The dollar and the euro reached new historical highs this Tuesday in the informal currency market in Cuba, which represents a new demonstration of the collapse of the national currency of the Cuban state.
According to the measurements taken by elTOQUE this morning, the dollar is priced at 545 Cuban pesos (CUP) while the euro reaches 625 CUP. Meanwhile, the freely convertible currency (MLC) stands at 440 CUP.
Informal exchange rate in Cuba Tuesday, May 12, 2026 - 07:00
Exchange rate of the dollar (USD) to Cuban pesos CUP: 545 CUP
Exchange rate of the euro (EUR) to Cuban pesos CUP: 625 CUP
Exchange rate of (MLC) to Cuban pesos CUP: 440 CUP
The figures today exceed those recorded yesterday, Monday, when the dollar was quoted at 542 CUP, the euro at 620 CUP, and the MLC at 425 CUP, representing increases of three CUP in the dollar, five CUP in the euro, and 15 CUP in the MLC in just 24 hours.
The current week has been particularly intense in terms of the depreciation of the Cuban peso. The dollar started on Monday, May 5, at 540 CUP, rose to 543 CUP by Sunday, May 10—a record at that time—and has triggered a week of historic depreciation reaching 545 CUP today.
Exchange Rate Evolution
The euro, for its part, had set its previous record at 620 CUP last Thursday, May 8, maintaining that level until yesterday, and this Tuesday it makes a new jump of five CUP. Since it first exceeded the barrier of 600 CUP on April 19, the European currency has accumulated an additional 25 CUP in less than a month.
In historical perspective, the Cuban peso has lost approximately 95% of its value against the dollar since 2020, when it exchanged at 42 CUP. The average year-on-year depreciation between January and April 2026 was 45%, more than double that of all of 2025, when it reached 22%.
The sustained escalation is due to a convergence of structural factors that the regime has failed to reverse: the suspension of Mexican oil supplies since January 2026, the energy crisis with chronic blackouts, the decline in tourism, and the reduction of remittances.
This is compounded by the elimination of the gasoline subsidy starting on February 1, 2026, which raised the price per liter by 500%, and the failure of the Macroeconomic Stabilization Program to curb inflation.
The impact on the population is devastating. Average salaries in Cuba range from 16 to 54 dollars per month, depending on the exchange rate used, which means that each increase in the informal exchange rate further erodes the already meager purchasing power of Cubans.
The ECLAC projects Cuba to be the worst economy in Latin America by 2026, a forecast that the figures from the informal market only continue to confirm day by day.
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