CUBA · ECONOMY
Key Facts
- —What is happening Cuba’s informal dollar rate reached a record 800 pesos on Thursday, 15 October, up 10 pesos on the previous reading, and was still 800 pesos on Friday, 16 October.
- —Why it matters A weaker peso erodes pay and savings on the island, and the rate is the daily gauge of how scarce dollars are while Cubans depend on cash sent from abroad.
- —The numbers The dollar is up 195 pesos (32.2%) since the end of June, the euro stands at 890 pesos, and the average state wage of 7,354 pesos is about US$9.19 a month.
- —Who is who The Banco Central de Cuba is the central bank, and Cadeca is the state network of exchange houses, both of which use official rates well below the informal market.
- —What to watch Whether the dollar holds 800 pesos (about US$1) when daily readings resume on Monday, 19 October, and whether the informal euro rate passes 900 pesos.
- —Power Index Cuba ranks 14th of 14 in The Rio Times Latin America Power Index, with 22.5 points (October 2026 edition).
- —What it means for you A US$100 gift to a relative buys about 80,000 pesos at the informal rate, nearly 11 times the average state wage, while US agencies set the rules for sending money.
The Cuba dollar rate reached a record 800 pesos on Thursday, 15 October, and held there on Friday. At that rate the average state wage of 7,354 pesos is worth about US$9.19 a month.
The Cuba dollar rate on the informal market reached a record 800 pesos on Thursday, 15 October. 14ymedio and Diario de Cuba both report the new high, which follows 770 on 7 October and 795 on 14 October.
The figure matters to US readers because many Cuban families rely on dollars sent from abroad. A US$100 gift now buys about 80,000 pesos, nearly 11 times the average state wage of 7,354 pesos.
What the Cuba Dollar Rate Did This Week
14ymedio, an independent Cuban news site, says the informal dollar rose 10 pesos to 800 on Thursday. It cites elTOQUE, a Cuban site that publishes a daily rate from online buy and sell offers.
The informal euro rose 5 pesos to 890 (about US$1.11), 14ymedio says. Diario de Cuba, an exile news outlet, says the euro is close to 900 pesos (about US$1.13).
elTOQUE’s own page showed 800 pesos per dollar on Friday, 16 October, up 3 pesos in 24 hours. CiberCuba, another Cuban site, closed its index at 798 on Thursday, against 775 a week earlier.
CiberCuba warns that its 30-day comparison may partly reflect a change in method. Its index put the dollar at 698 pesos in mid-September.
How the Informal Rate Compares With Official Rates
14ymedio says banks buy dollars at 693 to 695 pesos, well below the informal rate. The state-run Cadeca houses sell at 704 pesos in city centres and 690 at airports.
14ymedio and Diario de Cuba both say the first private exchange house has opened, with the central bank’s authorisation according to 14ymedio. 14ymedio names it ADT 64 in Santa Clara and says its prices have not stayed below informal quotes since the recent rise.
A Month of Climbing
14ymedio lists the dollar at 785 pesos on Sunday, 4 October, 770 on Wednesday, 7 October, and 795 on Wednesday, 14 October. The Rio Times covered the 4 October level in an earlier report.
The dollar closed September at 750 pesos, 75 pesos (11.1%) above its end of August close of 675 pesos. It also closed July at 675 pesos, 14ymedio says.
Since the end of June, when it closed at 605 pesos, the dollar has gained 195 pesos, or 32.2%. The gain since the end of August is 125 pesos, 14ymedio says.
What 800 Pesos Means for Wages and Prices
ONEI, Cuba’s official statistics office, puts the average state wage at 7,354 pesos a month for August. At 800 pesos per US$ that is about US$9.19, below the US$10 mark.
Annual inflation reached 28.44% in September, as the Rio Times reported on Thursday in its inflation report. A weaker peso adds to the price pressure on imported food and goods.
Diario de Cuba links the rate to strong demand for cash dollars at private businesses. It also points to the central bank’s new 10,000 and 20,000 peso notes.
14ymedio quotes a Havana resident who says more people queue to change money than to buy goods. The paper names no single cause and describes a pattern of sharp rises followed by sharp falls.
What It Means for US Readers
A US$100 gift buys about 80,000 pesos at the informal rate, nearly 11 times the average state wage of 7,354 pesos. US agencies set the rules for travel and transfers to Cuba, so check current guidance before sending money.
Diario de Cuba says the dollar sent through Zelle and through the Clasica card also rose on Thursday, without giving figures. 14ymedio notes that many families still depend on money from relatives abroad.
The rise comes in the week the US Treasury sanctioned the Cuban bank BICSA, as the Rio Times reported. No source links that step to the exchange rate.
What Is Not Known
No source names one cause for the record. It is unclear whether 800 pesos is a peak or another turn in a volatile pattern.
The Banco Central de Cuba website could not be opened, so the only official-market prices here come from 14ymedio. The elTOQUE page says its rate is a median of offers, not completed trades.
Diario de Cuba places the first private exchange house in Havana, while 14ymedio names Santa Clara. No source gives figures for dollar remittances this month.
What Comes Next
elTOQUE and CiberCuba update their readings daily, so Monday, 19 October, will show whether 800 pesos holds. Diario de Cuba says the informal euro could pass 900 pesos (US$1.13) soon.
ONEI’s October price index is due in November, though no date was found. A further rise in the dollar would cut the dollar value of the 7,354 peso wage below US$9.
Frequently Asked Questions
What is the dollar rate in Cuba?
The informal market rate reached a record 800 pesos per US$ on Thursday, 15 October, and elTOQUE still showed 800 on Friday. Banks buy dollars at 693 to 695 pesos, 14ymedio says.
Why is the Cuban peso weakening?
No source names a single cause. Diario de Cuba points to strong demand for cash dollars at private businesses and to the new 10,000 and 20,000 peso banknotes.
How much is the average Cuban wage in US dollars?
ONEI puts the average state wage at 7,354 pesos for August, about US$9.19 at 800 pesos per US$. The figure falls if the dollar rises further.
What does the record mean for people sending money to Cuba?
A US$100 gift buys about 80,000 pesos at the informal rate. US agencies set the rules for transfers, so check current guidance before sending money.
Where does the informal rate come from?
elTOQUE publishes a median of buy and sell offers from classified sites and social media groups. It is not an official rate or a record of completed trades.
Sources: 14ymedio, 15 October 2026; Diario de Cuba, 16 October 2026; CiberCuba, 16 October 2026; elTOQUE, informal rate page, 16 October 2026; 14ymedio on wages, 13 October 2026; 14ymedio on BICSA, 15 October 2026 (all accessed 16 October 2026; the Banco Central de Cuba and ONEI websites could not be opened).