The euro has skyrocketed in Cuba, reaching an unprecedented 635 Cuban pesos (CUP) in the island's informal exchange market. Recorded by elTOQUE, this marks a new all-time high for the European currency against the Cuban peso.
This significant increase occurred overnight. On Tuesday, the euro was 625 CUP, and within less than a day, it jumped by 10 pesos—the largest daily rise seen so far in May.
Current Exchange Rates in Cuba
As of Wednesday, May 20, 2026, the unofficial exchange rates are as follows: the U.S. dollar (USD) stands at 550 CUP, the euro (EUR) at 635 CUP, and the MLC at 420 CUP. This month has seen a relentless upward trend for the euro. It started May at 605 CUP, climbed to 610 by May 2nd, 615 by May 5th, reached 620 by May 8th, and hovered at 625 from May 12th to 19th. The leap to 635 CUP breaks this plateau, setting a new historic high.
Over just 20 days, the euro has risen by 30 CUP, highlighting the rapid decline in Cubans' purchasing power.
Euro Outpaces Other Currencies
The euro has firmly established itself as the highest-valued foreign currency in Cuba's informal market, surpassing the dollar, which remains at 550 CUP—its own record high—and the MLC, which has increased to 420 CUP.
The gap between the informal market and the official rate set by the Central Bank of Cuba (BCC), which pegs the euro at 588.68 CUP, has widened to more than 46 pesos. This disparity underscores the deep-rooted distrust in the Cuban peso and the regime's failure to stabilize the economy.
A Broader Economic Decline
To provide context, the euro first crossed the 600 CUP threshold on April 19, 2026. Since December 2025, when it was approximately 480 CUP, the peso has depreciated by over 155 CUP against the euro in just five months.
The Cuban Currency and Finance Observatory (OMFi) had projected the euro would be around 604 CUP by the end of April, which the market has comfortably exceeded. The average annual depreciation of the peso from January to April 2026 was 45%, more than twice the rate of the entire year of 2025, which was 22%.
The euro's strength is driven by increased demand, largely due to travel to Europe and the desire of many Cubans to safeguard their savings from inflation and the devaluation of the Cuban peso.
This collapse of the Cuban peso is not a new phenomenon. Back in 2020, the dollar was trading at about 42 CUP in the informal market, indicating that the national currency has lost nearly 95% of its value against the dollar in six years. This decline has been accelerated by the failed "Monetary Reordering" of January 2021, chronic currency shortages, and a heavy reliance on imports.
Understanding Cuba's Currency Crisis
What is causing the euro to rise so sharply in Cuba?
The euro's surge is primarily due to high demand, driven by travel needs to Europe and Cubans' efforts to protect their savings from inflation and the declining value of the Cuban peso.
How does the official euro rate compare to the informal market rate in Cuba?
The official rate set by the Central Bank of Cuba is 588.68 CUP, which is significantly lower than the 635 CUP rate in the informal market, highlighting a gap of over 46 pesos.
How has the value of the Cuban peso changed over recent years?
Since 2020, the Cuban peso has lost nearly 95% of its value against the dollar, with a marked acceleration in devaluation due to economic mismanagement and external factors.