In the latest developments from Cuba's informal currency market this Wednesday morning, the euro has once again seen an increase. The European currency has surged to 507 CUP per euro, marking a two-peso rise compared to its value on October 6th. Meanwhile, the U.S. dollar remains steady at 450 CUP, a rate it reached on Tuesday, according to the daily report from the independent source elTOQUE. As for the Freely Convertible Currency (MLC), it continues to be valued at 210 CUP, a price constant since September 25th, despite its recent volatility.
Exchange rates as of October 8, 2025, at 7:22 a.m. in Cuba:
- USD to CUP: 450 CUP
- EUR to CUP: 507 CUP
- MLC to CUP: 210 CUP
Since late 2024, the Cuban government has expressed plans to introduce a floating exchange rate system to bridge the gap between the official and informal currency values. Nevertheless, more than six months later, no details have been provided regarding its implementation. Independent economists caution that any attempt to standardize the exchange system should start with a reference rate similar to the Informal Market Representative Rate (TRMI). This means the government would need to officially recognize prices that are four times higher than the current 120 CUP per euro maintained by state banks and official exchange houses (CADECA).
Conversion of U.S. Dollar (USD) bills to Cuban Pesos (CUP) based on the October 8 exchange rates:
- 1 USD = 450 CUP
- 5 USD = 2,250 CUP
- 10 USD = 4,500 CUP
- 20 USD = 9,000 CUP
- 50 USD = 22,500 CUP
- 100 USD = 45,000 CUP
Conversion of Euro (EUR) bills to Cuban Pesos (CUP):
- 1 EUR = 507 CUP
- 5 EUR = 2,535 CUP
- 10 EUR = 5,070 CUP
- 20 EUR = 10,140 CUP
- 50 EUR = 25,350 CUP
- 100 EUR = 50,700 CUP
- 200 EUR = 101,400 CUP
- 500 EUR = 253,500 CUP
Understanding Cuba's Informal Currency Market
Why is the euro increasing in Cuba's informal market?
The euro's increase in Cuba's informal market is primarily due to high demand and limited supply, along with the economic instability in the country.
What is the current exchange rate for USD to CUP?
As of October 8, 2025, the exchange rate for the U.S. dollar to Cuban pesos in the informal market is 450 CUP per dollar.
How does the Cuban government plan to address the currency exchange issue?
The Cuban government has proposed a floating exchange rate system to reduce the disparity between the official and informal currency rates, though details remain unclear.