Cuba's informal currency market sees surge in dollar and euro values

Cuba's informal currency market has seen a significant surge in the value of foreign currencies against the Cuban peso. As of September 23, 2026, the U.S. dollar reached 725 pesos, marking a 3.6% increase over the past week and an 8.5% rise over the last month. The euro has shown even greater strength, closing at 826 pesos, a 9.7% increase over the previous month.

The devaluation of the peso is driving up costs for essential goods, services, and business operations. The rise in the dollar has directly impacted the availability and price of basic commodities; for example, in Santiago de Cuba, while official prices for oil are capped, street vendors are selling much smaller quantities at significantly higher rates.

This economic shift creates a divide between citizens who rely solely on state pensions or salaries and those with access to foreign remittances. Additionally, small and medium-sized enterprises (MSMEs) face challenges as they must purchase raw materials and equipment in foreign currency while often collecting revenue in pesos.