As the clock struck 8:00 PM local Cuban time, the informal currency market wrapped up its session this Friday, September 11, 2026, with both the dollar and euro seeing gains compared to the previous day. The U.S. dollar climbed by four pesos, reaching approximately 692 Cuban pesos (CUP), while the euro rose by one peso, settling at 785 CUP.
Meanwhile, the MLC (Moneda Libremente Convertible) experienced a dip, trading around 461 pesos. However, this valuation should be viewed as indicative due to the limited volume of transactions backing it.
Currency Movements: Dollar's Rise and Euro's Dominance
The U.S. dollar closed at 692 CUP, marking an increase of four pesos from the prior day's average of 688 CUP. Over the past week, the dollar has appreciated by nine pesos, a 1.3% rise from its position at 683 CUP seven days ago. In a month-long comparison, the currency has gained 26.5 pesos, though this figure might partially reflect changes in the index's methodology, not just market shifts. Throughout the last 30 days, the dollar fluctuated between a low of 663 CUP and a high of 693 CUP, continuously steering the informal market amidst a chronic shortage of foreign exchange.
The euro, on the other hand, concluded the day at 785 CUP, up by one peso from the previous value of 784 CUP. In the last week, the euro increased by 9.5 pesos, 1.2% above the 775 CUP noted a week ago. Over the past month, it has risen by 24.5 pesos, applying the same methodological caution for 30-day comparisons. The euro has ranged between 746 and 787 CUP in the past four weeks, surpassing the dollar by 93 pesos, thus reinforcing its stronghold in Cuba’s parallel market.
The State of MLC and Official Exchange Rates
The MLC is valued at approximately 461 CUP, a figure that warrants cautious interpretation given the low transaction volume observed during this time. This represents a decline of 12.5 pesos compared to the day before, when the reference rate was 474 CUP. Over the last week, it has decreased by one peso from the 462 CUP recorded seven days earlier. In the past 30 days, the MLC ranged from a low of 408 CUP to a high of 529 CUP, highlighting its volatility and limited liquidity. Without physical currency, its use is restricted to state-run stores that accept it, limiting its circulation compared to cash currencies.
The Central Bank of Cuba's official exchange rate (Segmento III) is set at 651 CUP per dollar and 757 CUP per euro, significantly lower than the values prevailing in the day-to-day operations of the informal currency market. Despite Segmento III being introduced as a more flexible exchange mechanism, its official rates remain far from those of the informal market, failing to meet the real demand for foreign currency among the populace. The gap between the official dollar rate (651 CUP) and the informal rate (692 CUP) exceeds 40 pesos, while the euro's official rate (757 CUP) and parallel rate (785 CUP) differ by about 28 pesos.
Economic Impact and Informal Market Dynamics
In a context of persistent inflation, low state salaries, and partial dollarization of the economy, each fluctuation in the informal market directly affects domestic prices and the purchasing power of Cubans. The cumulative rise in the dollar over recent weeks solidifies an upward trend that strains the finances of those reliant on remittances or needing foreign currency for daily needs.
The CiberCuba Exchange Rate is an index of the Cuban informal market, developed from automated analysis of thousands of currency exchange posts on Telegram and Facebook groups. The calculation excludes atypical offers and spam messages, weighting each transaction based on its recency and consolidating a representative value updated multiple times daily.
Conversion of U.S. Dollar (USD) to Cuban Peso (CUP) based on this Friday, September 11, 2026, exchange rates: 1 USD = 692 CUP, 5 USD = 3,460 CUP, 10 USD = 6,920 CUP, 20 USD = 13,840 CUP, 50 USD = 34,600 CUP, 100 USD = 69,200 CUP.
Conversion of Euro (EUR) to Cuban Peso (CUP) based on this Friday, September 11, 2026, exchange rates: 1 EUR = 785 CUP, 5 EUR = 3,925 CUP, 10 EUR = 7,850 CUP, 20 EUR = 15,700 CUP, 50 EUR = 39,250 CUP, 100 EUR = 78,500 CUP, 200 EUR = 157,000 CUP.
Understanding Cuba's Currency Market
How does the informal currency market in Cuba operate?
The informal currency market in Cuba functions outside official financial institutions, with exchange rates determined by supply and demand dynamics among individuals and small traders. It reflects the real demand for foreign currencies like the dollar and euro, often diverging significantly from the official rates set by the government.
Why is there a gap between official and informal exchange rates in Cuba?
The gap between official and informal exchange rates in Cuba arises from the government's control over official rates, which do not align with the actual market conditions and demand for foreign currency. This discrepancy is exacerbated by limited access to foreign currency through official channels, pushing citizens to rely on the informal market.