On Wednesday, September 30, Cuba's informal currency market witnessed yet another surge in the value of the dollar and the euro as the Cuban peso continues to lose ground against these major currencies.
By 10:00 a.m. local time, the dollar climbed to 754 CUP, while the euro approached 863 CUP. The MLC, with limited data, was observed around 495 CUP.
Exchange Rate Overview
The USD to CUP exchange rate hit 754 CUP. Meanwhile, the EUR to CUP rate stood at 863 CUP, and the MLC to CUP rate was around 495 CUP, though this is merely indicative due to scarce data.
Dollar Exceeds 750 CUP
As of today, the U.S. dollar is being traded at 754 Cuban pesos (CUP) in the informal market, with buying at 750 CUP and selling at 757 CUP. This marks an increase of 6 pesos from the previous day, where the average was 748 CUP.
Looking at the bigger picture, the dollar was valued at 722 pesos just a week ago, indicating a rise of 31.5 pesos or 4.4% over the week. Compared to 30 days ago, when the rate was about 678 pesos, there's been an increase of 76 pesos (+11.2%). However, monthly comparisons may reflect methodological adjustments rather than purely market movements.
The current rate of 754 pesos is the highest in the past 30 days, showing a strong demand for dollars among those looking to protect their savings amid the peso's devaluation.
Euro Reaches 863 CUP
This morning, the euro has an average rate of 863 Cuban pesos (CUP), with a buying rate of 856 CUP and a selling rate of 870 CUP. Compared to the previous day, when the average was 852 pesos, the euro has increased by 11 pesos, a 1.3% rise.
In a weekly view, the euro has jumped 38.5 pesos from 825 CUP a week ago (+4.7%). Over a 30-day period, it has risen by 98 pesos from 765 CUP (+12.8%), but this should be viewed with the usual caution due to potential index adjustments.
The level of 863 pesos is the highest in the last month, making the euro the most expensive currency in Cuba's parallel market, surpassing the dollar by 109 pesos and solidifying its dominant position.
Indicative MLC Rate at 495 CUP
The MLC is reported at an indicative average of 495 Cuban pesos (CUP) today, with buying at 463 CUP and selling at 526 CUP. Given the low volume of transactions, this data should be interpreted cautiously. Compared to the previous session, the MLC has decreased by 13.5 pesos from 508 CUP noted yesterday.
In the past week, the MLC has climbed 19.5 pesos from 475 CUP a week ago (+4.1%). Without physical existence, its use is limited to state-run stores that accept it, which restricts its circulation compared to cash currencies.
Discrepancy Between Informal and Official Rates
The official exchange rate from Cuba's Central Bank (Segment III), set at 684 CUP per dollar and 775 CUP per euro, remains significantly lower than the rates prevailing in the informal currency market. The gap today stands at 70 pesos for the dollar and 88 pesos for the euro.
Although Segment III was introduced as a more flexible exchange mechanism, its official rate remains far from matching the informal market and fails to meet the real currency demand of the population. Over the past month, the official dollar rate has adjusted from 634 to 684 CUP, but this change still leaves a considerable gap with the parallel market.
Conversion Examples for USD and EUR
Here are some conversion examples based on today's exchange rates:
USD to CUP:
- 1 USD = 754 CUP
- 5 USD = 3,768 CUP
- 10 USD = 7,535 CUP
- 20 USD = 15,070 CUP
- 50 USD = 37,675 CUP
- 100 USD = 75,350 CUP
EUR to CUP:
- 1 EUR = 863 CUP
- 5 EUR = 4,315 CUP
- 10 EUR = 8,630 CUP
- 20 EUR = 17,260 CUP
- 50 EUR = 43,150 CUP
- 100 EUR = 86,300 CUP
Methodology: The CiberCuba Exchange Rate is an index of the Cuban informal market, developed through automated analysis of thousands of currency exchange posts in Telegram and Facebook groups. The calculation excludes atypical offers and spam, weighs each transaction by its age, and consolidates a representative value that is updated multiple times daily.
Understanding Cuba's Currency Market
Why is the Cuban peso devaluing?
The Cuban peso is devaluing due to economic instability, limited foreign currency reserves, and high demand for more stable currencies like the dollar and euro.
What is the informal currency market in Cuba?
The informal currency market in Cuba refers to the unofficial exchange of currencies outside government-regulated channels, where rates are determined by supply and demand dynamics.