On Monday, Cuba's informal currency market witnessed a slight decline in the value of major foreign currencies, following several consecutive days of increases that saw the dollar and euro reach new historic highs.
According to monitoring by the independent outlet elTOQUE, the U.S. dollar (USD) is trading today at 523 Cuban pesos (CUP), marking a decrease of 2 pesos compared to the previous day, when it hit 525 CUP.
Informal Currency Exchange Rates
As of Monday, April 13, 2026, at 7:00 AM, the exchange rates are as follows: the dollar is at 523 CUP, the euro (EUR) is at 590 CUP, and the Freely Convertible Currency (MLC) is at 390 CUP. The euro also saw a slight adjustment, dropping to 590 CUP, two pesos below its last value after reaching 592 CUP on Sunday. Despite this decrease, the European currency remains at very high levels in the informal market.
Meanwhile, the Freely Convertible Currency (MLC) has fallen to 390 CUP, reflecting its more volatile nature and its direct connection to internal consumption and the availability of goods in state-run stores.
Market Adjustments and Economic Factors
This movement represents a pause after several days of steady increases. Between April 7 and April 12, the dollar rose from 520 to 525 CUP, while the euro climbed from 585 to 592 CUP, indicating an upward trend driven by accumulated market pressure.
The current correction does not change the overall landscape. The informal market continues to operate at high levels, with currencies remaining at record highs despite occasional downward adjustments.
Factors such as the recent issuance of 2,000 and 5,000 peso bills by the Cuban Central Bank, persistent inflation, and the scarcity of foreign currencies continue to undermine trust in the Cuban peso.
Simultaneously, the official "floating" rate remains lagging behind the informal market, reinforcing the perception that the real value of the national currency is being determined outside the state system.
Understanding the Cuban Currency Market Dynamics
What caused the recent fluctuation in Cuba's informal currency market?
The recent fluctuations were caused by accumulated market pressure and the issuance of new high-denomination peso bills by the Cuban Central Bank, among other economic factors.
Why do the dollar and euro remain high despite recent declines?
Despite recent declines, the dollar and euro remain high due to continued inflation, scarcity of foreign currencies, and distrust in the Cuban peso.
How does the official "floating" rate compare to the informal market rate?
The official "floating" rate is significantly lower than the informal market rate, leading to the perception that the true value of the Cuban peso is determined outside the state-controlled system.