Amidst Cuba's ongoing economic challenges, the informal currency exchange market opened on the morning of Saturday, October 24, 2026, with a notable increase in foreign currency values.
Both the U.S. dollar and the euro have shown significant gains compared to the previous day. The MLC (freely convertible currency) is also seeing an upward trend, though its figures should be taken with caution due to low trading volumes early in the day.
The Cuban peso continues to struggle under pressure, with the weekend opening reinforcing the upward trend that has been present throughout the week.
U.S. Dollar and Euro Climb Higher
The U.S. dollar is trading at an average of 833 Cuban pesos (CUP) on the informal market, an increase of 5 pesos from the previous day's 828 CUP. Over the past week, the dollar has risen by 27.5 pesos from 805 CUP, marking a 3.4% increase.
In a 30-day comparison, the dollar's value is now 107.5 pesos higher than the 725 CUP recorded at the end of September. During this period, the dollar has reached a high of 833 CUP and a low of 725 CUP, highlighting the ongoing scarcity of foreign currency in the market.
The euro is currently valued at 920 CUP, having increased by 4 pesos from the prior day's 916 CUP. Over the last seven days, the euro has climbed 19.5 pesos from 901 CUP, a 2.2% rise. A 30-day analysis shows a gain of 91 pesos from a month ago's 829 CUP, reaching its highest point in this period while the lowest was 827 CUP. The euro remains the most expensive currency in the informal Cuban market, surpassing the dollar by 87 pesos.
MLC's Volatile Movements
The MLC is trading around 596 CUP on average, although this figure should be seen as indicative due to limited trading activity. It has increased by 15.5 pesos from the previous day's 581 CUP, yet it has decreased by 38 pesos from 634 CUP a week ago.
Over the past month, the MLC has fluctuated between a high of 742 CUP and a low of 457 CUP, illustrating the volatility of this currency and the limitations in available data. Without physical existence, its use is constrained to state-run stores, limiting its circulation compared to cash currencies.
Official vs. Informal Exchange Rates
The official exchange rate from the Cuban Central Bank (Segment III) remains at 743 CUP per dollar and 832 CUP per euro, significantly lower than the rates in the informal market. The gap between official and informal rates for the dollar exceeds 90 pesos, and for the euro, it is nearly 88 pesos.
Although Segment III was introduced as a more flexible exchange mechanism, its official rates remain far from the informal market, failing to meet the population's actual foreign currency demand. Despite a rise in official rates over the past month, they remain inadequate to bridge the gap with the parallel market.
With persistent inflation, low state wages, and increasing partial dollarization of the economy, fluctuations in the informal market directly affect internal prices and the purchasing power of Cubans. The simultaneous increase of the dollar and euro this Saturday exacerbates conditions for those reliant on remittances or needing foreign currency for daily needs.
The CiberCuba Exchange Rate Index is an analysis of the Cuban informal market, generated through the automated evaluation of thousands of currency exchange listings on Telegram and Facebook groups. This calculation excludes atypical offers and spam, weighting each transaction by its age to provide a representative value updated multiple times daily.
Equivalency of U.S. Dollar (USD) to Cuban Peso (CUP) as of Saturday, October 24, 2026:
- 1 USD = 833 CUP
- 5 USD = 4,165 CUP
- 10 USD = 8,330 CUP
- 20 USD = 16,660 CUP
- 50 USD = 41,650 CUP
- 100 USD = 83,300 CUP
Equivalency of Euro (EUR) to Cuban Peso (CUP) as of Saturday, October 24, 2026:
- 1 EUR = 920 CUP
- 5 EUR = 4,600 CUP
- 10 EUR = 9,200 CUP
- 20 EUR = 18,400 CUP
- 50 EUR = 46,000 CUP
- 100 EUR = 92,000 CUP
- 200 EUR = 184,000 CUP
Understanding Cuba's Currency Exchange Challenges
Why is there a significant gap between official and informal exchange rates in Cuba?
The gap exists because the official rates set by the Cuban Central Bank do not reflect the actual demand and supply dynamics in the informal market, which is where most currency exchanges occur due to limited access to foreign currency through official channels.
How does the informal exchange rate impact the Cuban economy?
Fluctuations in the informal exchange rate affect the prices of goods and services, influencing inflation and the purchasing power of Cuban citizens, especially those relying on remittances or needing foreign currency for daily expenses.