On this Friday, Cuba's informal market shows a shift in the Freely Convertible Currency (MLC), rising to 400 Cuban pesos (CUP), while the U.S. dollar holds steady at 525 CUP and the euro at 590 CUP, according to elTOQUE's monitoring.
The MLC has bounced back to levels seen on Wednesday, following a dip to 390 CUP on Thursday, after hitting a weekly low of 385 CUP on Monday. This represents fluctuations of 25 pesos within just 72 hours.
The dollar has remained at its historic peak of 525 CUP for several days, a milestone first reached on April 12th, with an increase of five to ten pesos since April 2nd, when it was valued at 515 CUP.
Current Exchange Rates in Cuba
As of 8:22 a.m. on April 17, 2026, in Cuba, the exchange rates are as follows according to elTOQUE:
USD to CUP: 525 CUP
EUR to CUP: 590 CUP
MLC to CUP: 400 CUP
Economic Challenges and Market Stability
The Cuban Currency and Finance Observatory (OMFi) warns that the apparent stability seen in recent days is not due to any structural improvement but rather a slowdown in economic activity amidst an energy crisis and a significant drop in tourism, which has fallen 56% year-on-year.
OMFi notes that "this reduced pressure in the market reflects an economy with diminished movement and foreign currency generation capacity."
Contributing to this temporary moderation are factors such as reduced imports by small and medium-sized enterprises and a contraction in domestic trade.
Impact on Tourism and Currency Pressure
The tourism sector is grappling with a severe crisis: visitor numbers plummeted 56% year-on-year, with Cuba welcoming only 1.9 million tourists and generating 917 million dollars, highlighting the collapse of one of the country's main sources of foreign currency.
The introduction of 2,000 and 5,000 CUP banknotes, circulating since April 1st, adds to currency pressure, raising concerns about inflation trends.
The macroeconomic outlook worsens as the IMF forecasts a 7.2% contraction in Cuba's GDP for 2026, suggesting further depreciation of the peso in the coming months.
In 2025, Cuba's tourism sector recorded revenues of only 917 million dollars and 1.9 million visitors, a 14% decrease from 2024, per the National Office of Statistics and Information (ONEI), with a 56% drop in tourist arrivals in February 2026 compared to the previous year.
Future Projections for April's Informal Market
Looking ahead to the end of April, OMFi anticipates a moderate further depreciation of the Cuban peso: the dollar could reach 533 CUP, the euro 604 CUP, and the MLC around 393 CUP.
Analysts, however, caution about significant uncertainty in these projections, with wide variation ranges: the euro might fluctuate between 574 and 640 CUP, and the dollar between 503 and 590 CUP by month's end.
Currency Conversion Equivalents
Based on the exchange rates as of April 17:
U.S. Dollar to Cuban Peso
1 USD = 525 CUP
5 USD = 2,625 CUP
10 USD = 5,250 CUP
20 USD = 10,500 CUP
50 USD = 26,250 CUP
100 USD = 52,500 CUP
Euro to Cuban Peso
1 EUR = 590 CUP
5 EUR = 2,950 CUP
10 EUR = 5,900 CUP
20 EUR = 11,800 CUP
50 EUR = 29,500 CUP
100 EUR = 59,000 CUP
200 EUR = 118,000 CUP
500 EUR = 295,000 CUP
Understanding Cuba's Currency Market Dynamics
What factors contribute to the fluctuation of the MLC?
The MLC fluctuations are influenced by market demand, economic activity slowdowns, and external factors such as tourism decline and energy crises.
Why is the Cuban peso expected to further depreciate?
The anticipated depreciation is due to economic contraction forecasts, declining tourism revenue, and inflationary pressures from new currency issuance.
How does the introduction of new CUP banknotes affect inflation?
The issuance of new high-denomination banknotes can increase money supply, potentially leading to higher inflation if not matched by economic growth or currency demand.