The deterioration of the Cuban peso (CUP) continues to worsen, and this Saturday the informal currency market in Cuba opened with widespread new increases.
According to estimates from the independent medium elTOQUE, the US dollar reached 575 CUP, three pesos more than the previous day, when it had already set a historical record at 572 CUP.
The euro also rose to 645 CUP, recovering the five pesos it had lost the previous day.
On Friday, the dollar had risen four pesos compared to Thursday, May 28, when it was exchanged at 568 CUP. With the new spike this Saturday, the currency consolidates its upward trend and breaks its own historical record in the Cuban informal market for the second consecutive day.
Exchange Rate Evolution
The euro, for its part, had fallen on Friday to 640 CUP from 645 CUP on Thursday, but this Saturday it regained that ground and is back at 645 CUP, solidifying its position as the most valued currency in the informal market.
The Freely Convertible Currency (MLC), on the other hand, decreased by ten pesos compared to Friday: from 420 CUP to 410 CUP.
The week closes with the dollar at historic highs and a sustained rise throughout May. At the beginning of the month, the dollar was trading at 535 CUP; on May 19, it broke the barrier of 550 CUP; on May 28, it reached 568 CUP; and this Saturday it has reached 575 CUP.
In less than a month, the dollar has accumulated an increase of 40 Cuban pesos, which represents an increase of nearly 7.5% against the peso in the informal market.
The upward trend is driven by the strong demand for foreign currency from the Cuban population and the persistent scarcity of supply in the informal market. Cubans are looking to protect their savings amid the ongoing depreciation of the peso and the economic uncertainty facing the country.
The rise of the dollar during May reflects a structural deterioration that goes far beyond external factors. With the dollar at 575 CUP, the euro at 645 CUP, and the MLC at 410 CUP, May 2026 closes as the worst month in the recent history of the Cuban peso against foreign currencies in the informal market, and all indications are that the pressure on the national currency will continue in the coming weeks.
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