Dollar and Euro Soar on Cuba's Black Market as Peso Continues to Depreciate

The informal currency market in Havana, Cuba has seen significant increases in the U.S. dollar and euro, with the dollar trading at 725 Cuban pesos (CUP) and the euro at 827 CUP as of Thursday, September 24, 2026.

This marks a rise of 3 pesos for the dollar from the previous day's close of 722 CUP and a 2-peso increase for the euro from 825 CUP. Over the past week, both currencies have surged by significant amounts, with the dollar increasing by 25 pesos and the euro rising by 30 pesos.

The current rates reflect the highest levels seen in the past month, making these currencies highly sought after as Cubans seek to protect their savings from the depreciating peso. However, the official exchange rates set by the Central Bank of Cuba remain significantly lower, with a gap of 49 pesos for the dollar and 57 pesos for the euro between the official and informal markets.

The persistent inflation, low state salaries, and increasing partial dollarization of the economy have led to higher costs for imported goods and items traded in foreign currencies within the country. As a result, every fluctuation in the informal market directly impacts domestic prices and the purchasing power of Cubans.