By 8:00 PM local time in Cuba, the informal currency market closed on Wednesday, October 14, 2026, with the U.S. dollar on the rise and the euro solidifying its dominant stance. The three benchmark currencies—U.S. dollar, euro, and MLC (Moneda Libremente Convertible)—finished the day higher than the previous day's values, underscoring the ongoing pressure on the Cuban peso.
The U.S. dollar reached 795 Cuban pesos (CUP) by the close of trading, marking an increase of 2.5 pesos from the previous day when it was valued at 793 CUP. Over the past week, the dollar has climbed by 27.5 pesos, rising from 768 CUP, which translates to a 3.6% increase. Over the past 30 days, the dollar has surged by 97.5 pesos from 698 CUP, although this figure should be viewed cautiously as it may partly reflect adjustments in the index's methodology. Today, the dollar hit its highest point in 30 days at 795 CUP, continuing to drive the informal market amidst a structural currency shortage.
Euro's Ascendancy in the Parallel Market
The euro closed at 890 CUP, a gain of 2.5 pesos compared to the previous session's 888 CUP. Over the past week, the European currency has surged by 30 pesos from 860 CUP, a 3.5% increase. Like the dollar, the euro reached its 30-day high today at 890 CUP, up from a low of 792 CUP in the same period. It surpasses the dollar by 95 pesos, solidifying its leading position in the Cuban parallel market.
The MLC settled around 587 CUP, a value that should be seen as indicative due to the low volume of transactions supporting it during this time frame. Compared to the previous session, when it was at 550 CUP, it increased by 36.5 pesos, an uptick of 6.6%. However, on a weekly basis, it has fallen by 11.5 pesos from 598 CUP a week ago. Without physical presence, its use is restricted to state-run stores that accept it, limiting its circulation compared to cash currencies.
Official Exchange Rates Lag Behind
The exchange rate for USD to CUP is 795 CUP, while the exchange rate for EUR to CUP is 890 CUP. The MLC exchange rate is 587 CUP, although this is more of an indicative value given the limited data. Meanwhile, the official exchange rate set by the Central Bank of Cuba (Segment III) stands at 707 CUP per dollar and 791 CUP per euro, significantly below the everyday rates in the informal currency market.
Although Segment III was introduced as a more flexible exchange mechanism, its official rates remain far from those in the informal market and fail to meet the population's actual demand for foreign currency. The gap between the official and informal rates today stands at 88 pesos for the dollar and 99 pesos for the euro.
This disparity highlights the persistent foreign currency shortage in the state banking system and the high demand for dollars and euros among the population, whether for emigration, importing goods, safeguarding savings, or making purchases in the private sector.
In an environment of sustained inflation, low state salaries, and increasing partial dollarization of the economy, every fluctuation in the informal market directly affects domestic prices and the purchasing power of Cubans.
CiberCuba's Exchange Rate is an index of Cuba's informal market, created through automated analysis of thousands of currency trade posts on Telegram and Facebook groups. The calculation excludes atypical offers and spam messages, weighing each transaction by its age to present a representative value updated multiple times a day.
Conversion rates for U.S. Dollar (USD) to Cuban Peso (CUP) as of Wednesday, October 14, 2026:
- 1 USD = 795 CUP
- 5 USD = 3,975 CUP
- 10 USD = 7,950 CUP
- 20 USD = 15,900 CUP
- 50 USD = 39,750 CUP
- 100 USD = 79,500 CUP
Conversion rates for Euro (EUR) to Cuban Peso (CUP) as of Wednesday, October 14, 2026:
- 1 EUR = 890 CUP
- 5 EUR = 4,450 CUP
- 10 EUR = 8,900 CUP
- 20 EUR = 17,800 CUP
- 50 EUR = 44,500 CUP
- 100 EUR = 89,000 CUP
- 200 EUR = 178,000 CUP
Understanding Cuba's Currency Market Dynamics
Why is the informal currency market in Cuba growing?
The informal currency market in Cuba is expanding due to the persistent scarcity of foreign currencies in the official banking system and the high demand for dollars and euros among Cubans for personal savings, emigration, and purchasing goods.
What is the significance of the gap between official and informal exchange rates?
The gap between official and informal exchange rates signifies the inefficiency of the state-run banking system to meet the real demand for foreign currencies, driving people to rely on the informal market for transactions.