The informal currency market in Cuba kicks off this Saturday with an increase in the price of the dollar.
In recent hours, the U.S. dollar rose to 522 CUP, two pesos more than its previous value, marking a record selling price for the dollar on the island.
This new rise in the dollar confirms a sustained trend of depreciation of the Cuban peso in the informal market, which continues to reflect the real pulse of the domestic economy in the absence of a functional official exchange market.
The euro is currently at 590 CUP, the same value it reached the previous day.
Exchange Rate Evolution
In the case of the Freely Convertible Currency (MLC), it is currently selling for an average of 395 CUP, which represents a drop of five pesos, according to the daily report from the independent media elTOQUE.
Exchange rate today 11/04/2026 - 7:43 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 522 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 590 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 395 CUP.
What is the forecast for the rest of the month?
According to the latest bulletin from the Cuban Currency and Finance Observatory (OMFi), for this month of April, the most likely scenario points to a moderate new depreciation of the national currency in the coming weeks, as revealed this Friday by elTOQUE.
Forecast models estimate the euro to be around 604 CUP by the end of the month, while the dollar could reach 533 CUP and the MLC may hover around 393 CUP.
However, analysts warn that these figures are subject to a high degree of uncertainty.
The report itself indicates broad ranges of variation: the euro could fluctuate between 574 and 640 CUP, and the dollar between 503 and 590 CUP, reflecting the high volatility of the Cuban informal exchange market.
An apparent stability amid the crisis
Even though there has been a sense of stability in the buying and selling rates in recent days, this calm is seen as fragile.
According to the OMFi, it responds more to a slowdown in economic activity than to a structural improvement.
Among the factors that explain this temporary moderation are the reduction of imports by small and medium-sized enterprises (mipymes) and the contraction of domestic trade, in a context characterized by:
-The persistent energy crisis.
-The decline of international tourism.
-A widespread economic depression.
Far from indicating a recovery, this reduced pressure in the market reflects an economy with less capacity for movement and the generation of currency.
The gap with the official market remains crucial
The analysis also casts doubt on the official narrative regarding the supposed existence of conditions for establishing a more efficient formal exchange market.
While the Central Bank of Cuba sets the official exchange rate at 480 CUP per dollar and 554.16 CUP per euro in the so-called Segment III, in the informal market these currencies are sold significantly higher.
The difference is around 40 CUP in the case of the dollar and over 30 CUP for the euro.
This gap – ranging from 5% to 8% – shows that the informal market continues to be the real benchmark for price formation in the Cuban economy.
Less foreign currency, more pressure
Behind the depreciation of the peso are structural factors that remain unresolved. Among them is the significant decline in the inflow of foreign currency into the country.
Official data reflects a year-on-year decrease of 56% in tourist arrivals during February, compounded by issues in key sectors such as nickel exports and medical services abroad.
This contraction reduces the availability of foreign currency and fuels pressure on the informal market.
Energy crisis and rising cost of living
The shortage of fuel continues to be another central element in the economic deterioration.
Although there have been occasional relief measures—such as private imports or the arrival of Russian oil—the situation continues to severely impact productive activity.
Energy limitations raise transportation costs, paralyze industries, and increase logistical expenses, directly impacting final prices and the purchasing power of the population.
In this context, bicycles and electric vehicles have gained prominence as alternatives for mobility. However, their increasing demand has also led to rising prices, adding extra pressure on households.
The recent issuance of higher denomination banknotes has facilitated certain cash transactions, both in private businesses and in the informal currency market itself. However, this measure has a limited scope.
Far from addressing the underlying issues, the increase in liquidity in pesos does not stop the depreciation of the currency, which continues to lose value against foreign currencies.
With the dollar at historic highs and projections anticipating further increases, the currency landscape in Cuba remains dominated by uncertainty.
The combination of structural crisis, foreign exchange scarcity, and a lack of trust in official mechanisms keeps the informal market as the main economic barometer of the country, where every increase in the dollar translates into a direct blow to the wallets of Cubans.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), based on the exchange rates of April 11:
1 USD = 522 CUP.
5 USD = 2,610 CUP.
10 USD = 5,220 CUP.
20 USD = 10,440 CUP.
50 USD = 26,100 CUP.
100 USD = 52,200 CUP.
Equivalence of Euro (EUR) banknotes to Cuban Peso (CUP):
1 EUR = 590 CUP.
5 EUR = 2,950 CUP.
10 EUR = 5,900 CUP.
20 EUR = 11,800 CUP.
50 EUR = 29,500 CUP.
100 EUR = 59,000 CUP.
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