As of this Saturday, the informal currency exchange market in Cuba has opened with the U.S. dollar at 530 Cuban pesos, the euro at 600 CUP, and the MLC at 400 CUP, according to the daily tracking by elTOQUE.
These figures represent historic highs for the three primary currencies in Cuba's parallel market, amidst a continuous decline in the Cuban peso that has lasted for over two weeks.
The U.S. dollar hit its record peak of 530 CUP on Tuesday, April 22, marking a four-peso increase from the previous day, and has maintained this level for four consecutive days.
The euro shattered the psychological barrier of 600 CUP on Sunday, April 19, setting an unprecedented milestone for the European currency in Cuba, and has remained steady at this rate for six consecutive days.
Meanwhile, the MLC has stabilized at 400 CUP for three days in a row, following fluctuations between 385 and 400 CUP in earlier sessions.
Significant Gap with Official Rates
The disparity with the official rates is considerable: the Central Bank of Cuba sets the dollar at 494 CUP and the euro at 578.67 CUP, significantly lower than street prices.
The Cuban Currency and Financial Observatory (OMFI) forecasts that by the end of April, the dollar could reach 533 CUP—with a margin of fluctuation between 503 and 590 CUP—and the euro might hit 604 CUP, with a range between 574 and 640 CUP, indicating that the upward trend is far from over.
Factors Driving Peso Depreciation
The accelerated depreciation of the Cuban peso in 2026 is driven by multiple factors: an energy crisis due to halted fuel shipments from Venezuela and Mexico, a decline in tourism, and a chronic shortage of foreign exchange within the official banking system.
Adding to the woes was the introduction on April 1 of high-denomination bills of 5,000 and 2,000 CUP, which further fueled exchange rate uncertainty. The Director of Issuance at the Central Bank, Julio Antonio Pérez Álvarez, acknowledged that this issuance was in response to rising price demands.
Since 2020, the Cuban peso has lost approximately 95% of its value against the dollar in the informal market, plummeting from 42 CUP per dollar to the current 530 CUP. In just the past year, the dollar has surged 47.8%, from 345 CUP in March 2025 to 510 CUP in March 2026.
According to economist Pavel Vidal, the crisis is rooted in structural issues stemming from the failed 2021 monetary reform known as Tarea Ordenamiento.
Understanding the Decline of the Cuban Peso
What are the current rates for currencies in Cuba's informal market?
As of today, the U.S. dollar is at 530 CUP, the euro at 600 CUP, and the MLC at 400 CUP in Cuba's informal exchange market.
Why is the Cuban peso depreciating so rapidly?
The rapid depreciation of the Cuban peso is due to several factors including halted fuel shipments from Venezuela and Mexico, a drop in tourism, and a persistent shortage of foreign currency in the official banking system.
How does the informal market rate compare to the official rate?
The informal market rates are significantly higher, with the dollar at 530 CUP compared to the official 494 CUP, and the euro at 600 CUP in contrast to the official 578.67 CUP.