Early this Tuesday, the U.S. dollar set a new record in Cuba's informal market, climbing to 526 CUP.
Previously, the highest rate was 525 CUP, a level the dollar maintained since April 12.
Throughout April, the dollar has seen a steady but gradual increase: beginning at 517 CUP on April 3, rising to 520 CUP on April 5, 522 CUP on April 11, and reaching 525 CUP on April 12, before establishing today's new peak.
Euro and MLC Also Make Gains
Meanwhile, the euro remains at 600 CUP, a psychological barrier it crossed on Sunday, April 19, marking another historic milestone in the island's currency crisis.
The Freely Convertible Currency (MLC) is also increasing in value, reaching 400 CUP on April 21, after trading at 395 CUP on Monday.
Exchange Rates on April 21, 2026, at 8:22 a.m. in Cuba
According to elTOQUE, the exchange rates are as follows:
- USD to CUP: 526 CUP
- EUR to CUP: 600 CUP
- MLC to CUP: 400 CUP
Broader Economic Collapse
This currency collapse is part of a broader economic crisis: Cuba's GDP fell by 5% in 2025, marking the third consecutive year of contraction, with a cumulative decline exceeding 15% since 2020. An additional contraction of 7.2% is anticipated in 2026.
Since 2020, the peso has lost approximately 95% of its value against the dollar in the informal market, dropping from 42 CUP per dollar to the current 526 CUP.
The situation worsened with the cessation of Venezuelan oil supplies following the fall of Nicolás Maduro's regime in January 2026, exacerbating the energy crisis with widespread blackouts and further depressing tourism—two factors that heighten the demand for foreign currency and weaken the peso.
Future Projections and Currency Equivalencies
The OMFi projected that by the end of April, the dollar would reach 533 CUP and the euro 604 CUP, with a fluctuation range between 503 and 590 CUP for the U.S. currency, suggesting that the upward trend is not yet over.
Current currency equivalencies based on April 21 exchange rates:
U.S. Dollar (USD) to Cuban Peso (CUP):
- 1 USD = 526 CUP
- 5 USD = 2,630 CUP
- 10 USD = 5,260 CUP
- 20 USD = 10,520 CUP
- 50 USD = 26,300 CUP
- 100 USD = 52,600 CUP
Euro (EUR) to Cuban Peso (CUP):
- 1 EUR = 600 CUP
- 5 EUR = 3,000 CUP
- 10 EUR = 6,000 CUP
- 20 EUR = 12,000 CUP
- 50 EUR = 30,000 CUP
- 100 EUR = 60,000 CUP
- 200 EUR = 120,000 CUP
- 500 EUR = 300,000 CUP
Understanding Cuba's Currency Crisis
What caused the recent spike in the dollar's value in Cuba?
The increase in the dollar's value is largely due to Cuba's ongoing economic crisis, exacerbated by a decline in tourism and the cessation of Venezuelan oil supplies, which have increased demand for foreign currency.
How has the Cuban peso fared against the dollar since 2020?
Since 2020, the Cuban peso has lost about 95% of its value against the dollar in the informal market, dropping from 42 CUP per dollar to 526 CUP.
What are the projections for the dollar and euro in Cuba by the end of April?
The OMFi projects that the dollar could reach 533 CUP and the euro 604 CUP by the end of April, indicating a continued upward trend.