Cuban peso hits a record low against the US dollar in informal markets
[February 12, 2026] By
ANDREA RODRÍGUEZ
HAVANA (AP) — The Cuban peso hit an all-time low Wednesday against the
U.S. dollar in Cuba's widely used informal market, reflecting a
deepening crisis as the Trump administration’s restrictions on oil
imports further choke the island's economy.
The currency hit 500 pesos to the dollar in informal channels, according
to the independent news website El Toque, which provides regular updates
on Cuba's peso. That compares with about 400 last summer.
The informal rate — often negotiated on WhatsApp groups and between
neighbors who bring cash from the U.S. or Europe — is used far more than
the official exchange rates. Despite the government's attempts to exert
strict economic control, experts have long used the informal exchange
rate as a gauge of the health of the Cuban economy.
As the country has spiraled deeper into an economic and energy crisis
over the past five years, caused in large part by decades of U.S.
sanctions on Cuba, the peso has dropped with it. At the same time, the
Caribbean nation's economy has become increasingly dollarized.
“It’s not good news, obviously,” said Cuban economist Ricardo Torres of
American University in Washington. “Many things are already being sold
directly in dollars even though most Cubans do not have stable income in
dollars.”
The Cuban peso's plunge in the informal market deals a blow to residents
already struggling to scrape by. The average state salary is around
7,000 Cuban pesos — now about $14 on the informal market — and a carton
of eggs costs 3,000 Cuban pesos.
Cuba has three official exchange rates in a complex system that many
residents struggle to understand, ranging from 24 pesos to the dollar
for certain business transactions to a new 455 pesos rate implemented in
December in an effort to compete with the informal rate.
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People wait in line to enter a government office in Havana, Cuba,
Wednesday, Feb. 11, 2026. (AP Photo/Ramon Espinosa)
 Yet, most people still use the
informal market.
The peso began to dip further after a U.S. military operation on
Jan. 3 in Venezuela deposed former President Nicolás Maduro, and
U.S. President Donald Trump announced that no more Venezuelan oil
would go to Cuba, cutting the country off from its key ally. The day
of the operation, the Cuban peso was at around 438 pesos to the
dollar.
Then at the end of January Trump threatened to slap tariffs on any
nation providing Cuba with fuel, prompting Mexico to cut off
shipments to the island, though Mexico has continued to deliver
other aid to Cuba.
What came next was a gradual descent into turmoil in just a span of
days.
Last week, Cuba’s government announced it would only sell limited
amounts of gasoline in dollars and other foreign currency. Cuba
announced it no longer had enough oil to refuel airplanes, prompting
flight cancellations from across the world and cutting the island
off from its key economic engine: tourism.
Public transport in Havana has largely been slashed. Endemic
blackouts have become longer and grown more frequent. Banks have cut
operating hours. Cultural events have been cancelled and many
classes have gone remote.
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