The unofficial currency exchange market in Cuba is waking up to another day with no changes in the selling prices of the three key currencies.
As the eastern region of the island braces for a formidable hurricane this Tuesday, the dollar, euro, and Freely Convertible Currency (MLC) have maintained their prices for the fourth consecutive day.
The US dollar has been stable at 490 Cuban Pesos (CUP) since last Friday.
Meanwhile, the euro has held steady at 540 CUP since October 23.
The MLC has also remained at 200 CUP for several days.
Current Exchange Rates as of October 28, 2025, 6:48 a.m. in Cuba:
According to elTOQUE, the exchange rate for the US Dollar (USD) to CUP stands at 490 CUP.
The euro (EUR) to CUP exchange rate is 540 CUP according to elTOQUE.
The MLC to CUP rate is 200 CUP, as reported by elTOQUE.
The October report from the Cuban Observatory of Currencies and Finance (OMFi) suggests that the dollar might surpass 500 CUP before the month ends.
The same forecast predicts the euro could reach 551 CUP, while the MLC might increase to around 215 CUP.
Each rise in the informal exchange rate leads to higher costs of living, affecting food, hygiene products, medicines, and even transportation or repair services, almost in parallel with currency value changes.
For families relying on state salaries or pensions, which remain fixed in Cuban pesos, this trend results in a rapid decline in purchasing power.
Conversely, households receiving remittances or handling foreign currency manage to sustain a certain level of consumption, widening the gap between those with access to dollars and those without.
This disparity fuels social tensions and drives many Cubans to seek alternative income sources—whether through the informal market, overseas jobs, or even emigration—as the only way to endure the economic decline.
Broadly speaking, the increasing cost of foreign currencies reflects a lack of confidence in the Cuban peso and the absence of effective measures to stabilize the national currency.
The growing dollarization further undermines the State's ability to control prices and plan the economy, while inflation feeds into a cycle that disproportionately impacts the most vulnerable.
US Dollar (USD) to Cuban Peso (CUP) Equivalency, based on the exchange rates of October 28:
- 1 USD = 490 CUP
- 5 USD = 2,450 CUP
- 10 USD = 4,900 CUP
- 20 USD = 9,800 CUP
- 50 USD = 24,500 CUP
- 100 USD = 49,000 CUP
Euro (EUR) to Cuban Peso (CUP) Equivalency:
- 1 EUR = 540 CUP
- 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, there is still no clarity on what happened to the "floating exchange rate" announced by Prime Minister Manuel Marrero at the end of 2024, which aimed to close the gap between the official and informal currency values.
Key Questions on Currency Exchange in Cuba
Why are the exchange rates in Cuba significant?
The exchange rates are crucial because they directly affect the cost of living, influencing prices of essential goods and services, and impacting the purchasing power of citizens.
What are the current exchange rates for the dollar and euro in Cuba?
As of October 28, 2025, the US dollar is valued at 490 CUP, and the euro is at 540 CUP according to elTOQUE.
How might future exchange rates impact Cuba's economy?
If exchange rates continue to rise, it could exacerbate inflation and further erode the purchasing power of Cuban citizens, leading to increased economic hardships and social tensions.