The U.S. dollar (USD) and the euro (EUR) reached new highs in the Cuban informal market this Saturday, in a day that confirms the significant gap between the real economy and the official discourse.
According to the independent observatory elTOQUE, the dollar is traded at 458 Cuban pesos (CUP) and the euro at 500 CUP, while the Freely Convertible Currency (MLC) remains stable at 400 CUP.
In contrast, the Central Bank of Cuba (BCC) set its official rates this Saturday at 413 CUP per dollar and 480.36 CUP per euro, which results in a difference of 45 pesos for the dollar and nearly 20 for the euro compared to the informal market.
Informal exchange rate in Cuba Saturday, January 10, 2026 - 05:09
Exchange Rate Evolution
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 458 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 500 CUP
- Exchange rate from MLC to Cuban pesos CUP: 400 CUP
Central Bank of Cuba (official)
- 1 USD = 413 CUP (+2)
- 1 EUR = 480.36 CUP
The gap between the two rates is not just a price difference: it is evidence that two incompatible economies coexist in Cuba. One—the official one—is artificially sustained by administrative decisions and lacks a real supply of foreign currency; the other—the informal one—operates according to market logic, scarcity, and fear.
While the government insists that the "daily floating rate" reflects the real conditions of the market, the reality shows otherwise.
The BCC barely adjusts its values in symbolic increments—one or two pesos per day—while the exchange rates soar on the streets. This inertia turns the official rate into a decorative figure, having no impact on the economy and lacking credibility among the population.
Economists consulted by CiberCuba agree that the issue is not just monetary, but structural.
“The Central Bank lacks the tools to sustain its exchange rate because it does not have foreign currency nor controls the flow of the real market. Informal prices are the true reference, not due to illegality, but because they are the only ones that reflect reality,” explained an analyst from Havana.
The sustained rise of the dollar and the euro is also due to the psychological effect of the political context: the capture of Nicolás Maduro in Venezuela and the fear of a collapse of energy agreements with Cuba. With each geopolitical shake-up, the Cuban peso reacts with panic, and people seek refuge in strong currencies.
The gap between the official and informal exchange rates not only reflects the value of the dollar: it measures the level of distrust in the Cuban economic system. With the euro at 500 CUP and the dollar approaching, the national peso is losing not only purchasing power but also credibility as a currency.
And in a country where the black market dictates real prices, the "floating rate" of the Central Bank continues to float… but over emptiness.
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