The dollar and the euro reached new all-time highs this Tuesday in the informal currency market in Cuba, marking a further demonstration of the collapse of the Cuban state currency.
According to the measurements taken by elTOQUE this morning, the dollar is trading at 545 Cuban pesos (CUP), while the euro reaches 625 CUP. Meanwhile, the freely convertible currency (MLC) is valued 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 from (MLC) to Cuban pesos CUP: 440 CUP
Today's figures surpass those recorded yesterday, Monday, when the dollar was valued at 542 CUP, the euro at 620 CUP, and the MLC at 425 CUP, representing increases of three CUP for the dollar, five CUP for the euro, and 15 CUP for 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 on Sunday, May 10— a record at that time— and enters a week of historical depreciation reaching 545 CUP today.
Exchange Rate Evolution
The euro, for its part, had previously set its record at 620 CUP on Thursday, May 8, remaining at that level until yesterday, and this Tuesday it makes a new jump of five CUP. Since it first surpassed the 600 CUP barrier 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 was exchanged at 42 CUP. The average annual depreciation between January and April 2026 was 45%, more than double that of the entire year of 2025, when it reached 22%.
The sustained escalation is the result of a confluence of structural factors that the regime has not been able to reverse: the suspension of Mexican oil supplies since January 2026, the energy crisis with chronic power outages, the decline in tourism, and the reduction in remittances.
This is compounded by the removal of the gasoline subsidy starting on February 1, 2026, which increased the price per liter by 500%, along with the failure of the Macroeconomic Stabilization Program to control inflation.
The impact on the population is devastating. Average salaries in Cuba amount to between 16 and 54 dollars per month, depending on the exchange rate used, which means that each rise in the informal exchange rate further erodes the already limited purchasing power of Cubans.
The ECLAC projects Cuba as the worst economy in Latin America in 2026, a forecast that the figures from the informal market only confirm day by day.
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