Dollar and Euro Continue Downward Trend in Cuba's Informal Market

This Monday, the U.S. dollar and the euro have furthered their decline in Cuba's informal market, reinforcing a correction that began last week after reaching unprecedented highs.

According to data from the independent outlet elTOQUE, the dollar has dropped by 10 pesos, now standing at 610 Cuban pesos (CUP), while the euro has decreased by 20 units, landing at 700 CUP.

Contrastingly, the freely convertible currency (MLC) is the only one showing an upward trend today, climbing by five units to reach 490 CUP.

Today's Exchange Rates

As of June 29, 2026, at 8:17 a.m. in Cuba, the exchange rates according to elTOQUE are as follows:

• USD to CUP: 610 CUP
• EUR to CUP: 700 CUP
• MLC to CUP: 490 CUP

Week-Long Decline

This correction follows an unprecedented surge throughout June. The dollar began the month at 585 CUP and the euro at 645 CUP; within just three weeks, both currencies soared to their historic highs on June 21: 695 CUP for the dollar and 800 CUP for the euro, marking increases of 18.8% and 24%, respectively.

The first sign of weakness appeared on June 23, when the MLC alone fell by 25 pesos to 485 CUP, while the dollar and euro remained at record highs. Two days later, a simultaneous drop of 10 pesos in all three currencies occurred for the first time in many months.

The decline accelerated on June 26, with the dollar decreasing to 670 CUP and the euro to 770 CUP. Overall, since the peaks on June 21, the dollar has lost 85 CUP and the euro 100 CUP in just one week.

Market Disagreement: Wide Trading Ranges

Despite the downward trend, trading ranges among individuals remain broad, indicating some sellers' reluctance to accept the new prices. According to elTOQUE, recent offers have been within the following margins:

• EUR: 630 to 800 CUP
• USD: 530 to 690 CUP
• MLC: 380 to 600 CUP

Exploring the Causes of Currency Shifts

Two factors might explain the shift in trend. First is the package of 176 economic measures approved on June 19 by the National Assembly, which includes allowing private banks and exchange houses, private remittance operators, and a digital currency exchange market with currency auctions.

The second factor is the unprecedented convening by Miguel Díaz-Canel of a group of critical economists, including Juan Triana, Julio Carranza, and Omar Everleny Pérez Villanueva. Nonetheless, independent economists remain skeptical.

Meanwhile, five independent economists, including Pedro Monreal, have been working on the "Cuba Transformation" project since March, a proposal independent of the regime that aims for a "social market economy, supported by a democratic state of law."

Pedro Monreal González has been clear: "The numbers don't add up, and the government wants to make it seem like it's not a math problem, but a matter of will."

A Historic Monetary Crisis

This week's correction should not overshadow the magnitude of the accumulated deterioration. In 2020, the dollar was valued at 42 CUP in the informal market; by January 2026, it had reached 435 CUP; and on June 21, it hit 695 CUP.

The Cuban peso has lost more than 95% of its value in just six years amidst a backdrop of fuel shortages, chronic blackouts, rampant inflation, and mass population exodus.

The elTOQUE Monetary and Financial Observatory had projected a ceiling of 650 CUP for the dollar throughout June, but this barrier was crossed on June 12, more than two weeks earlier than expected, illustrating the rapid deterioration of the situation before the current correction.

Current Currency Equivalents

Here is the list of current equivalents in Cuba's informal currency market, using the reference values mentioned:

U.S. Dollar (USD) to Cuban Peso (CUP) Equivalence:

1 USD = 610 CUP
5 USD = 3,050 CUP
10 USD = 6,100 CUP
20 USD = 12,200 CUP
50 USD = 30,500 CUP
100 USD = 61,000 CUP

Euro (EUR) to Cuban Peso (CUP) Equivalence:

1 EUR = 700 CUP
5 EUR = 3,500 CUP
10 EUR = 7,000 CUP
20 EUR = 14,000 CUP
50 EUR = 35,000 CUP
100 EUR = 70,000 CUP
500 EUR = 350,000 CUP