Another record day in the Cuban informal market: the dollar and the euro are rising, although the surge of the U.S. currency is particularly significant today.
The dollar reaches 455 CUP per unit, which represents five pesos more than the average selling price it had until yesterday, according to the daily report from the independent media elTOQUE, which has been documenting the fluctuations in the value of foreign currencies in Cuba since 2021.
In the case of the euro, the European currency rises for the second consecutive day, reaching 512 CUP today, two pesos more than the price it reached this Thursday.
The Freely Convertible Currency (MLC), for its part, remains stable.
Exchange Rate Evolution
For the past two weeks, the virtual currency used by the Cuban regime, which many believe is doomed to disappear in the short term, has remained valued at 210 CUP, a price it has held since September 25th.
Exchange rate today 10/10/2025 - 7:10 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 455 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 512 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 210 CUP.
Dollar and euro keep rising: The purchasing power of Cubans is sinking deeper and deeper
The price of the dollar and the euro in the Cuban informal market continues its relentless climb. Both values represent new historical highs that reflect the sharp devaluation of the Cuban peso and the growing desperation of the population to access strong currencies.
The sustained rise of both currencies in recent months is a clear symptom of the economic deterioration that the island is experiencing.
At the end of July, the dollar was around 370 CUP, while the euro was about 430 CUP. The increase has been over 20% in just two months, an alarming trend that directly affects the wallets of Cubans.
Less purchasing power, more inequality
For most citizens who earn salaries in national currency, this situation represents a drastic reduction in their purchasing power.
With an average monthly salary barely exceeding 4,000 CUP, a Cuban worker needs nearly all of their income just to buy 10 dollars or less in the informal market, if they can manage to access them.
The rise of the dollar and euro also leads to a widespread increase in the prices of basic goods, many of which are imported by entrepreneurs who operate with foreign currencies.
This phenomenon further accentuates the gap between those who receive remittances from abroad and those who rely solely on state income.
The Cuban peso, increasingly devalued
The lack of a clear monetary policy from the Cuban regime, coupled with the collapse of production and the shortage of foreign currency in the hands of the state, fuels an unprecedented spiral of devaluation.
Confidence in the Cuban peso as a means of saving or exchange has almost completely eroded, pushing many citizens to seek refuge in foreign currencies as the only way to protect their purchasing power.
Independent economists warn that if this trend continues, the country could face a crisis of greater magnitude. The de facto dollarization experienced in many sectors of the economy, lacking institutional backing or guarantees, increases the vulnerability of the poorest and creates a climate of ongoing uncertainty.
An economy on the brink of collapse
The sustained increase in the dollar and the euro is more than a financial indicator; it is a reflection of the economic and social collapse that Cuba is experiencing.
While the authorities remain silent or blame "external interests" for the situation, citizens are faced with increasingly high prices, insufficient salaries, and a national currency that loses value every day.
In this context, mass emigration, the rise of informal work, and reliance on remittances have become survival strategies for millions of Cubans.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates for this October 10:
1 USD = 455 CUP.
5 USD = 2,275 CUP.
10 USD = 4,550 CUP.
20 USD = 9,100 CUP.
50 USD = 22,750 CUP.
100 USD = 45,500 CUP.
Equivalence of Euro banknotes (EUR) to Cuban Peso (CUP):
1 EUR = 512 CUP.
5 EUR = 2,560 CUP.
10 EUR = 5,120 CUP.
20 EUR = 10,240 CUP.
50 EUR = 25,600 CUP.
100 EUR = 51,200 CUP.
200 EUR = 102,400 CUP.
500 EUR = 256,000 CUP.
Since late 2024, the Cuban government has announced its intention to introduce a floating exchange system to try to bridge the gap between the official and informal values of currencies.
However, more than half a year later, they have not provided details about its implementation.
Independent economists warn that any attempt to regularize the exchange system should start from a reference rate close to the Representative Rate of the Informal Market (TRMI).
That is to say, the government would have to officially recognize prices four times higher than the current 120 CUP per euro maintained by state banks and official exchange houses (CADECA).
Frequently asked questions about the increase in the price of the dollar and the euro in Cuba
Why is the price of the dollar and the euro still rising in Cuba?
The price of the dollar and the euro continues to rise in Cuba due to the devaluation of the Cuban peso and the high demand for foreign currencies. The scarcity of foreign currency in official channels and the lack of confidence in the Cuban peso as a means of saving or exchange are factors that contribute to this upward trend. Furthermore, the limited access to foreign currencies and uncontrolled inflation create additional pressure on the informal market.
How do the increases in the dollar and euro affect Cubans?
The rise of the dollar and the euro dramatically reduces the purchasing power of Cubans who receive salaries in pesos. This increases the cost of basic products and services that depend on imports, such as food, medicine, and technology. The population is forced to spend more pesos to obtain the same foreign currency, which intensifies the economic inequalities between those who receive remittances and those who rely solely on their income in pesos.
What is the current exchange rate of the dollar and the euro in Cuba?
According to the daily report from the independent media elTOQUE, the dollar is currently priced at 455 CUP and the euro at 512 CUP in the Cuban informal market. These figures represent new historical highs for both currencies on the island, reflecting the ongoing depreciation of the Cuban peso.
What measures has the Cuban government announced to control the situation in the currency market?
The Cuban government has announced its intention to introduce a floating exchange rate system to try to close the gap between the official and informal values of currency. However, so far no specific details have been provided regarding its implementation. Independent economists warn that any attempt to regulate the exchange system should start from a reference rate close to that of the informal market.
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