This Saturday, the euro reached an unprecedented 598 Cuban pesos (CUP) in the island’s informal market, as tracked by elTOQUE. This marks a significant milestone for the European currency in Cuba, as it edges closer to the psychological threshold of 600 pesos.
The euro’s value jumped by eight pesos compared to Friday, April 17, when it stood at 590 CUP in the morning and climbed to 595 CUP by the afternoon. This represents an increase of more than ten pesos from April 6, when it was at 588 CUP, which at that time was the previous record high.
Current Exchange Rates in Cuba
As of Saturday, April 18, 2026, the exchange rates are as follows:
- Dollar (USD) to Cuban pesos (CUP): 525 CUP
- Euro (EUR) to Cuban pesos (CUP): 598 CUP
- Freely Convertible Currency (MLC) to Cuban pesos (CUP): 397.5 CUP
The dollar has maintained its peak of 525 CUP since April 12, while the Freely Convertible Currency (MLC) traded at 397.5 CUP.
Euro’s Rapid Rise
The euro’s behavior over the past week shows a rapid increase in the last two days, following a period of relative stability. Between April 11 and 16, the euro hovered around 590 CUP, briefly reaching 592 CUP last Sunday. However, the surge began on Friday, culminating in this Saturday’s new record.
The upward trend of the euro in Cuba has been ongoing for months. In February, it was around 565 CUP, rising to 580 CUP in March, and reaching the current 598 CUP in April.
Historical Perspective and Contributing Factors
Historically, the euro’s trajectory is even more striking: it traded at 418 CUP in June 2025, rose to 485 CUP in September, 515 CUP in October, and reached 565 CUP by February 2026.
Several factors have contributed to the rapid depreciation of the Cuban peso. The introduction of new 2,000 and 5,000 CUP banknotes on April 1 triggered inflationary pressure and exchange rate uncertainty. Additionally, the cessation of Venezuelan oil supplies following the fall of Nicolás Maduro‘s regime in January 2026, chronic shortages of goods, and the increasing dollarization of the economy have all played a role.
Internationally, the euro has also strengthened against the dollar, trading around 1.17-1.18 USD during April 2026, further boosting its relative value in Cuba.
The gap between the informal market and official rates remains significant. The Central Bank of Cuba (BCC) pegs the euro at 576.52 CUP in Segment III, about 21 pesos less than the actual rate at which the population trades. For the dollar, the official rate is 488 CUP, leaving a gap of 37 pesos.
The Monetary and Financial Observatory of Cuba (OMFi) had projected that the euro would reach 604 CUP by the end of April, with a range between 574 and 640 CUP. This projection might materialize sooner than expected, given the rapid climb observed in recent days.
Understanding Cuba’s Informal Currency Market
Why is the euro reaching historic highs in Cuba?
The euro is reaching historic highs due to a combination of economic instability in Cuba, inflationary pressures from new currency introductions, cessation of Venezuelan oil supplies, and the euro’s strengthening against the dollar.
What impact does the euro’s rise have on the Cuban economy?
The rise of the euro increases costs for imported goods and services, adds to inflationary pressures, and widens the gap between official and informal market rates, further complicating economic stability in Cuba.
How does the informal currency market differ from the official rates in Cuba?
The informal currency market in Cuba often reflects a higher demand for foreign currency, resulting in rates that are significantly higher than the official rates set by the Central Bank of Cuba.
