The price of the dollar and the euro shows no signs of respite in Cuba. Both currencies are starting the day with increases that set new sales records.
In the case of the dollar, this Wednesday marks a full week of consecutive increases in informal sales on the island.
The U.S. dollar opened this Wednesday priced at 482 CUP, which represents four pesos more than the value it reached the previous day.
Since October 16, the dollar has risen 22 pesos in the informal market.
Exchange Rate Evolution
Subidón también para el euro, which suddenly rises by five pesos and is now at 535 CUP per unit.
The Freely Convertible Currency (MLC), for its part, maintains the price it has held over the last few days and is selling on average for 200 CUP.
Exchange rate today 10/22/2025 - 6:10 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 482 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 535 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 200 CUP.
According to the October report from the Cuban Currency and Finance Observatory (OMFi), Cubans are increasingly turning to strong currencies to protect themselves from inflation, conduct business, or simply survive.
The OMfi projected that in the remaining days 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 settle at 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, a growing capital flight and the use of cryptocurrencies or foreign accounts to safeguard income are being reported. 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, combined 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 in light of 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 currency into the country. The reduced influx of dollars through tourism exacerbates the imbalance between the supply and demand for foreign currency.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates of October 22:
1 USD = 482 CUP.
5 USD = 2,410 CUP.
10 USD = 4,820 CUP.
20 USD = 9,640 CUP.
50 USD = 24,100 CUP.
100 USD = 48,200 CUP.
Equivalence of Euro (EUR) bills to Cuban Peso (CUP):
1 EUR = 535 CUP.
5 EUR = 2.675 CUP.
10 EUR = 5,350 CUP.
20 EUR = 10,700 CUP.
50 EUR = 26,750 CUP.
100 EUR = 53,500 CUP.
200 EUR = 107,000 CUP.
500 EUR = 267,500 CUP.
Meanwhile, Cubans are wondering what happened to the "floating rate" announced since late 2024 by Manuel Marrero, in an attempt to try to close the gap between the official and informal value of currencies.
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