The dollar and the euro continue their relentless climb in the informal Cuban market.
In recent hours, both currencies have reported price increases in street sales on the island, as revealed by the independent outlet elTOQUE in its daily report.
At dawn this Friday, the euro suddenly jumps five points to reach 525 CUP, establishing an all-time selling record.
The dollar, for its part, rises to 468 CUP, an increase that represents three pesos more than the value it reached yesterday.
Exchange Rate Evolution
The Freely Convertible Currency (MLC) maintains its price from the previous day and is sold at an average of 200 CUP.
Exchange rate today 10/17/2025 - 6:46 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 468 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 525 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 200 CUP.
Why are the dollar and euro still increasing in Cuba?
According to the October report from the Cuba Currency and Finance Observatory (OMFi), the depreciation of the peso is due to a multidimensional crisis that drives Cubans—from households to small and medium-sized enterprises—to seek refuge in strong currencies to protect themselves from inflation, conduct business, or simply survive.
The lack of trust in the national currency and the perception that the crisis has no short-term solution reinforce this defensive behavior.
The decline in national production, particularly due to the energy crisis and lack of supplies, has forced small and medium-sized enterprises (mipymes) to seek inputs from abroad, increasing their need for foreign currency. This creates fierce competition in the informal market among businesses, consumers, and traders.
At the same time, a growing capital flight is being recorded, along with the use of cryptocurrencies or foreign accounts to protect income. This dynamic is fueled by widespread distrust in the government's ability to implement stabilizing policies.
The excess of pesos in circulation without backing from production, combined with the failure of the banking process, has encouraged the immediate conversion of pesos into foreign currency. This speculative process has accelerated due to the perception that the value of the peso is declining every day.
On the other hand, the sustained decline in tourism has severely affected the influx of fresh foreign currency into the country. The reduced entry of dollars through tourism exacerbates the imbalance between the supply and demand for foreign currency.
The OMfi source projects that the dollar could reach 473 CUP and even exceed 500 CUP if the current extreme environment persists.
The euro could reach 551 CUP, and the MLC around 215 CUP.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on October 17:
1 USD = 468 CUP.
5 USD = 2,340 CUP.
10 USD = 4,680 CUP.
20 USD = 9,360 CUP.
50 USD = 23,400 CUP.
100 USD = 46,800 CUP.
Currency exchange from Euros (EUR) to Cuban Pesos (CUP):
1 EUR = 525 CUP.
5 EUR = 2.625 CUP.
10 EUR = 5,250 CUP.
20 EUR = 10,500 CUP.
50 EUR = 26,250 CUP.
100 EUR = 52,500 CUP.
200 EUR = 105,000 CUP.
500 EUR = 262,500 CUP.
Since late 2024, the Cuban government announced its intention to introduce a floating exchange system in 2025 to try to close the gap between the official and unofficial value of currencies. However, two and a half months before the end of the year, the regime remains silent on the matter.
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