The United States dollar reached 580 Cuban pesos (CUP) in the informal market of the island this Sunday, according to estimates from elTOQUE, marking an increase of five pesos in less than 24 hours and a new historical record for the third consecutive day.
The greenback closed on Saturday at 575 CUP, after having reached 572 CUP on Friday. With today's data, May 2026 solidifies itself as the worst month in the recent history of the Cuban peso against foreign currencies in the informal market.
Informal exchange rate in Cuba Sunday, May 31, 2026 - 06:30
Currency exchange rate for the dollar (USD) to Cuban pesos CUP: 580 CUP
Exchange rate of the euro (EUR) to Cuban pesos CUP: 645 CUP
Exchange rate from (MLC) to Cuban pesos CUP: 395 CUP
The dollar opened the month at 535 CUP on May 1st, surpassed the 550 CUP mark on May 19th, reached 568 CUP on May 28th, and now closes at 580 CUP.
In total, it has accumulated an increase of 45 pesos in 30 days, an increase of approximately 8.4% against the peso in just one month.
Exchange Rate Evolution
The euro also shows an upward trend in May. The European currency climbed from 605 CUP on May 1 to the current 645 CUP, an increase of 40 pesos for the month. This Sunday, it remains stable at that level.
The Freely Convertible Currency (MLC), on the other hand, fell this Sunday to 395 CUP, 15 pesos below the 410 CUP on Saturday and 25 pesos less than the 420 CUP on Friday.
The sustained upward trend is attributed to the strong demand for foreign currency among the Cuban population and the ongoing shortage of supply in the informal market. Cubans are seeking to protect their savings amid the continued depreciation of the peso and economic uncertainty.
The structural context worsens the situation. The year-on-year inflation in Cuba is around 14.73% and agricultural prices in the non-state market increased by 31.9% in the first quarter of 2026. Additionally, there is a energy crisis with an electrical deficit of nearly 2,000 MW, a decline in tourism, and a reduction in remittances.
The decline of the Cuban peso is both structural and accelerated. In 2020, the dollar was exchanged at 42 CUP; in the 12 months leading up to May, it rose from 345 CUP to 535 CUP, an increase of 47.8%. The average year-on-year depreciation between January and April 2026 was 45%, more than double that of the entire year of 2025, which was 22%.
The Cuban Vice President Salvador Valdés Mesa himself admitted in February 2026 that with 6,000 pesos "it is impossible to live given the high prices," a confession that illustrates the extent of the deterioration of the purchasing power of Cubans.
With the dollar at 580 CUP at the end of May and no signs of correction in sight, it seems that the pressure on the Cuban peso will continue in the coming weeks.
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