The Cuban peso depreciated to 500 units per US dollar in the informal market on Wednesday, marking a historic low according to the El Toque outlet. This 15 percent drop so far this year worsens the island's economic crisis, driven by external pressures from the United States. The depreciation has deepened since the failed 2021 monetary reform.
The reference indicator for the informal market, published daily by the independent outlet El Toque, recorded on Wednesday, February 11, 2026, that the Cuban peso reached 500 units per US dollar, a historic low. This depreciation represents a 15 percent drop in the Cuban currency's value against the dollar so far this year.
The situation occurs amid growing pressures from the United States on Cuba, including a naval blockade that has affected the flow of Venezuelan oil to the island. Cuba has been facing a deep economic crisis for six years, characterized by scarcity of basic goods, high inflation, production declines, and prolonged blackouts.
The depreciation in the informal market has been ongoing since the failed 2021 monetary reform known as ‘Tarea Ordenamiento’, which aimed to eliminate the dual currency system in the country, where the convertible peso previously circulated at par with the dollar. El Toque, whose exchange rate is the most followed on the street and by independent economists, has documented this plunge, which coincides with rising tensions in the Caribbean Sea.
In response, the Cuban Government and the Central Bank of Cuba have adjusted official rates on several occasions. In 2021, the official exchange rate started at 24 pesos per dollar. In August 2022, a rate of 120 pesos per dollar was set for individuals and small and medium-sized enterprises. In December 2024, amid a recession in gross domestic product and a growing gap between formal and informal rates, a third floating exchange rate was announced for certain currency holders, starting at 410 pesos per dollar and reaching 455 units on Wednesday.
This evolution highlights the widening gap between the informal market and the third official segment, amplifying economic uncertainty on the island.
