The U.S. dollar reached a new historical record of 670 Cuban pesos (CUP) this Sunday in Cuba's informal currency market, according to real-time monitoring from elTOQUE, which represents an increase of 10 CUP within just a few hours compared to the 660 CUP recorded in the morning.
The euro also rose by 10 CUP, reaching 770 CUP, another historical high, while the MLC stood at 450 CUP, the Canadian dollar at 431.35 CUP, and the Mexican peso at 37.21 CUP.
The rise in June has been dizzying and relentless: the dollar started the month at 585 CUP, surpassing the 600 CUP barrier for the first time on the third, and has continued to climb ever since —610 on the fifth, 625 on the eighth, 635 on the tenth, 640 on the eleventh, 650 on the twelfth, 655 on the thirteenth, 660 on Sunday, and 670 this Monday.
In just 15 days, the dollar has seen an increase of 85 CUP, equivalent to more than 14% depreciation of the Cuban peso against the US dollar.
Exchange Rate Evolution
The euro followed an even more accelerated trajectory in relative terms: from 690 CUP on the fifth to 770 CUP this Monday, a gain of 80 CUP in ten days.
The gap between the euro and the dollar remains at 100 CUP, indicating that the demand for euros is increasing at a proportionally faster rate than that of the dollar in the informal market.
This rate of depreciation far exceeds the analysts' projections: the Currency and Finance Observatory (OMFi) of elTOQUE had set a maximum scenario of 650 CUP to close the month of June, a figure that was surpassed on the 12th, with more than two weeks still ahead.
Behind the free fall of the peso, there are structural causes that reinforce each other.
Tourism —the main source of foreign currency for the island— plummeted by 55.8% year-on-year between January and April 2026, with only 328,608 visitors, according to data from the National Office of Statistics and Information (ONEI).
This is compounded by a severe energy crisis, with extended blackouts and fuel shortages that paralyze production, the issuance of 2,000 and 5,000 peso bills without productive backing, and a year-on-year inflation rate of 14.73%.
The gap between the official rate of the Central Bank of Cuba —set at 533 CUP per dollar— and the informal rate of 670 CUP exceeds 137 CUP, reflecting the deep distortion in the currency market and the widespread lack of confidence in the peso.
With June already halfway through and no signs that the regime has effective tools to halt the decline, analysts do not rule out that the dollar could reach 700 CUP before the end of June.
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