LatinNews Daily - 19 December 2025

*Cuba’s central bank (BCC) has unveiled a third official exchange rate of 410 Cuban pesos (CUP) to the US dollar, in addition to the existing rates of 24CUP and 120CUP. The 120CUP rate was introduced in August 2022 as part of efforts to undercut the informal currency market which is around 440CUP to the US dollar according to independent media outlet El Toque. BCC says that the new rate will float and be adjusted periodically. The announcement comes as the Partido Comunista de Cuba (PCC) government continues to grapple with economic crisis which was most recently exacerbated by the passage of Hurricane Melissa which struck the region last month. Yesterday Economy and Planning Minister Joaquín Alonso Vázquez said that the government was forecasting 1% GDP growth for 2026. The latest growth forecast by the United Nations (UN) Economic Commission for Latin America and the Caribbean (Eclac), released on 16 December, projects Cuba’s economy will grow 0.1% in 2026 after contracting 1.5% in 2025.

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