Zelle rebounds in Cuba's informal currency market: the euro remains above 400 CUP

The informal currency market in Cuba continues to show strong volatility, with a notable rise in the price of the dollar through the Zelle payment platform, which today reached 387.50 CUP, an increase of 12.5 pesos compared to previous days. 

Meanwhile, The euro remains firm above 400 Cuban pesos., standing at 410.00 CUP, according to the representative rate published by the independent media El Toque.

According to the details provided, the rates reported by El Toque —based on purchase and sale announcements and not on actual transactions—serve as black market behavior reference, which acts as a thermometer of the real perceived value of the Cuban peso by the population.

Representative rates of the informal market: June 20, 2025:

• 1 EUR = 410.00 CUP

• 1 USD (cash) = 378.00 CUP

• 1 cell = 387.50 CUP (+12.5)

• 1 MLC = 260.00 CUP

• 1 CAD = 258.00 CUP (-1)

The recent rise in the value of Zelle on the informal market is due to a increased demand for this payment method, which has gained ground among Cubans for its speed and usefulness as a remittance tool from the U.S. Although the platform is not directly available in Cuba, it operates through intermediaries operating abroad.

Thus, Zelle allows instant transfers between U.S. bank accounts, making it attractive for those looking to send money to their relatives on the island. Its growing use further strains an economic system that is currently under government review.

Differences between the dollar and the euro in Cuba: official and informal currency markets 

When will the new official dollar rate be announced in Cuba?

Last April, the Council of Ministers announced that the implementation of a new official exchange market, which would include changes in the exchange rate and adjustments in strategic sectors. However, no specific date has been specified for its entry into force.

This uncertainty maintains uncertainty among economic actors, who continue to turn to the informal market as a reference space for everyday transactions. The growth in the value of Zelle and the euro above 400 CUP reflect a sustained loss of purchasing power of the Cuban peso.