The informal currency market in Cuba started this Sunday, October 12, with new increases in the main foreign currencies.
The US dollar (USD) rose to 458 Cuban pesos (CUP), three more than the previous day and a new historical record.
the euro (EUR) also joined the rise and reached a new historical record by standing at 520 CUP, five points higher than the previous day, solidifying its position as the most expensive currency in the market.
Informal exchange rate in Cuba Sunday, October 12, 2025 - 04:33
Exchange Rate Evolution
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 458 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 520 CUP
- Exchange rate of (MLC) to Cuban pesos CUP: 205 CUP
The Freely Convertible Currency (MLC), on the other hand, dropped slightly for the second consecutive day to reach 205 CUP, after weeks of relative stability around 210 Cuban pesos.
The simultaneous increase of the dollar and the euro strengthens the upward trend that has marked the market throughout October, and seems to confirm the predictions of Cubans who predominantly fear a scenario by the end of the year where both currencies surpass the psychological barrier of 500 Cuban pesos.
In just twelve days, the dollar has gained 13 CUP and the euro, eight, which confirms the accelerated deterioration of the Cuban peso and the ongoing loss of confidence in the national currency.
The new record of the euro, which now surpasses the dollar by more than 60 CUP, reflects a growing preference for the European currency among those who receive remittances or conduct transactions in the informal market.
The gap between both currencies has widened to unprecedented levels, highlighting the structural weakness of the Cuban peso against any international benchmark.
The dollar, for its part, consolidates the rise that began at the end of September when it surpassed the barrier of 420 CUP. Since then, its value has continued to increase, in a movement that economists associate with persistent inflation, supply shortages, and the lack of effective measures to curb the depreciation of the CUP.
In contrast, the MLC exhibits erratic behavior: its drop to 205 CUP seems to be a response to lower temporary demand, but it remains well above the official value of 120 CUP set by the State.
Its volatility, combined with the rise of strong currencies, keeps uncertainty among consumers who depend on it to access basic products sold in the poorly stocked state stores.
With the dollar approaching 460 CUP and the euro at 520, the situation in the informal market confirms that the Cuban peso is going through one of its most critical phases. Each increase in foreign currencies translates into a new blow to salaries and pensions in national currency, whose purchasing power continues to plummet without the government providing solutions.
This Sunday’s market sends a clear message again: while the authorities insist on speaking of “recovery” and “resilience,” the real economy —the one experienced on the streets— continues to be marked by a currency that loses value each day and by a widespread distrust of any official promise of stability.
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