The U.S. dollar reached a new historic high this Saturday in the informal Cuban market, trading at 546 Cuban pesos (CUP), one peso more than the previous day, according to data recorded by elTOQUE.
The daily analysis from the independent media reports a sharp drop in the value of the Free Convertible Currency (MLC), which has decreased to 400 CUP, 30 pesos less than the previous day. Meanwhile, the euro remains at 625 CUP.
Informal exchange rate in Cuba Saturday, May 16, 2026 - 06:00
Exchange rate of the dollar (USD) to Cuban pesos CUP: 546 CUP
Exchange rate of the euro (EUR) to Cuban pesos CUP: 625 CUP
Exchange rate from (MLC) to Cuban pesos CUP: 400 CUP
The rise of the dollar confirms an upward trend that has been sustained throughout the entire week and the month of May. The greenback started the month at 535 CUP and has already accumulated 11 CUP in increase so far in May, while the euro has added 20 CUP since it began the month at 605 CUP.
During the week, the dollar rose from 542 CUP on Monday the 11th to 545 CUP on Tuesday the 12th, a level that remained stable on the 13th, 14th, and 15th, before making a definitive jump to 546 CUP early Saturday morning.
Exchange Rate Evolution
The euro, for its part, has been stable at 625 CUP for several days, a level that constitutes a historical record. The MLC showed greater volatility throughout the week: it reached 440 CUP on Tuesday the 12th and then gradually fell back to today's 400 CUP.
The record-breaking day for the dollar in Cuba this Saturday is part of an unprecedented upward spiral that began to accelerate in February, when the greenback first surpassed 500 CUP on the 10th of that month.
Since then, the dollar has consistently reached new highs: 530 CUP on April 22, 536 CUP on May 4, 543 CUP on May 10, 545 CUP on May 12, and now 546 CUP.
The gap between the informal exchange rate and the official rate of the Central Bank of Cuba (BCC), set at 502 CUP per dollar, is now 44 CUP, reflecting the deep mistrust in the official exchange system.
According to the Observatory of Currencies and Finances of Cuba (OMFi), "the average year-on-year depreciation of the Cuban peso between January and April 2026 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 in the informal market, dropping from 42 CUP per dollar to the current 546 CUP, a decline that reflects the structural collapse of an economy battered by 67 years of communist dictatorship, chronic shortages of foreign currency, the energy crisis, and the sustained decline of national production.
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