Havana – The euro reached a record high of 565 Cuban pesos (CUP) on the informal currency market in Cuba on Sunday, February 22, 2026, according to reports from the island. The surge breaks the previous high of 560 CUP, a level maintained since mid-February.
The US dollar also remains strong, trading at 505 CUP, a rate it recently established as the new normal, although the Freely Convertible Currency (MLC) has depreciated to 400 CUP, a decrease of ten pesos from the previous day. These fluctuations occur outside of official exchange rates set by the Central Bank of Cuba.
The Banco Central de Cuba (BCC) currently lists the official exchange rate for the US dollar at 463.00 CUP and the euro at 544.67 CUP as of today’s operations. However, these rates are largely inaccessible to most Cubans, driving demand in the informal market.
Analysis of the euro’s performance over the past month reveals a consistent upward trend. At the end of January, the euro traded around 520 CUP, with limited variation. A more significant increase occurred in the second week of February, settling around 550 CUP before reaching and briefly holding at 560 CUP on February 12th. The latest increase confirms the temporary nature of that stability.
Currency experts note that the increases are not sudden spikes, but rather gradual advances that continually redefine the market’s benchmark. This pattern suggests a sustained pressure on the Cuban peso and reinforces perceptions of structural depreciation. Merchants, informal importers, and families are adjusting prices and making decisions based on the expectation of further currency changes.
The dynamic between the euro, the US dollar, and the MLC highlights the complex currency situation in Cuba. While the dollar has solidified its recent gains, and the euro is reaching new peaks, the MLC continues to lose value. This situation underscores the ongoing tension in Cuba’s economy, where access to foreign currency is limited and the informal market plays a crucial role in daily transactions.
