On Wednesday, October 28, 2026, an extraordinary event unfolds in Cuba's informal currency market: the U.S. dollar crosses the 850 Cuban peso threshold for the first time, reinforcing an upward trend that shows no signs of slowing down.
As of 10:00 a.m. local Cuban time, the euro also gains ground, trading at approximately 936 pesos, while the MLC—despite limited data—hovers around 578 pesos, reflecting a general rise in foreign currencies against the Cuban peso.
Dollar Reaches New Heights: 850 Pesos
Today, the U.S. dollar is valued at 850 Cuban pesos (CUP) in the informal market, marking an unprecedented level in the history of this index. This represents a 7-peso increase from the previous day when it was trading at 843 CUP.
Analyzing the weekly and monthly trends highlights the scale of this movement: just a week ago, the dollar was exchanged at 818 CUP, indicating a rise of 32.5 pesos in merely seven days (+4%). Over the past 30 days, the dollar has surged by 107.5 pesos from 743 CUP at the end of September, a 14.5% increase, although methodological adjustments may partially influence this comparison. Throughout the last month, the dollar's value fluctuated between a low of 745 CUP and today's high of 850 CUP. The demand for dollars remains high among those seeking to protect their savings amid the peso's devaluation.
The Euro's Ascent: Over 936 Pesos
The euro today is priced at 936 Cuban pesos (CUP), marking its highest level in the last 30 days. This figure represents an increase of 7.5 pesos from the previous session, where it lingered around 929 CUP.
In the past week, the euro has climbed 26 pesos from 910 CUP (+2.9%). Over the monthly horizon, the European currency has increased by 89 pesos from 847 CUP a month ago (+10.5%), though caution is advised due to potential methodological adjustments. The euro's range in the past month has been between a low of 848 CUP and today's peak of 936 CUP, making it the most expensive currency in Cuba's parallel market, surpassing the dollar by 86 pesos and solidifying its dominant position.
MLC's Indicative Value: Around 578 Pesos
The MLC is currently approximately 578 Cuban pesos (CUP), a figure to be viewed as indicative due to limited records available at this time. This reflects a 13.5-peso increase from the previous day, when it was at 564 CUP.
Over the past week, the MLC has risen by 32 pesos from 546 CUP (+5.9%). Over the month, this digital currency has gained 44.5 pesos from 533 CUP a month ago (+8.3%), with similar methodological caution applicable. The last month's range is notably broad—between a low of 457 CUP and a high of 742 CUP—highlighting the volatility of its limited records. Without physical existence, its use is confined to state-run stores that accept it, restricting its circulation compared to cash currencies.
Disparity Between Informal and Official Exchange Rates
The official exchange rate set by the Central Bank of Cuba (Segment III) is 754 CUP per dollar and 840 CUP per euro, significantly lower than the rates prevailing in the informal currency market. The gap between these markets is currently 96 pesos for both the dollar and the euro, illustrating the disconnect between official currency policy and the economic reality faced by Cubans.
Despite Segment III being introduced as a more flexible exchange mechanism, its official rate remains far from the informal market and fails to meet the actual currency demand of the population. Over the last month, the official dollar rate increased from 681 to 754 CUP, and the euro from 775 to 840 CUP, yet the informal market has advanced at a much faster pace.
In a scenario of sustained inflation, low state wages, and increasing partial dollarization of the economy, each fluctuation in the informal market directly affects domestic prices and the purchasing power of Cubans. The dollar surpassing 850 pesos is not merely a statistical milestone; it reflects a currency crisis that the Cuban regime has been unable to control.
Backdrop of the Dollar's Surge Above 850 Pesos
On October 28, 2026, the dollar reaches 850 Cuban pesos in the informal market for the first time, according to index tracking. The 850 CUP mark is now the highest ever recorded, in a climb that in just 30 days has seen the greenback rise from 743 pesos to its current level. The gap between the informal market and the Central Bank of Cuba's official rate is now 96 pesos, the widest in the analyzed period. This move occurs amid ongoing pressure on the Cuban peso, structural foreign currency shortages in the state banking system, and high demand from the population for emigration, importing goods, or safeguarding savings—factors market observers point to as additional pressure on the national currency.
Understanding the Methodology
The CiberCuba Exchange Rate is an index of Cuba's informal market derived from the automated analysis of thousands of currency buying and selling posts on Telegram and Facebook groups. The calculation excludes atypical offers and spam messages, weighs each transaction by its age, and consolidates a representative value updated several times a day.
Currency Equivalents
U.S. Dollar (USD) to Cuban Peso (CUP) Equivalents as of Wednesday, October 28, 2026:
- 1 USD = 850 CUP
- 5 USD = 4,250 CUP
- 10 USD = 8,500 CUP
- 20 USD = 17,000 CUP
- 50 USD = 42,500 CUP
- 100 USD = 85,000 CUP
Euro (EUR) to Cuban Peso (CUP) Equivalents as of Wednesday, October 28, 2026:
- 1 EUR = 936 CUP
- 5 EUR = 4,680 CUP
- 10 EUR = 9,360 CUP
- 20 EUR = 18,720 CUP
- 50 EUR = 46,800 CUP
- 100 EUR = 93,600 CUP
- 200 EUR = 187,200 CUP
Key Questions on Cuba's Currency Crisis
What factors are driving the U.S. dollar to new highs in Cuba?
The surge in the U.S. dollar is primarily driven by sustained pressure on the Cuban peso, structural foreign currency shortages in the state banking system, and high demand from the population for emigration, importing goods, or safeguarding savings.
How does the euro's performance compare to the dollar in Cuba's informal market?
The euro is currently trading at 936 CUP, surpassing the dollar by 86 pesos, and is the most expensive currency in Cuba's parallel market. Over the last month, it has risen significantly, reflecting strong demand and market dynamics.
Why is there a gap between official and informal exchange rates in Cuba?
The gap between official and informal exchange rates is due to the disconnect between Cuba's official currency policy and the actual economic conditions. The informal market operates at a different pace, responding to real-time demand and supply, unlike the more rigid official rates.