The dollar and the euro continue their relentless upward surge in the informal Cuban market.
In recent hours, both currencies have reported price increases in street sales on the island, according to the independent media elTOQUE in its daily report.
At dawn this Monday, the euro suddenly rises by five pesos and is now at 530 CUP, setting an absolute sales record.
The dollar, for its part, rises for the third consecutive day and reaches 475 CUP, three pesos more than the previous day.
Exchange Rate Evolution
The Freely Convertible Currency (MLC) maintains its price from the last few days and is averaging 200 CUP.
Exchange rate today 10/20/2025 - 7:11 a.m. in Cuba:
Dollar exchange rate USD to CUP according to elTOQUE: 475 CUP.
Euro exchange rate EUR to CUP according to elTOQUE: 530 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 200 CUP.
Why are the dollar and euro continuing to rise in Cuba?
According to the October report from the Observatory of Currencies and Finances of Cuba (OMFi), the depreciation of the peso is due to a multidimensional crisis that pushes Cubans—from households to small and medium-sized enterprises—to seek refuge in strong currencies to protect themselves from inflation, conduct business, or simply survive.
The lack of confidence in the national currency and the perception that the crisis has no short-term solution reinforce this defensive behavior.
The decline in national production, particularly due to the energy crisis and the lack of supplies, has forced small and medium-sized enterprises (mipymes) to seek materials from abroad, increasing their need for foreign currency. This creates fierce competition in the informal market among businesses, consumers, and traders.
At the same time, there is a growing capital flight and the use of cryptocurrencies or foreign accounts to protect income. This dynamic is driven by widespread distrust in the government's ability to implement stabilizing policies.
The excess of pesos in circulation without backing from production, combined with the failure of the banking process, has encouraged the immediate conversion of pesos into foreign currency. This speculative process has accelerated due to the perception that the value of the peso falls every day.
On the other hand, the sustained decline in tourism has severely impacted the influx of fresh foreign currency into the country. The reduced arrival of dollars through tourism exacerbates the imbalance between the supply and demand for foreign currency.
The OMfi source predicted that the dollar could reach 473 CUP, and even exceed 500 CUP if the current extreme conditions persist.
The report from this Monday by elTOQUE shows that it has already surpassed those 473 CUP.
The euro could reach 551 CUP and the MLC around 215 CUP.
Equivalence of US Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates as of October 20:
1 USD = 475 CUP.
2 USD = 950 CUP.
5 USD = 2,375 CUP.
10 USD = 4,750 CUP.
20 USD = 9,500 CUP.
50 USD = 23,750 CUP.
100 USD = 47,500 CUP.
Equivalence of Euro (EUR) banknotes to Cuban Peso (CUP):
1 EUR = 530 CUP.
2 EUR = 1,060 CUP.
5 EUR = 2,650 CUP.
10 EUR = 5,300 CUP.
20 EUR = 10,600 CUP.
50 EUR = 26,500 CUP.
100 EUR = 53,000 CUP.
200 EUR = 106,000 CUP.
500 EUR = 265,000 CUP.
Since late 2024, the Cuban government has announced its intention to introduce a floating exchange system in 2025 to try to close the gap between the official and informal value of currencies. However, with two and a half months left in the year, the regime remains silent on the matter.
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