The value of the Freely Convertible Currency (MLC) experienced a five-peso increase this Monday within Cuba's informal market, now reaching 395 CUP, as reported by the independent outlet elTOQUE.
Meanwhile, both the dollar and the euro have remained stable. The dollar is valued at 525 CUP, while the euro has reached an unprecedented 600 CUP, marking a historic level after surpassing this psychological barrier for the first time amid Cuba's ongoing exchange crisis.
The euro's rapid climb has been remarkable: it was at 418 CUP in June 2025, climbed to 485 CUP by September, hit 515 CUP in October, surged to 565 CUP by February 2026, and 580 CUP in March.
On April 6, it peaked at 588 CUP, edged close to 598 CUP last Friday, and finally broke through the 600 CUP mark on Sunday.
In contrast, the MLC has experienced significant fluctuations in recent weeks, frequently ranging between 385 CUP and 400 CUP.
The dollar, on the other hand, reached its record high of 525 CUP on April 12 and has maintained that rate since.
Exchange rates on April 20, 2026, at 8:22 a.m. in Cuba, as per elTOQUE:
- USD to CUP: 525 CUP.
- EUR to CUP: 600 CUP.
- MLC to CUP: 395 CUP.
The OMFi warns that the apparent recent stabilization of the market does not signal any structural improvement, especially as Cuba anticipates a 7.2% GDP contraction in 2026. "This diminished market pressure reflects an economy lacking dynamism and foreign currency generation," the organization states, further exacerbated by the issuance of new 2,000 and 5,000 CUP notes, contributing to inflationary pressures.
Exchange rate equivalents for U.S. Dollar (USD) to Cuban Peso (CUP) as of April 20:
1 USD = 525 CUP.
5 USD = 2,625 CUP.
10 USD = 5,250 CUP.
20 USD = 10,500 CUP.
50 USD = 26,250 CUP.
100 USD = 52,500 CUP.
Exchange rate equivalents for Euro (EUR) to Cuban Peso (CUP):
1 EUR = 600 CUP.
5 EUR = 3,000 CUP.
10 EUR = 6,000 CUP.
20 EUR = 12,000 CUP.
50 EUR = 30,000 CUP.
100 EUR = 60,000 CUP.
200 EUR = 120,000 CUP.
500 EUR = 300,000 CUP.
Understanding Cuba's Currency Fluctuations
Why did the MLC increase in value?
The MLC rose due to market dynamics and possible demand in the informal sector, reflecting the instability and unpredictability of Cuba's currency exchanges.
What factors contributed to the euro's historic high against the CUP?
The euro's rise is attributed to ongoing economic turmoil in Cuba, including a lack of structural reforms and external financial pressures.
How does the issuance of new CUP notes affect inflation?
Issuing new high-denomination CUP notes can lead to inflation as it indicates increased money supply without corresponding economic growth.