The informal currency market in Cuba is experiencing a calm Thursday morning.
Recently, there have been no fluctuations in the average selling prices of the three main currencies in Cuba. The U.S. dollar remains at its record value of 530 CUP, the euro holds steady at 600 CUP for the fifth consecutive day, and the Freely Convertible Currency (MLC) remains at 400 CUP for the second day.
This period has cemented the record values reached during a week marked by historic shifts, where the Cuban peso has continuously depreciated.
The dollar has maintained its position at 530 CUP for two consecutive days, a level first reached this past Wednesday, following a rise that began on April 5th at 520 CUP.
Meanwhile, the euro has stayed at 600 CUP, a threshold first achieved on Sunday, April 19th, marking a significant milestone for the European currency in Cuba.
Currently, the MLC stands at 400 CUP, after fluctuating between 385 and 400 pesos over the past several days.
Exchange Rates as of April 23, 2026 - 8:22 a.m. in Cuba
According to elTOQUE, the exchange rate for the USD to CUP stands at 530 CUP, for the EUR to CUP at 600 CUP, and for the MLC to CUP at 400 CUP.
The Cuban Observatory for Currencies and Finance had projected that by the end of April, the dollar would reach 533 CUP, with a potential range between 503 and 590 CUP, indicating the upward trend may not be over.
For the euro, the likely scenario is 604 CUP, with a range from 574 to 640 CUP.
The ongoing currency crisis has its roots in the failed 2021 monetary reform, known as "Tarea Ordenamiento," which aimed to eliminate the dual currency system but resulted in severe inflationary distortions.
Since 2020, the Cuban peso has lost roughly 95% of its value against the dollar in the informal market, plunging from 42 CUP per dollar to the current 530 CUP.
In just the past twelve months, the dollar has risen by 47.8%, climbing from 345 CUP in March 2025 to 510 CUP in March 2026.
The rapid depreciation in 2026 is attributed to an energy crisis due to halted fuel shipments from Venezuela and Mexico, declining tourism, and a shortage of foreign currency in the official banking system, all of which have increased the demand for foreign currency for everyday transactions among Cubans.
Dollar to Cuban Peso Exchange Equivalents as of April 23
1 USD = 530 CUP.
5 USD = 2,650 CUP.
10 USD = 5,300 CUP.
20 USD = 10,600 CUP.
50 USD = 26,500 CUP.
100 USD = 53,000 CUP.
Euro to Cuban Peso Exchange Equivalents
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 Exchange Rates
Why has the Cuban peso depreciated so significantly?
The Cuban peso has depreciated significantly due to the failed 2021 monetary reform, known as "Tarea Ordenamiento," which led to severe inflation. Additional factors include an energy crisis from halted fuel shipments, a decline in tourism, and a shortage of foreign currency in the banking system.
What are the current exchange rates for the dollar and euro in Cuba?
As of April 23, 2026, the exchange rate for the U.S. dollar is 530 CUP, while the euro is exchanged at 600 CUP.
What factors are influencing the demand for foreign currency in Cuba?
Factors influencing the demand for foreign currency include the ongoing energy crisis, declining tourism, and a shortage of foreign currency in the official banking system, which has increased the need for foreign currency for everyday transactions among Cubans.