Cuba's informal currency market witnessed a significant spike this Sunday as the three main currencies reached record highs or near-record levels, with the Freely Convertible Currency (MLC) taking center stage.
The U.S. dollar (USD) is currently trading at 530 Cuban pesos (CUP), and the euro has reached 600 CUP. However, the MLC saw a notable increase of 12 CUP in the past 24 hours, hitting 412.5 CUP, according to data from elTOQUE.
Current Informal Exchange Rates in Cuba
As of Sunday, April 26, 2026, at 6:30 AM, the exchange rates are as follows: the dollar (USD) to Cuban pesos (CUP) is 530 CUP, the euro (EUR) to CUP is 600 CUP, and the MLC to CUP is 412.5 CUP. The dollar has maintained its all-time high of 530 CUP for four consecutive days, a peak it reached on April 22 after a four-peso surge in a single day.
The euro has remained steady at 600 CUP for six consecutive days, following its historic breach of the 19 April threshold. Meanwhile, the MLC is experiencing a new upward trend; it was priced at 400 CUP yesterday and has now risen to 412.5 CUP.
Economic Outlook and Projections
The Cuban Observatory of Currencies and Finances (OMFI) anticipates that by the end of April, the dollar could reach 533 CUP, with a fluctuation range between 503 and 590 CUP. Similarly, the euro is projected to hit 604 CUP, with a range between 574 and 640 CUP, suggesting the upward trend is far from over.
Since 2020, the Cuban peso has dramatically lost around 95% of its value against the dollar in the informal market, plummeting from 42 CUP per dollar to the current 530 CUP. In the past year alone, the dollar surged by 47.8%, from 345 CUP in March 2025 to 530 CUP in April 2026.
Factors Contributing to Currency Depreciation
The rapid depreciation in 2026 is attributed to several factors: an energy crisis caused by halted fuel shipments from Venezuela and Mexico, a decline in tourism, and a persistent foreign currency shortage within the official banking system.
The introduction of 2,000 and 5,000 peso bills by the Cuban regime further exacerbated currency uncertainty in early April, failing to address any underlying issues.
Economist Pavel Vidal emphasizes that the crisis is deeply rooted in the unsuccessful 2021 monetary reform, Tarea Ordenamiento, which triggered an inflationary spiral from which Cuba has yet to recover.
Understanding Cuba's Currency Crisis
What is causing the depreciation of the Cuban peso?
The depreciation is driven by several factors, including an energy crisis due to halted fuel shipments, declining tourism, and a chronic shortage of foreign currency in the official banking system.
How has the value of the Cuban peso changed since 2020?
Since 2020, the Cuban peso has lost about 95% of its value against the U.S. dollar in the informal market, falling from 42 CUP per dollar to 530 CUP currently.
What are the projected exchange rates for the end of April?
By the end of April, the dollar is expected to reach 533 CUP with a fluctuation range of 503 to 590 CUP, while the euro could climb to 604 CUP, with a range of 574 to 640 CUP.