Cuba Informal Currency Market: USD and Euro Rise on October 9

Informal Currency Rates Shift Across Cuba

The US dollar reached 775 Cuban pesos and the euro hit 870 pesos in Cuba’s informal foreign exchange market on Friday, October 9, 2026, according to tracking data published by CiberCuba. These rates followed a period of intense fluctuation that saw both major currencies approach or briefly exceed thresholds before undergoing slight corrections earlier in the week. Following a close at 750 pesos at the end of September and an approach toward 800 pesos in early October, the US currency had traded at 770 pesos on Wednesday morning—marking a level 20 pesos higher than the previous week but 15 pesos below its peak on the prior Sunday, according to data from the independent outlet El Toque. Similarly, the euro had climbed to 880 pesos over the weekend with projections pointing toward 900 pesos before dropping back to 870 pesos.

The informal market movements reflect ongoing pressures on domestic purchasing power and a widening gap with official banking rates, which include an official update on Friday, October 9, 2026, placing the official exchange rate for the US dollar at 24,00 pesos cubanos.

Divergent Trajectories for USD, EUR, and MLC

The US dollar rose by 7.5 pesos from the previous day to trade at 775 CUP, representing a single-day increase of roughly 1%. Over a thirty-day span, the dollar moved from a low of 687 CUP toward recent peaks near 785 CUP. Concurrently, the euro opened at 870 CUP, marking a 9.5-peso increase from the prior session. The European currency surpassed the dollar by 95 pesos, maintaining its position as the dominant foreign denomination in the informal parallel market.

Moneda Libremente Convertible (MLC), the currency created to incentivize foreign remittances, stood at an indicative 580 CUP with wide bid-ask spreads. While daily trading data for MLC remained sparse, its weekly trajectory showed notable volatility. Reporting from Diario de Cuba noted that alternative currencies such as the Canadian dollar crossed the 500-peso threshold for the first time, compounding price instability across consumer goods and imported inputs. Furthermore, the Mexican peso and digital transactions via the Clásica card and Zelle also experienced upward price adjustments.

State Banking Channels Fail to Close Currency Gap

Independent monitoring outlets documented differing phases of the currency movement throughout the week, noting that the euro had previously reached 880 CUP over the weekend before sliding back to 870 CUP, while MLC fluctuated around 505.88 pesos on Wednesday after touching 523.53 pesos on Monday and dipping below 500 pesos at points.

Analysts point out that despite institutional adjustments—including the authorization of private corporate banking entities and microcredit lenders—state banking channels have not closed the gap with parallel market valuations. As part of this business movement, the first private currency exchange house has already begun operating in Havana.

Inflation Strains Cuban Household Budgets

Inflation continues to strain household budgets across the island, remaining one of the primary challenges for the Cuban population alongside severe energy blackouts and food scarcity. A recent survey conducted by Diario de Cuba through Cubadata revealed that 66.6% of respondents identified inflation as a major problem affecting their households. Unable to curb inflation, protect the peso, or reactivate productive forces, regime banking entities have introduced larger denomination banknotes of 10,000 and 20,000 CUP. The Central Bank has acknowledged through its own explanations that these higher denominations are issued to operate within an economy characterized by skyrocketing prices, intense cash demand, and a currency becoming increasingly disconnected from salaries and pensions.