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After a calm Monday, the informal currency market in Cuba is experiencing a new change: the price of the dollar is rising.
At dawn this Tuesday, the US dollar is sold at an average of 460 CUP, two pesos more than its value from the previous day.
Since October 1, when it reached 440 CUP, the dollar has risen by 20 pesos in just two weeks, indicating a strengthening of the U.S. currency in street-level transactions on the island.
Every rise in foreign exchange rates translates into another blow to salaries and pensions in national currency, whose purchasing power is plummeting without the government offering solutions.
The euro, for its part, maintains the 520 CUP it reached last weekend.
In the case of the MLC, it remains at 205 pesos, according to the daily report from the independent media elTOQUE, which has documented the fluctuations in the value of currencies in Cuba since 2021.
Exchange rate today 14/10/2025 - 12:52 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 460 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.
The purchasing power of Cubans continues to decline
The sustained rise of the dollar and the euro in recent months is a clear symptom of the economic deterioration experienced by the island.
For most citizens who receive salaries in the national currency, this situation represents a drastic reduction in their purchasing power.
The rise of the dollar and the euro is causing a widespread increase in the prices of basic goods, many of which are imported by entrepreneurs who operate with foreign currencies.
This phenomenon further widens the gap between those who receive remittances from abroad and those who rely solely on state income.
Moreover, the absence 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.
Trust in the Cuban peso as a means of saving or exchange has nearly eroded completely, 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, without institutional backing or guarantees, increases the vulnerability of the poorest and creates a permanent atmosphere of uncertainty.
An economy on the brink of collapse
The sustained increase of 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 confronted with 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 dependence 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 on this October 14:
1 USD = 460 CUP.
1 USD = 460 CUP.
5 USD = 2,300 CUP.
10 USD = 4,600 CUP.
20 USD = 9,200 CUP.
50 USD = 23,000 CUP.
100 USD = 46,000 CUP.
Equivalence of Euro (EUR) banknotes to Cuban Peso (CUP):
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 the end of 2024, the Cuban government announced its intention to introduce a floating exchange system in 2025 to try to bridge the gap between the official and informal value of currencies. However, with just two and a half months left in the year, the regime has yet to make a statement on the matter.
Independent economists have warned from the outset 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 recognize prices four times higher than the current 120 CUP per euro maintained by state banks and official currency exchange houses (CADECA).
Frequently Asked Questions about the Rise of the Dollar in Cuba
What is the current price of the dollar in Cuba's informal market?
The current price of the dollar in Cuba's informal market is 460 Cuban pesos (CUP), according to the daily report from elTOQUE, an independent media outlet that documents the value of currencies on the island.
What impact does the rise of the dollar have on the Cuban economy?
The rise of the dollar has a significant impact on the Cuban economy, as it drastically reduces the purchasing power of salaries and pensions paid in national currency. This leads to an increase in the prices of basic goods, many of which are imported, and exacerbates the inequality between those who receive remittances in foreign currency and those who rely solely on state income.
Why doesn't the Cuban government take action against the devaluation of the peso?
The Cuban government has announced on several occasions its intention to introduce a floating exchange system to bridge the gap between the official and informal value of currencies. However, it has not yet implemented these reforms, which continues to fuel the devaluation of the Cuban peso and economic uncertainty.
What alternative measures are Cubans taking in response to the economic crisis?
In the face of the economic crisis, many Cubans are turning to mass emigration, informal work, and reliance on remittances as survival strategies. These measures reflect the desperation in response to a government that does not provide effective solutions to the economic decline.
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