The black market for foreign currency in Cuba sees a dramatic rise as both the dollar and the euro soar to unprecedented levels. Early this Thursday morning, at 7:00 a.m. local time, the U.S. dollar climbed for the third day in a row, advancing by two units compared to the previous day, reaching a remarkable 430 Cuban Pesos (CUP) per dollar.
Similarly, the euro also set a new record, climbing to 486 CUP on September 25, a one peso increase from its value on Wednesday. The Freely Convertible Currency (MLC) has also seen a boost, regaining five pesos to stand at 210 CUP, as reported by elTOQUE’s daily update.
Exchange Rates on the Rise
As of September 25, 2025, the exchange rates according to elTOQUE are as follows: the U.S. dollar stands at 430 CUP, the euro at 486 CUP, and the MLC at 210 CUP. The persistent rise in the value of the dollar and euro in recent weeks underscores the growing strain on Cuba’s national currency.
Back in July, Manuel Marrero indicated upcoming reforms in Cuba’s official exchange market, changes that were supposed to be implemented in the latter half of the year. However, there have been no updates on this front. Throughout the 25 days of September, both the dollar and the euro have consistently increased in value.
Impact on the Cuban Economy
On September 1, the U.S. dollar was valued at 410 CUP and the euro at 460 CUP. By the end of the month, each had risen by 20 and 26 pesos, respectively. Even more striking is the recovery of the beleaguered MLC, which, despite widespread expectations of its demise, has managed to climb from 190 CUP at the start of the month to 210 CUP today.
Earlier in September, the Cuban government announced that the average monthly salary rose to 6,649 CUP during the first half of 2025, marking a 16.4% increase from the same period the previous year. This statistic, reported by the National Office of Statistics and Information (ONEI) and shared by Cubadebate, was presented as a positive outcome of the government’s economic policies.
Yet, in the face of severe inflation and the ongoing devaluation of the Cuban peso, this salary increase offers little relief to the populace. The real-world impact is stark: with the black market rate keeping the dollar at 410 CUP, the new average salary translates to a mere 16.22 dollars per month. This amount is insufficient for meeting even the most basic living requirements.
Conversion Rates for U.S. Dollar and Euro
As of September 25, the conversion rates for U.S. dollars to Cuban pesos are as follows:
- 1 USD = 430 CUP
- 5 USD = 2,150 CUP
- 10 USD = 4,300 CUP
- 20 USD = 8,600 CUP
- 50 USD = 21,500 CUP
- 100 USD = 43,000 CUP
For euros to Cuban pesos, the rates are:
- 1 EUR = 486 CUP
- 5 EUR = 2,430 CUP
- 10 EUR = 4,860 CUP
- 20 EUR = 9,720 CUP
- 50 EUR = 24,300 CUP
- 100 EUR = 48,600 CUP
- 200 EUR = 97,200 CUP
- 500 EUR = 243,000 CUP
FAQs on Cuba’s Currency Exchange Crisis
Why are the dollar and euro increasing in value in Cuba?
The rise in value of the dollar and euro is largely due to economic instability in Cuba and the increasing pressure on the Cuban peso, leading people to seek more stable foreign currencies.
What is the impact of the rising currency rates on the Cuban population?
The increasing rates exacerbate the inflation crisis, making it difficult for Cubans to afford basic necessities as their income in pesos loses purchasing power.
How does the government’s salary increase announcement affect the situation?
While the salary increase is intended as a positive economic signal, it does little to mitigate the effects of inflation and currency devaluation, leaving many Cubans struggling financially.
