Cuba Informal Exchange Rate Hits New Highs of 730 Pesos to the US Dollar
Key Facts
Cuba’s informal exchange rate reached new highs this week, with the US dollar quoted at 730 pesos and the euro at 840. The figures come from elTOQUE, an independent outlet that tracks street offers and publishes a daily rate.
That is not an official rate, and no Cuban bank will sell dollars at it. It is the price Cubans actually pay, and almost every private price on the island moves with it.
What the Rate Is Now
The elTOQUE reading on Saturday morning put the dollar at 730 pesos, the euro at 840 and the MLC at 474.95. The MLC is a Cuban digital currency used in state shops that sell imported goods.
CiberCuba, a Cuban news site that runs its own index, had the dollar at 733 pesos on Friday. Both trackers have the dollar and the euro at or near the highest levels they have recorded.
The Central Bank of Cuba runs a floating rate of its own, which stood at about 678 pesos to the dollar on Friday. State banks and the CADECA exchange houses were selling dollars at between 677 and 692 pesos.
What an Informal Rate Is
Cuba has not had a single exchange rate for years. The state keeps 24 pesos to the dollar for companies and 120 pesos for individuals, far below what the currency fetches.
Because the official windows rarely have dollars to sell, Cubans buy and sell them privately, through messaging groups and word of mouth. That market is where importers, private restaurants and families getting money from abroad actually trade.
The elTOQUE tracker was built for that market, using software that reads buy and sell offers posted in social media groups. It takes the median, strips out odd offers and publishes a representative rate through the day.
The economist Pavel Vidal, who teaches monetary policy, oversees the method. Cuban state media dispute the result, and the outlet says the calculation runs without human intervention.
How Far It Has Moved This Year
On 10 January the same tracker had the dollar at 460 pesos and the euro at 500. The dollar has therefore gained about 59% against the Cuban peso in under nine months.
The climb has been quick in September. The dollar passed 700 pesos for the first time on 17 September, then 715 on the 21st and 722 on the 23rd.
Reuters reported this week that the peso has lost roughly nine-tenths of its value against the dollar since 2021. Cuba’s economy has shrunk for several years, and the country earns far less foreign currency than it spends.
Remittances through official channels have also thinned. Formal transfers are running about 70% below their 2019 level, when Cuba received more than US$2 billion.
What It Does to Wages and Prices
Cuba’s average state wage was 6,930 pesos a month in 2025, according to the national statistics office. At Saturday’s informal rate that is about US$9.50.
The government raised the minimum wage in state-funded jobs from 2,100 to 3,210 pesos in July. At the current rate the new floor is worth about US$4.40 a month.
The economist Omar Everleny Pérez has estimated that a couple needs about 45,401 pesos a month for basics. That is roughly US$62 at the informal rate, or more than six average wages.
Official figures put inflation at 14% in 2025, while the independent economist Pavel Vidal estimated the real rate near 70%. State statistics also show prices multiplying 4.6 times between 2021 and 2025.
What the Government Says
The Central Bank added a third official rate on 18 December 2025, floating and set daily, starting at 410 pesos to the dollar. Its president, Juana Lilia Delgado Portal, said the step recognised the gap between official rates and the currency’s real scarcity.
She argued that moving gradually avoided a sharp devaluation and a deeper loss of purchasing power. That rate has since climbed from 410 pesos to about 678, chasing the street.
Granma, the Communist Party daily, has run a series of articles accusing elTOQUE of manipulating the rate. It described the published figure as induced inflation and a tool of economic warfare against Cuba.
Not all the criticism comes from outside the island. The Cuban economist Pedro Monreal has written that the new floating rate confirms Cuba’s monetary problems rather than correcting them.
What to Watch
The first thing to watch is the gap between the two rates. It has hovered near 50 pesos, and the Central Bank has been moving its rate up rather than letting the gap widen.
The second is dollarisation, which is spreading through the retail economy. Cuba began letting private businesses charge customers in US dollar cash this month.
That deepens the split between Cubans who receive money from abroad and those who do not. Deputy Foreign Minister Carlos Fernández de Cossio has said the government does not know where the reforms will end.
The third is whether the promised official exchange market ever opens. The government said it would create one, and Cubans are still trading in messaging groups instead.
Frequently Asked Questions
What is Cuba’s informal exchange rate?
It is the price at which Cubans actually buy and sell foreign currency outside the banks. The tracker elTOQUE put it at 730 pesos to the US dollar on 26 September 2026.
Why does it matter more than the official rate?
State windows rarely have dollars to sell, so private prices, imports and remittance deals are set against the informal rate. The official rate mostly governs state accounting.
What is the official rate?
Cuba keeps 24 pesos to the dollar for companies and 120 pesos for individuals, plus a floating Central Bank rate of about 678 pesos. None of them is the price on the street.
What is a Cuban state wage worth?
The average state wage of 6,930 pesos a month is worth about US$9.50 at the informal rate. The minimum in state-funded jobs, 3,210 pesos, comes to about US$4.40.
What does the Cuban government say?
Granma, the Communist Party daily, accuses elTOQUE of manipulating the rate and driving induced inflation. The Central Bank says it is closing the gap gradually to avoid a sharp devaluation.
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