The informal currency market in Cuba ended the week with the dollar and euro at unprecedented levels, following a Sunday that will be marked in the island's currency exchange history.
According to data from elTOQUE, an independent platform that serves as a reference for most Cubans, the dollar reached its all-time high yesterday at 543 Cuban pesos (CUP), but saw a slight decrease this morning, settling at 542 CUP.
Informal exchange rate in Cuba Monday, May 11, 2026 - 07:30
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 542 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 620 CUP
- Exchange rate from (MLC) to Cuban pesos CUP: 425 CUP
The euro remains at 620 CUP, the historical high it reached last Friday and has not dropped since then. The MLC is quoted today at 425 CUP, after reaching 430 CUP last Wednesday in a jump of thirty pesos in a single day.
Exchange Rate Evolution
The week began last Monday with a warning signal: the dollar rose by four pesos in a single day, from 536 to 540 CUP, marking the largest daily increase in recent times. Since that moment, the U.S. currency did not drop below that threshold all week, until yesterday when it surpassed it, reaching a new record of 543 CUP.
The euro also recorded historic days: surpassed the barrier of 600 CUP for the first time on April 19, and in just three weeks rose to the current 620 CUP.
The gap with the official rates of the Central Bank of Cuba (BCC) is staggering: the state entity offers 498 CUP per dollar and 586.35 CUP per euro this Monday, figures that the informal market surpassed weeks ago and which have very limited access for the population.
The record surge of the dollar on Sunday reflects a trend of accelerated depreciation that shows no signs of easing. The dollar closed April at 535 CUP, surpassing the maximum limit that the Cuba Currency and Finance Observatory (OMFi) had projected for that month: 533 CUP.
By May, the OMFi estimates a central quote of 562 CUP, with a range between 523 and 590 CUP. However, the market has already shown that projections often fall short.
The deterioration of the Cuban peso against the dollar is one of the most dramatic in the continent in recent years. Between January and April 2026, the average year-on-year depreciation was 45%, more than double that of all of 2025, when it was 22%.
Since 2020, the peso has lost approximately 95% of its value against the dollar, going from 42 CUP per dollar to over 540 CUP today. This is a direct consequence of chronic inflation, an energy crisis with daily blackouts, a decline in tourism, and a structural shortage of foreign currency that has troubled the Cuban economy after decades of dictatorial management.
If the trend of the past few weeks continues, the dollar could approach the ceiling projected by the OMFi —590 CUP— before the end of May.
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