The dollar is soaring in the Cuban informal market, marking its sixth consecutive day of increases this Tuesday.
The United States dollar opened this Tuesday priced at 478 CUP, a figure that represents three pesos more than the value it reached the previous day.
Since October 16, the dollar has seen six days of activity during which it has risen by 18 pesos. This increase has allowed the U.S. currency to reduce its difference to 52 CUP with the euro, whose rate remains significantly higher.
On October 21, the European currency remains valued at 530 CUP.
Exchange Rate Evolution
The Freely Convertible Currency (MLC) continues to hold its price from recent days and is selling for an average of 200 CUP.
Exchange rate today 10/21/2025 - 6:03 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 478 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 530 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 200 CUP.
According to the October report from the Observatory of Currencies and Finance of Cuba (OMFi), Cubans are seeking strong currencies to protect themselves from inflation, conduct trade, or simply survive.
The OMfi source projected that for the rest of the month, the dollar could even exceed 500 CUP if the current extreme environment persists.
According to the same forecast, the euro could reach 551 CUP, while the MLC would be around 215 CUP.
The decline in national production - especially due to the energy crisis - and the lack of supplies has forced small and medium-sized enterprises (mipymes) to seek inputs 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 notable capital flight and the use of cryptocurrencies or foreign accounts to protect income. This dynamic is fueled by widespread distrust in the government's ability to implement stabilizing policies.
The excess of pesos in circulation without productive backing, along with the failure of the banking process, has encouraged the immediate conversion of pesos into foreign currencies.
The lack of confidence in the national currency and the perception that the crisis has no short-term solution reinforce this defensive behavior.
This speculative process has accelerated due to the perception that the value of the peso is falling every day. On the other hand, the sustained decline in tourism has severely impacted the inflow of fresh foreign currency into the country. The reduced influx of dollars from tourism exacerbates the imbalance between the supply and demand for foreign currency.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on this 21st of October:
1 USD = 478 CUP.
5 USD = 2,390 CUP.
10 USD = 4,780 CUP.
20 USD = 9,560 CUP.
50 USD = 23,900 CUP.
100 USD = 47,800 CUP.
Equivalence of Euro (EUR) bills 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.
Meanwhile, Cubans are wondering what happened to "the floating rate" announced since late 2024 by Manuel Marrero, in an attempt to close the gap between the official and informal value of currencies.
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