Cuba Minimum Wage Now Worth US$4.28 a Month as Peso Hits 750 per Dollar

CUBA · ECONOMY

The Cuba minimum wage raised in August has already lost about a tenth of its dollar value as the peso keeps sliding.

Cuba’s monthly minimum wage of 3,210 pesos was worth US$4.28 on 29 September 2026, at a street rate of 750 per dollar. The independent outlet Diario de Cuba reported the figure, saying the August pay rise is fading within weeks.

How the US$4.28 is calculated

The calculation is simple division. The wage of 3,210 Cuban pesos (about US$4.28) (CUP) divided by 750 pesos per dollar gives US$4.28 a month.

The 750 figure is the street rate published by elTOQUE, an independent Cuban media site. It says it calculates the rate in real time from buy and sell offers on social media and classified sites.

In euros, the same wage buys even less. At 850 pesos per euro on 29 September, Diario de Cuba put it at €3.78.

On 29 September the dollar rose ten pesos from the day before. It was the peso’s seventh straight day of losses against the dollar, the paper reported.

Official rate against street rate

Cuba runs several official exchange rates at once. Since December 2025, companies use a fixed rate of 24 pesos and individuals one of 120, Diario de Cuba reported.

A third, floating rate is set daily by the Banco Central de Cuba (BCC), the central bank. On 30 September, state banks sold dollars at about 695 pesos and bought them at about 667, elTOQUE’s official table showed.

At the midpoint of about 681 pesos, the wage is worth about US$4.71. Even at the official rate, it buys less than five dollars a month.

At the fixed 120-peso rate, the wage would equal US$26.75 on paper. Cuban economist Pedro Monreal has called the fixed rates “deeply overvalued,” Diario de Cuba reported in December.

The government does not accept elTOQUE’s figure and accuses it of feeding speculation. Most private prices, however, follow the street rate, as our guide to the informal dollar explains.

A pay rise that faded in weeks

Resolution 14/2026 of the Ministry of Labour and Social Security raised the minimum wage from 2,100 to 3,210 pesos (about US$2.80 to US$4.28) in July. It applied to wages paid from August, a nominal rise of about 53%.

At the end of August, the dollar cost 675 pesos on the street, Diario de Cuba reported. The new wage was then worth about US$4.76.

By 29 September it had fallen to US$4.28, a loss of about a tenth in one month. In December 2025, the old wage of 2,100 pesos was worth about US$5.13 at the floating rate of 410.

Inflation and a shrinking economy

The Centre for the Study of the Cuban Economy (CEEC), part of the University of Havana, tracks the economy twice a year. Its report for January to June 2026 put inflation at 12.24%, against 8.26% a year earlier.

Year-on-year inflation reached 18.27%, and the informal exchange rate lost 39.1% in the first half. Output fell by more than 15% between 2020 and 2025, the report said.

A wage rise printed in pesos cannot hold its value while the peso itself keeps losing ground. That is the core finding behind Diario de Cuba’s calculation.

What US$4.28 means in daily life

US$4.28 a month is about 14 US cents a day. The World Bank’s international poverty line is US$3 per person per day, as Diario de Cuba noted in December.

Most private shops price their goods in line with the street rate. For Cubans who rely only on a state wage or pension, each rise in that rate cuts what they can buy.

Cash itself is scarce, as banks and cash machines often run dry. The central bank has ordered zero tolerance for bank staff who sell notes for a fee.

The wider pressure on the island

Energy shortages add to the strain. Cuba’s grid has struggled to meet demand, with long daily blackouts and fuel shortages since 2024.

Imports priced in dollars rise in peso terms each time the rate climbs. For visitors and residents paid in foreign currency, the same slide makes private goods and services cheaper.

What to watch

The next test is whether the street rate stabilises or keeps rising through October. The government has not announced any further wage adjustment.

The gap between the floating official rate and the street rate was about 69 pesos at the end of September. Whether it narrows will show if the official market can win back trust.

More: Cuba news, every day from The Rio Times.

Frequently Asked Questions

What is the minimum wage in Cuba in 2026?

Cuba’s monthly minimum wage is 3,210 Cuban pesos (about US$4.28), set by Resolution 14/2026 and paid from August 2026. It was 2,100 pesos (about US$2.80) before.

How much is Cuba’s minimum wage in US dollars?

At the informal elTOQUE rate of 750 pesos per dollar on 29 September 2026, it is worth US$4.28 a month. At the official rate listed by state banks on 30 September, a midpoint of about 681 pesos, it is about US$4.71.

Why do calculations use the informal rate?

Most private prices in Cuba follow the street rate, which elTOQUE publishes daily from buy and sell offers. The official fixed rates of 24 and 120 pesos are rarely available to ordinary buyers of dollars.

\n

What is the background to Cuba Minimum Wage?

\n

Prices rose 12.24% in the first half of 2026, a University of Havana report found, as cited by Diario de Cuba.

\n

Sources: Diario de Cuba · Diario de Cuba (December 2025 devaluation) · Diario de Cuba (December 2025 exchange-rate system) · elTOQUE