The informal currency market in Cuba ends the week with another rise in the dollar and euro, solidifying their historical records, while the freely convertible currency (MLC) remains unchanged at its lowest value in the past month.
According to data published this Saturday by the independent media elTOQUE, the informal exchange rate stands at 470 Cuban pesos (CUP) per US dollar (USD), two points higher than the previous day.
Informal exchange rate in Cuba Saturday, October 18, 2025 - 07:00
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 470 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 525 CUP
- Exchange rate of (MLC) to Cuban pesos CUP: 200 CUP
On its part, the euro consolidates at 525 CUP achieved this Friday after a sudden jump of five pesos, while the MLC remains at 200 CUP. The figures confirm the sustained pressure on the Cuban peso, which has lost more than 10% of its value against major currencies in just one month.
Exchange Rate Evolution
Over the past four weeks, the dollar has shown a clearly upward trend: it rose from 420 CUP in mid-September to 470 CUP on this October 18th, with consistent increases and almost no setbacks.
The average rate of increase has been 12 to 15 pesos per week, driven by the shortage of official foreign currency, the rise in demand among small and medium-sized enterprises, and widespread distrust in the national currency.
The euro has followed a similar trend, although more stable in its final phase. In mid-September, it was trading around 480 CUP, and today it stands at 525 CUP, after a sustained climb that led it to break the symbolic threshold of 500 CUP at the beginning of the month.
The European currency has established itself as the primary store of value on the island, even surpassing the dollar during certain periods of volatility.
On the contrary, the MLC has lost ground: from 210 CUP at the end of September, it dropped to 200 CUP, its lowest level since May. This decline reflects the loss of confidence among Cubans in a currency controlled by the State and limited to shelves that are often empty and increasingly unaffordable prices.
Overall, the graphs from the last month show a clear trend: the Cuban peso continues to plummet, with no visible intervention from the government or signs of stabilization.
While the Central Bank remains silent on the promised currency reform, the informal market consolidates itself as the true barometer of the national economy, where the value of money is determined on the streets rather than in official offices.
Two months away from the end of the year, analysts and the Cuban population in general do not rule out new records before December, in a context where the Cuban peso is depreciating faster than the government seems willing—or able—to acknowledge.
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