¡No limits! That's how the euro price is displayed at the beginning of this week in the Cuban informal market.
In the last few hours, the European currency has risen from 490 to 499 CUP, positioning itself at the threshold of 500 pesos.
The figure represents an increase of nine pesos compared to the previous day and serves as further evidence of the complete collapse of the Cuban peso amidst an increasingly bleak outlook for the national economy.
The dollar, for its part, holds at 435 CUP this September 29, maintaining a difference of 64 pesos compared to the euro.
Exchange Rate Evolution
In the case of the Free Convertible Currency (MLC), whose decline and volatility have been its defining features in recent months, it has maintained the 210 CUP selling rate for several days now.
Exchange rate today 09/29/2025 - 7:46 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 435 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 499 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 210 CUP.
The euro leads the surge in the informal market in Cuba during 2025
The euro has been the currency that has appreciated the most in the Cuban informal market throughout 2025, becoming the benchmark currency for thousands of Cubans seeking to protect their savings against the ongoing deterioration of the Cuban peso (CUP).
On January 1, 2025, the European currency was trading at 310 CUP; almost nine months later, this figure has increased by 189 CUP, reaching a total of 499 CUP, a leap that illustrates the extent of the peso's depreciation.
Factors that would be driving the increase
The rise of the euro is due to several interconnected factors. On one hand, there is a high demand for strong currencies in a context of uncontrolled inflation and wages that are losing value day by day. The euro has become a safe haven not only for those receiving remittances from Europe but also for those who need to travel or conduct transactions related to that continent.
The scarcity of supply also plays a decisive role. Compared to the dollar, which circulates more freely due to remittances from the United States, the euros available on the street are fewer, further driving up the price.
This is compounded by widespread distrust towards the CUP and the speculative nature of the market, where many purchase in anticipation of new price increases, which accelerates the so-called "spikes."
Impact on daily life
The rising cost of the euro directly impacts the wallets of Cubans. Salaries and pensions in pesos are rapidly losing value, while the prices of goods and services indexed to foreign currencies—ranging from technology to medicines or airline tickets—continue to soar.
Those who depend on income in CUP are seeing their purchasing power drastically reduced, while those receiving remittances in euros find that the value of each transfer multiplies, creating an increasing social gap.
Comparison with the dollar and the MLC
Although the dollar has also risen, its advance has been more moderate than that of the euro.
Over several days, while the greenback remained stable or slightly declined, the euro continued to rise. The Convertible Currency (MLC) has exhibited more volatility, with intermittent drops, reinforcing the preference for the European currency.
In this scenario, the euro has become the main gauge of the informal economy, partially displacing the dollar as a price reference in certain transactions. As long as there are no effective monetary reforms or greater availability of foreign currency through official channels, the European currency will continue to serve as a safeguard against the collapse of the CUP.
For now, everything suggests that the euro will continue to lead the spikes in the informal Cuban market, reflecting the severity of the currency crisis and the irreversible decline of the peso as legal tender.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates this September 29:
1 USD = 435 CUP.
5 USD = 2,175 CUP.
10 USD = 4,350 CUP.
20 USD = 8,700 CUP.
50 USD = 21,750 CUP.
100 USD = 43,500 CUP.
Equivalence of Euro (EUR) banknotes to Cuban Peso (CUP):
5 EUR = 2,495 CUP
10 EUR = 4,990 CUP
20 EUR = 9,980 CUP
50 EUR = 24,950 CUP
100 EUR = 49,900 CUP
200 EUR = 99,800 CUP
500 EUR = 249,500 CUP
In July, Manuel Marrero announced transformations in Cuba's official currency market, changes that - as he stated - are expected to be implemented in the second half of the year. However, there are currently no updates on the matter.
Frequently asked questions about the increase in the price of the euro in the Cuban informal market
How much has the price of the euro increased in the Cuban informal market?
The price of the euro has risen from 490 to 499 CUP, reaching the threshold of 500 pesos and marking an increase of nine pesos compared to the previous day.
Why is the euro rising in Cuba's informal market?
The rise of the euro is due to several interconnected factors, such as the high demand for strong currencies in a context of uncontrolled inflation and the limited supply of euros compared to the dollar. Additionally, the distrust towards the CUP and the speculative nature of the market contribute to this phenomenon.
What is the impact of the euro increase on the Cuban economy?
The rising cost of the euro directly impacts the wallets of Cubans, as salaries and pensions in CUP rapidly lose value. This increases the prices of products and services indexed to foreign currencies, such as technology and medicines, and reduces the purchasing power of those who rely on income in CUP.
How does the increase of the euro compare to that of the dollar and the MLC?
The euro has shown a greater increase compared to the dollar, which remains at 435 CUP, and the MLC, which stands at 210 CUP. The euro has partially displaced the dollar as a price reference in certain transactions due to its high demand and lower availability.
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