After two days of intense activity in the Cuban informal currency market, this Monday the dollar, the euro, and the freely convertible currency (MLC) start the day in a calm state.
The three reference currencies in Cuba retain the values they reached the day before.
The dollar is sold for 458 CUP and the euro for 520.
In the case of the MLC, it remains at 205 pesos, according to the daily report from the independent media elTOQUE, which has been documenting the fluctuations in the value of currencies in Cuba since 2021.
Exchange Rate Evolution
In just twelve days, the US dollar has gained 13 CUP, and the euro has risen by eight, confirming the accelerated deterioration of the Cuban peso and the ongoing loss of confidence in the national currency.
With the dollar nearly reaching 460 CUP and the euro at 520, the situation in the informal market confirms that the Cuban peso is experiencing one of its most critical phases.
Every increase in currency rates translates into another blow to salaries and pensions in national currency, whose purchasing power continues to plummet without the government providing solutions.
Exchange rate today 10/13/2025 - 8:58 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 458 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 520 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 205 CUP.
Dollar and euro keep rising: The purchasing power of Cubans is sinking further and further
The sustained rise of both currencies in recent months is a clear indication of the economic deterioration that the island is experiencing.
At the end of July, the dollar was around 370 CUP, while the euro was around 430 CUP. The increase has been over 20% in just two months, an alarming trend that directly affects the finances of Cubans.
For most citizens earning salaries in national currency, this situation represents a drastic reduction in their purchasing power.
With an average monthly salary of just over 4,000 CUP, a Cuban worker needs almost their entire 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 the 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 exacerbates the gap between those who receive remittances from abroad and those who rely solely on government income.
The Cuban peso, increasingly devalued
The lack of a clear monetary policy from the Cuban regime, combined with the collapse of production and the scarcity 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 exchanging has almost completely eroded, pushing many citizens to turn to 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 support and guarantees, increases the vulnerability of the poorest and creates a constant environment of uncertainty.
An economy on the brink of collapse
The sustained increase in the dollar and the euro is more than just 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 facing increasingly high prices, insufficient salaries, and a national currency that loses value each 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 of this October 13:
1 USD = 458 CUP.
5 USD = 2,290 CUP.
10 USD = 4,580 CUP.
20 USD = 9,160 CUP.
50 USD = 22,900 CUP.
100 USD = 45,800 CUP.
Euro (EUR) to Cuban Peso (CUP) bill equivalence:
1 EUR = 520 CUP.
5 EUR = 2,600 CUP.
10 EUR = 5,200 CUP.
20 EUR = 10,400 CUP.
50 EUR = 26,000 CUP.
100 EUR = 52,000 CUP.
200 EUR = 104,000 CUP.
500 EUR = 260,000 CUP.
Since late 2024, the Cuban government has announced its intention to introduce a floating exchange system in an attempt to close the gap between the official and informal value of currencies.
However, more than half a year later, they have not provided details about its implementation.
Independent economists warn that any attempt to regulate 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 acknowledge 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 Devaluation of the Cuban Peso and the Foreign Exchange Market
What is the current exchange rate of the dollar and the euro in the Cuban informal market?
The dollar is trading at 458 CUP and the euro at 520 CUP in the Cuban informal market, according to the daily report from the independent media elTOQUE. These values reflect a significant increase compared to previous months.
Why have the prices of the dollar and the euro risen so much in Cuba?
The increase in the prices of the dollar and the euro is due to the economic decline and the lack of a clear monetary policy by the Cuban regime. This has resulted in a loss of confidence in the Cuban peso and a high demand for foreign currencies as a way to protect purchasing power.
How does the devaluation of the Cuban peso affect the population?
The devaluation of the Cuban peso drastically reduces the purchasing power of salaries and pensions in national currency. This results in an increase in the prices of basic goods and a growing social inequality, as those who receive remittances in foreign currency have a significant economic advantage.
What measures has the Cuban government announced to address the currency crisis?
The Cuban government announced its intention to introduce a floating exchange system to narrow the gap between the official and informal values of currencies. However, up until now, there have been no details regarding its implementation, which raises uncertainty and a lack of trust among the population.
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