Following two days of stability, the informal currency market in Cuba witnessed a change this Saturday as the U.S. dollar experienced a modest rise. The dollar increased by one peso, reaching 441 CUP per dollar. Meanwhile, the euro maintained its position at 500 pesos, a significant milestone achieved last Wednesday, highlighting the ongoing decline of the national currency.
The Freely Convertible Currency (MLC), known for its recent fluctuations, has stabilized at 210 CUP for several days. As of October 4, 2025, at 7:27 a.m. in Cuba, the exchange rates according to elTOQUE are as follows: the USD to CUP rate is 441 CUP, the EUR to CUP rate is 500 CUP, and the MLC to CUP rate is 210 CUP.
Since the end of 2024, the Cuban government has expressed plans to introduce a floating exchange system to bridge the gap between official and informal currency values. However, over six months later, details of this plan have yet to be revealed. Independent economists argue that any attempt to stabilize the exchange system should start with a reference rate closer to the Informal Market Representative Rate (TRMI). This would require the government to officially recognize rates four times higher than the current 120 CUP per euro offered by state banks and official exchange houses (CADECA).
Here are the current exchange rates for U.S. Dollar (USD) to Cuban Peso (CUP), based on the rates from October 4:
- 1 USD = 441 CUP
- 5 USD = 2,205 CUP
- 10 USD = 4,410 CUP
- 20 USD = 8,820 CUP
- 50 USD = 22,050 CUP
- 100 USD = 44,100 CUP
For Euros (EUR) to Cuban Peso (CUP):
- 1 EUR = 500 CUP
- 5 EUR = 2,500 CUP
- 10 EUR = 5,000 CUP
- 20 EUR = 10,000 CUP
- 50 EUR = 25,000 CUP
- 100 EUR = 50,000 CUP
- 200 EUR = 100,000 CUP
- 500 EUR = 250,000 CUP
Understanding Cuba's Currency Exchange Challenges
Why has the Cuban government not implemented a floating exchange system yet?
Despite announcing plans in late 2024, the Cuban government has not provided details on implementing a floating exchange system, likely due to economic complexities and the challenges of aligning it with the country's financial infrastructure.
What is the Informal Market Representative Rate (TRMI)?
The Informal Market Representative Rate (TRMI) is an unofficial benchmark reflecting the actual exchange rates in Cuba's informal market, often significantly higher than the official rates.
How does the current exchange rate affect the Cuban economy?
The disparity between official and informal exchange rates undermines the Cuban peso's value, complicating trade and investment, and exacerbating economic instability.