The dollar and the euro continue their unstoppable rise in the Cuban informal market. Both currencies are starting the day with new price increases this Thursday.
In the case of the dollar, it marks eight consecutive days of increases in informal sales on the island.
The US dollar is valued at 485 CUP on this October 23, which is three pesos more than its value the day before.
Since October 16, the dollar has risen by 25 pesos in the informal market.
Exchange Rate Evolution
Subidón also for the euro, which suddenly rises by five pesos to settle at 540 CUP per unit, meaning that the selling price is 55 pesos above the dollar.
The Freely Convertible Currency (MLC), for its part, has maintained the same price for several days: 200 CUP. Despite the dire predictions for the virtual currency created by the Cuban regime, it is holding up for now.
Exchange rate today 10/23/2025 - 6:20 a.m. in Cuba:
Dollar exchange rate USD to CUP according to elTOQUE: 485 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 540 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 200 CUP.
According to the October report from the Observatory of Currencies and Finances of Cuba (OMFi), in the remainder 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 remain at around 215 CUP.
The sustained rise of the dollar and the euro in the Cuban informal market represents a direct blow to the domestic economy.
In a context where most basic goods and services depend on foreign currency—either due to imports or sales in MLC—the increase of 25 pesos in just eight days immediately raises prices in the domestic market.
Every increase in the informal rate translates into a rise in the cost of living: food, hygiene products, medicines, and even transportation or repair services increase in price at almost the same pace as currencies.
For families that depend on state salaries or pensions, whose income remains fixed in Cuban pesos, this phenomenon signifies an accelerated loss of purchasing power.
Meanwhile, households that receive remittances or handle foreign currency manage to maintain a certain level of consumption, widening the gap between those with access to the dollar and those without.
This disparity fuels social tensions and drives many Cubans to seek alternative income sources—whether through the informal market, jobs abroad, or even emigration—as the only way to withstand the economic decline.
In broader terms, the rise in the dollar's value reflects a lack of confidence in the Cuban peso and the absence of effective measures to stabilize the national currency.
The increasing de facto dollarization further erodes the state's ability to control prices and plan the economy, while inflation feeds back into a cycle that punishes the most vulnerable.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP) according to the exchange rates on this October 23:
1 USD = 485 CUP.
5 USD = 2,425 CUP.
10 USD = 4,850 CUP.
20 USD = 9,700 CUP.
50 USD = 24,250 CUP.
100 USD = 48,500 CUP.
Equivalence of Euro banknotes (EUR) to Cuban Peso (CUP):
1 EUR: 540.
5 EUR = 2,700 CUP.
10 EUR = 5,400 CUP.
20 EUR = 10,800 CUP.
50 EUR = 27,000 CUP.
100 EUR = 54,000 CUP.
200 EUR = 108,000 CUP.
500 EUR = 270,000 CUP.
Meanwhile, Cubans are wondering what happened to the "floating rate" announced by Manuel Marrero since late 2024, in order to try to close the gap between the official and informal value of currencies.
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