On Wednesday, September 24, the informal currency market in Cuba saw the U.S. dollar (USD) reach a new peak, trading at 428 Cuban pesos (CUP). This marks an increase of one peso from the previous day and sets a new record high. Meanwhile, the euro (EUR) remains steady at 485 CUP after hitting a historic high earlier in the week, and the Freely Convertible Currency (MLC) holds at 205 CUP.
Informal Exchange Rates in Cuba
As of Wednesday, September 24, 2025, at 5:00 AM, the following are the informal exchange rates:
- USD to CUP: 428 CUP
- EUR to CUP: 485 CUP
- MLC to CUP: 205 CUP
The rising dollar highlights the mounting pressure on Cuba's national currency. Within just four days, the dollar surged from 420 to 428 CUP, an eight-peso jump reflecting Cubans' growing demand for the U.S. currency in a parallel market where supply is scarce and demand continues to soar. The 430 CUP mark now looms as the next potential threshold for the market to challenge.
The euro, maintaining its record at 485 CUP, shows a gap of nearly 60 CUP compared to the dollar. Despite no changes in the past 48 hours, it remains the most expensive reference, underscoring the Cuban peso's depreciation throughout September.
The MLC, on the other hand, has stayed at 205 CUP after experiencing significant fluctuations last week. Its relative stability contrasts with the dollar and euro's surge, yet it still highlights the Cuban peso's inability to regain ground against any informal market currencies.
The dollar's ascent directly impacts Cubans' purchasing power. With minimum pensions at 4,000 CUP, retirees currently have access to just 9.3 dollars, starkly revealing the income inadequacy in a country where independent estimates suggest over 30,000 CUP per month is necessary to meet basic food needs.
The unavoidable question on the streets is: How high and for how long will the dollar continue to rise in Cuba's informal market?
FAQs About Cuba's Informal Currency Market
Why is the dollar rising in Cuba's informal market?
The dollar is rising due to limited supply and increasing demand as Cubans seek stable currency options amid economic challenges.
What impact does the rising dollar have on Cuban citizens?
The rising dollar decreases purchasing power, making it difficult for Cubans to afford basic necessities as their incomes, in pesos, lose value.
How does the euro's rate affect the Cuban economy?
The euro's high rate exemplifies the Cuban peso's depreciation, and as it remains the most expensive currency, it signals broader economic instability.