This Tuesday, November 3rd, the informal currency market in Cuba witnesses another historic day as the US dollar breaks the psychological threshold of 900 Cuban pesos for the first time, reaching approximately 905 CUP.
At 10:00 a.m. local time, the euro follows a similar upward trend, trading at over 990 pesos, while the Freely Convertible Currency (MLC) stands at 678 pesos. However, the latter should be considered indicative due to the limited volume of transactions backing it.
Currency Exchange Rates Summary
Exchange rate for the US dollar (USD) to CUP: 905 CUP.
Exchange rate for the euro (EUR) to CUP: 990 CUP.
Exchange rate for the MLC to CUP: 678 CUP (indicative value, limited data).
US Dollar Surpasses 900 Pesos Milestone
The US dollar is currently valued at 905 Cuban pesos (CUP) in the informal market, with buying rates around 900 CUP and selling rates reaching 910 CUP. This marks a 10-peso increase from the previous day when the dollar closed at 895 CUP.
This surge is not isolated; over the last week, the dollar has climbed by 60.50 pesos, a 7.2% increase, and over the past month, it has risen by 120 pesos, a 15.3% increase. However, this monthly comparison may partly reflect adjustments in the index methodology.
The highest rate recorded in the last 30 days coincides with today's value of 905 CUP, while the lowest was 768 CUP.
Euro Approaches the 1,000 Pesos Threshold
Currently, the euro trades at 990 Cuban pesos (CUP), with buying rates at 986 CUP and selling rates at 994 CUP. Compared to the previous day, the European currency has increased by seven pesos, up from 983 CUP.
In weekly terms, the euro has gained 61.50 pesos from 929 CUP a week ago, a 6.6% rise. Compared to 30 days ago when it was at 883 CUP, the increase reaches 107 pesos, a 12.1% hike, though this monthly variation should be interpreted cautiously due to potential methodological adjustments.
The current rate of 990 CUP is the highest in the last 30 days, while the lowest was 860 CUP. The euro solidifies its standing as the most expensive currency in Cuba's parallel market, outpricing the dollar by 85 pesos and reinforcing its dominant position.
Cautious Approach to Freely Convertible Currency
The MLC is referenced at approximately 678 Cuban pesos (CUP) today, with buying at 675 CUP and selling at 680 CUP. However, this value should be seen as indicative due to the limited data available at this time, which does not allow for as robust a valuation as that of the dollar or euro.
Compared to the previous session, this represents an increase of 117 pesos from 561 CUP, a 20.9% change also mirrored in weekly comparisons. Over the past month, the accumulated rise would be 203.50 pesos from 474 CUP, a 42.9% increase, although these monthly figures may partly reflect methodological changes in the index.
Without physical existence, its use is confined to state-run stores that accept it, limiting its circulation compared to cash currencies.
The Gap with the Official Exchange Rate
The official exchange rate from the Central Bank of Cuba (Segment III), set today at 775 CUP per dollar and 868 CUP per euro, remains significantly below the practical values in the informal currency market.
The disparity between the two markets today is 130 pesos for the dollar and 122 pesos for the euro, highlighting the gap between the official economy and the everyday reality faced by Cubans.
In the past month, the official dollar rate has risen from 695 to 775 CUP, a significant adjustment that has nonetheless failed to close the gap with the parallel market, which has increased from 785 to 905 CUP in the same period.
Context and Impact on the Cuban Population
The dollar surpassing the 900 pesos barrier marks a milestone in Cuba's informal market since this benchmark began being tracked. Just a week ago, the dollar was exchanged at 845 CUP, and 30 days ago, it was at 785 CUP.
The rapid rise—over 60 pesos in seven days—reflects growing pressure on the Cuban peso, which finds no relief in the regime's measures. Meanwhile, the euro is dangerously nearing the 1,000 pesos mark, a threshold that could be breached in the coming days if the trend continues.
In a scenario of sustained inflation, low state salaries, and increasing partial dollarization of the economy, every fluctuation in the informal market directly impacts internal prices and Cubans' purchasing power.
The gap between the official and informal rates reflects the persistent shortage of foreign currency in the state banking system and the high demand for dollars and euros among the population, whether for emigration, importing goods, safeguarding savings, or making purchases in the private sector.
Equivalence of US Dollar and Euro to Cuban Peso
US Dollar (USD) to Cuban Peso (CUP) equivalence:
1 USD = 905 CUP.
5 USD = 4,525 CUP.
10 USD = 9,050 CUP.
20 USD = 18,100 CUP.
50 USD = 45,250 CUP.
100 USD = 90,500 CUP.
Euro (EUR) to Cuban Peso (CUP) equivalence:
1 EUR = 990 CUP.
5 EUR = 4,950 CUP.
10 EUR = 9,900 CUP.
20 EUR = 19,800 CUP.
50 EUR = 49,500 CUP.
100 EUR = 99,000 CUP.
Methodology
The CiberCuba Exchange Rate is an index of Cuba's informal market compiled from automated analysis of thousands of currency exchange posts in Telegram and Facebook groups. The calculation excludes atypical offers and spam messages, weights each transaction by its age, and consolidates a representative value updated several times a day.
FAQs on Cuba's Currency Exchange Rates
Why did the US dollar surpass 900 Cuban pesos?
The US dollar surpassed 900 Cuban pesos due to persistent pressure on the Cuban peso, reflecting economic instability and a high demand for foreign currency in the informal market.
What factors are influencing the euro's rise in Cuba?
The euro's rise is influenced by similar economic pressures affecting the Cuban peso, as well as a high demand for euros for various purposes such as emigration and purchasing goods.
How does the gap between official and informal exchange rates impact Cubans?
The gap impacts Cubans by making informal market transactions more expensive, reducing purchasing power, and highlighting the disconnect between the government-set rates and real-world conditions.