Cuban peso hits historic low of 500 per dollar on informal market

The Cuban peso marked a historic low this Wednesday, depreciating to 500 units per US dollar on the informal market, according to independent media outlet El Toque, which publishes the daily reference indicator for the island’s parallel currency market.

This new decline represents a 15% depreciation so far in 2026, intensifying a monetary crisis that has deepened since the failed reform known as “Tarea Ordenamiento” (Task of Ordering) implemented in 2021.

Economic crisis and US pressure

The Cuban peso’s collapse occurs in a context of growing pressure from Washington on the island, particularly the tightening of oil restrictions that have created a climate of strong economic uncertainty.

The measures include a naval blockade on Venezuela that hindered Venezuelan oil shipments to Cuba, followed by direct sanctions on Havana that have worsened the country’s already critical energy situation.

The gap between official and reality

Cuba maintains multiple official exchange rates that dramatically contrast with the informal market reality:

• 24 pesos per dollar: Official rate for legal entities (established in 2021)
• 120 pesos per dollar: Rate for individuals and SMEs (since August 2022)
• 455 pesos per dollar: New floating Central Bank rate (this Wednesday)
• 500 pesos per dollar: Informal market (historic low)

This disparity of more than 400% between the lowest official rate and the informal market reflects the disconnection between government monetary policy and the economic reality experienced by Cubans daily.

Impact on migration

The monetary depreciation intensifies economic pressures that have made Cuba one of the main countries of origin for migrants to the United States. In 2022, more than 224,000 Cubans reached the US southern border, compared to 39,000 in 2021.

The loss of purchasing power, combined with chronic shortages of basic products, high inflation, and prolonged blackouts, drives thousands of Cuban families to seek migratory alternatives, particularly to the United States through overland routes via Mexico.

El Toque under official pressure

The independent media outlet El Toque, which monitors and publishes informal market rates, has faced government repression against its journalists, many of whom have been forced into exile. It has also been the target of smear campaigns from official media, reflecting the Cuban regime’s sensitivity to independent economic information.

Despite these pressures, El Toque has consolidated as the main reference for independent economists and citizens who need to know the real value of the Cuban peso in daily transactions.

Future outlook

The continued fall of the Cuban peso, along with new immigration policies from the Trump administration, suggests that migratory pressure from Cuba to the United States could intensify in the coming months.

Economic experts warn that without deep structural reforms or significant relief from international sanctions, the Cuban peso will likely continue its downward trajectory, worsening the conditions that drive mass migration from the island.

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