The informal currency market in Cuba experienced an unprecedented frenzy this Monday: the US dollar reached 590 Cuban pesos (CUP) according to monitoring by elTOQUE at 1:06 PM, accumulating an increase of 10 pesos in less than 24 hours and sitting just 10 pesos away from the psychological barrier of 600 CUP.
The greenback started the morning at 585 CUP, rose to 587 CUP by 11:30 AM, and reached 590 CUP by mid-afternoon, thus marking the fourth consecutive historical record. Since Friday, May 29, the dollar has been rising by approximately five pesos each day: 570, 575, 580, 585, and now 590 CUP.
Informal exchange rate in Cuba Monday, June 1, 2026 - 2:30 PM
Exchange rate of the dollar (USD) to Cuban pesos CUP: 590 CUP
Exchange rate of the euro (EUR) to Cuban pesos CUP: 645 CUP
Exchange rate from (MLC) to Cuban pesos CUP: 400 CUP
May 2026 had already established itself as the worst month in the recent history of the Cuban peso: the dollar opened the month at 535 CUP and closed at 580 CUP, accumulating an increase of 45 pesos in 30 days, a rise of 8.4%. With today's figures, the dollar has risen more than 55 pesos since the beginning of May.
The euro also experienced a rapid surge during the same day. At 11:30, the European currency reached 647.5 CUP, a new historical record that surpassed the 645 CUP recorded on Thursday, May 28, although it retreated to 645 CUP in the monitoring at 13:06. The MLC, for its part, rose from 405 CUP early in the day to 417.5 CUP by mid-morning, before falling back to 412.5 CUP.
Exchange Rate Evolution
The gap between the informal dollar rate (590 CUP) and the official rate of the Central Bank of Cuba (514 CUP) has widened to 76 pesos, a difference that reflects the state's inability to provide foreign currency at controlled prices.
Behind this currency spiral are structural factors that the regime has been unable to reverse. An electric deficit of nearly 2,000 MW paralyzes national production. Tourism fell by 55.8% between January and April 2026, with only 328,608 visitors according to the National Office of Statistics and Information. The travels of Cubans residing abroad decreased by 41.2% year-on-year, reducing the flow of remittances. Year-on-year inflation hovers around 14.73%, and agricultural prices rose by 31.9% in the first quarter.
The impact on the purchasing power of Cubans is devastating. The average salary is around 6,930 CUP, equivalent to less than 12 dollars at the current informal exchange rate.
In historical perspective, the collapse is striking: in 2020, the dollar was exchanged for 42 CUP in the informal market; today it approaches 600 CUP, representing a loss of value for the peso of approximately 95% over six years of dictatorship. The average year-on-year depreciation between January and April 2026 was 45%, more than double that of the entire year of 2025, when it was 22%.
The ECLAC projects Cuba to have the worst economy in Latin America in 2026, with a GDP contraction of 6.5% and a cumulative decline of 10.3% over the two years 2025-2026, while other estimates, such as those from economist Pedro Monreal and The Economist Intelligence Unit, indicate possible declines of up to 15%.
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