In recent days, Cuba's informal currency market has witnessed an extraordinary series of record-breaking highs for both the dollar and the euro against the Cuban peso, marking what analysts and monitoring platforms have termed a historically significant week of CUP depreciation.
According to statistics released by elTOQUE on Wednesday at 6:49 AM, the dollar is currently trading at 545 Cuban pesos (CUP), the euro at 625 CUP, and the MLC at 432.5 CUP.
Significant Shifts in Cuba's Exchange Rates
As of Wednesday, May 13, 2026, at 6:00 AM, the informal exchange rates are reported as follows: the dollar (USD) at 545 CUP, the euro (EUR) at 625 CUP, and the MLC at 432.5 CUP. The dollar began May at 535 CUP, gaining 10 CUP in just two weeks. Meanwhile, the euro has shown an even more dramatic increase—from 605 CUP on May 1st to the current 625 CUP, a rise of 20 CUP in the same timeframe.
The euro surpassed the psychological barrier of 600 CUP for the first time on April 19 and has consistently reached new historical highs since then.
Annual Decline of the Cuban Peso
Over the past year, the euro's exchange rate has grown from approximately 350 CUP to 625 CUP, indicating a depreciation of the Cuban peso by nearly 78% against the euro.
Meanwhile, the MLC showed greater volatility throughout the week, dropping 20 CUP last Wednesday to reach 400 CUP before rebounding to the current 432.5 CUP level.
Underlying Economic Crisis
The continuous rise in foreign currencies reflects an underlying structural economic crisis that has intensified in 2026. Cuba is grappling with power outages lasting over 24-25 hours daily in more than 55% of the country, a fiscal deficit of 74,500 million Cuban pesos, and accumulated inflation of 7.18% so far this year, surpassing the 6.56% recorded during the same period in 2025.
The cessation of Venezuelan oil supplies in January and the depletion of a 730,000-barrel Russian shipment by this month have exacerbated the energy crisis.
Economist Pedro Monreal has warned of a potential drop in Cuba's GDP ranging from 7.2% to 15%, criticizing the regime's official economic program as "utterly irrelevant."
The government itself has acknowledged the unsustainability of its model. The Ministry of Finance and Prices announced that starting May 15, fuel prices will be allowed to float in foreign currency, moving away from the fixed pricing scheme previously maintained.
elTOQUE calculates exchange rates in real-time based on approximately 100 daily offers from Telegram and Facebook groups. These rates have become the primary reference for Cubans in everyday transactions, as opposed to the official exchange rates of the Central Bank of Cuba (BCC), which have set their "floating rate" at 498 CUP per dollar and 584.20 CUP per euro.
Key Questions on Cuba's Economic Situation
What are the current informal exchange rates in Cuba?
As of May 13, 2026, the informal exchange rates are 545 CUP for the dollar, 625 CUP for the euro, and 432.5 CUP for the MLC.
How has the Cuban peso depreciated against the euro over the past year?
Over the past year, the Cuban peso has depreciated nearly 78% against the euro, with the rate increasing from approximately 350 CUP to 625 CUP.
What factors are contributing to Cuba's economic crisis?
Cuba's economic crisis is exacerbated by prolonged power outages, a significant fiscal deficit, rising inflation, and disrupted oil supplies.