The informal currency market in Cuba started this Sunday, September 21, with a significant movement in the United States dollar (USD), which rose to 425 Cuban pesos (CUP), five more than the previous day.
The euro (EUR) remains at 480 CUP, while the freely convertible currency (MLC) has dropped to 205 CUP after closing at 210 CUP on Saturday.
Informal exchange rate in Cuba Sunday, September 21, 2025 - 05:00
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 425 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 480 CUP
- Exchange rate from (MLC) to Cuban pesos CUP: 205 CUP
The most relevant piece of news today is the surge of the dollar, which breaks the trend of stability exhibited during much of the week and reaches a new high.
Exchange Rate Evolution
After several days anchored around 420 CUP, the US dollar suddenly jumps to a level that not only sets a recent record but could also pave the way for new pressures in the parallel market.
The euro, for its part, continues the record trend it has reached in recent days, consolidating itself as the most expensive currency on the street. Its stability at 480 CUP strengthens the gap compared to the dollar, which remains at 55 CUP, an unprecedented differential until just a few weeks ago.
The MLC shows an opposite trend: after having surged strongly during the week and closing on Friday at 210 CUP, it loses five pesos and stands at 205, a decline that could be attributed to an adjustment in demand for foreign currency intended for consumption in the depleted and diminished state stores.
The surge in the dollar is particularly significant in a context where retirees have just started receiving their new pensions. The five pesos increase in just one day means that those who rely on the black market to access foreign currency are facing an even greater shrinkage of their purchasing power.
Every increase in the dollar is another blow to the already fragile domestic economy, in a country where basic basket prices far exceed 30,000 CUP per month.
The start of this week will determine whether the rise of the dollar was a one-time event or the beginning of a new upward trend in the Cuban informal market.
One month of sustained dollar increase
The dollar jumping to 425 CUP this Sunday is not an isolated event, but rather the result of a rising trend that has solidified over the past month.
The informal market graph shows that, since the end of August, the US dollar has risen from trading around 405 CUP to surpass 425 CUP today, marking an appreciation of 20 pesos in just four weeks.
During the first half of September, the dollar experienced gradual changes, with increases of one or two pesos that brought it up to 420 CUP. This relative stability gave way, in the second half of the month, to a sharper spike that culminated in the new high reached this weekend.
The monthly behavior reveals two key dynamics: the dollar's resistance to dropping below 410 CUP, which served as a floor for several days, and the inability of the Cuban peso to sustain itself against the pressure of demand, creating room for the U.S. currency to break psychological barriers and reach 425 CUP.
If this trend continues, the dollar could close September around 430 CUP, confirming a trend that further erodes the purchasing power of salaries and pensions, and intensifies the fears of a population that largely believes the greenback will exceed 500 CUP by the end of the year.
For Cubans, each step in the rise of the U.S. dollar means a direct hit to the cost of living, in an economy where a large part of essential products depends on foreign currencies that the government of Miguel Díaz-Canel does not pay to workers.
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