At dawn this Saturday, the Freely Convertible Currency (MLC) increases in price in the Cuban informal market, while the euro and the dollar maintain their values from the previous day.
At 8:00 a.m. today, the MLC reports an increase from 405 to 413 Cuban pesos (CUP), indicating an increase of eight pesos compared to the previous day.
The dollar remains valued at 540 CUP, a record figure reached this very week.
The euro, for its part, holds at 620 CUP that it reached this Friday.
Exchange Rate Evolution
Exchange rate today 09/05/2026 - 8:51 a.m. in Cuba:
Exchange rate of the USD to CUP according to elTOQUE: 540 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 620 CUP.
Exchange rate from MLC to CUP according to TOQUE: 413 CUP.
The Cuban peso accelerates its depreciation in 2026
The Observatory of Currency and Finance of Cuba (OMFi) warned that the Cuban peso has lost more value against the dollar in the first four months of 2026 than it did throughout all of 2025.
Between January and April, the average year-on-year depreciation was 45%, more than double that recorded last year (22%).
According to the report, this confirms the end of the disinflation trend and the relative exchange rate stability that had been observed since 2023.
Behavior of the dollar, the euro, and the MLC
During April:
The dollar rose by 20 CUP and closed at 535 CUP
The euro increased by 25 CUP and ended at 605 CUP;
-the MLC remained relatively stable around 400 CUP.
In comparison to April 2025, the peso lost 45.4% of its value against the dollar and 57.1% against the euro.
The Central Bank of Cuba also raised the official rate for Segment III, which increased from 480 CUP per dollar to 496 CUP.
Signs of the informal market
Despite the economic decline, the informal market showed some stability during April. However, the OMFi detected an increase in demand for dollars exceeding sales in the last days of the month.
The Market Sentiment Index of elTOQUE Markets likewise reflects a bullish pressure, due to the increase in people interested in buying foreign currencies.
Forecasts for May
The OMFi models predict that the Cuban peso will continue to depreciate moderately in May.
The central stage projects:
dollar: 562 CUP;
euro: around 640 CUP;
MLC: around 413 CUP.
The report also outlines more extreme scenarios:
dollar between 523 and 590 CUP;
euro between 594 and 670 CUP;
MLC between 390 and 445 CUP.
However, the OMFi warns that there is a high level of uncertainty regarding the evolution of the exchange market in the coming weeks.
Factors that exacerbate the economic crisis
The deterioration of the peso occurs against a backdrop of a complex economic scenario characterized by:
increase in inflation
sharp decline in tourism
persistent energy crisis
cooling of relations with the United States.
Although the arrival of a Russian tanker temporarily eased the blackouts at the end of March, the OMFi believes that there is no structural solution to the energy crisis.
The report also indicates that the shortage of foreign currency continues to put pressure on the informal market.
Collapse of tourism and reduced foreign currency inflow
The National Office of Statistics and Information (ONEI) reported that in March, only 35,561 international visitors arrived in Cuba, compared to 197,505 registered in the same month of 2025, reflecting a year-on-year decline of 82%.
The OMFi warns that this contraction reduces the inflow of foreign currency to both the state and private sectors, limits the capacity for imports, and worsens the liquidity crisis in the economy.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates on this May 9:
1 USD = 540 CUP.
5 USD = 2,700 CUP.
10 USD = 5,400 CUP.
20 USD = 10,800 CUP.
50 USD = 27,000 CUP.
100 USD = 54,000 CUP.
Equivalence of Euro (EUR) banknotes to Cuban Peso (CUP):
1 EUR = 620 CUP.
5 EUR = 3,100 CUP.
10 EUR = 6,200 CUP.
20 EUR = 12,400 CUP.
50 EUR = 31,000 CUP.
100 EUR = 62,000 CUP.
200 EUR = 124,000 CUP.
500 EUR = 310,000 CUP.
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