhile, the euro (EUR) is currently being traded at 575 CUP, and the Freely Convertible Currency (MLC) is listed at 412.5 CUP.
Informal Exchange Rates in Cuba
Exchange Rate on Saturday, March 7, 2026 - 07:00 AM:
- USD to CUP: 510 CUP
- EUR to CUP: 575 CUP
- MLC to CUP: 412.5 CUP
After hovering around 570 CUP from February 28 to March 2, the European currency began to climb, reaching approximately 573 CUP on March 3. By the next day, it hit 575 CUP, where it has remained stable up to March 7.
This trend solidifies the euro's position as the most expensive currency in Cuba's informal market, highlighting the ongoing pressure on the Cuban peso due to the persistent demand for strong currencies in the country's informal economy.
While stability might seem apparent, the underlying economic issues remain unaddressed. The dollar's steady value at 510 CUP underscores the severe depreciation of the Cuban peso in the informal market, which continues to serve as a real benchmark for millions of Cubans, despite the Central Bank of Cuba's (BCC) efforts to stabilize its official exchange rate, known as "floating."
Similarly, the MLC has shown little fluctuation in recent days. It was valued around 415 CUP the previous day and sits at 412.4 CUP this Saturday, once again highlighting the lack of trust in a currency designed for transactions in predominantly state-operated and understocked recovery stores.
The shifts in these exchange rates reflect the continuous pressure on the Cuban peso amid persistent inflation, inadequate state wages, and increasing partial dollarization of the economy. In practice, every movement in the informal market directly influences the prices of food, transportation, and services.
The disparity with official rates remains significant. While the informal market places the dollar at around 510 CUP, the Central Bank of Cuba sets it at 471 CUP per dollar and 544.85 CUP per euro in its official exchange segments for March 7.
Despite upward adjustments in recent months, these official values remain below the predominant rates in the informal market, highlighting the persistent gap between official and practical economic standards in Cuba.
In this context, the dollar's prolonged peak over more than a week confirms the Cuban peso's fragility and the high demand for foreign currency among those seeking to safeguard their savings or fund migration projects.
Understanding Cuba's Informal Currency Market
Why is the U.S. dollar at a record high in Cuba?
The U.S. dollar remains at a record high in Cuba due to the significant depreciation of the Cuban peso and strong demand for stable currencies in an unstable economic environment.
How does the informal currency market affect everyday life in Cuba?
Movements in the informal currency market directly impact the cost of living, influencing prices of essential goods and services such as food, transportation, and healthcare.
What is the role of the Central Bank of Cuba in this context?
The Central Bank of Cuba attempts to stabilize the peso with its official exchange rates, but these are often outpaced by the rates in the informal market, highlighting a significant gap.