Day of changes in the informal market in Cuba: the value of the euro and the Free Convertible Currency (MLC) rises.
At 7:00 a.m. (local time) on January 21, the euro averages 535 CUP, which indicates an increase of five units compared to the previous day, according to the rate published today by the independent media elTOQUE.
The European currency marks its fourth consecutive day of increases.
In the case of the dollar, the U.S. currency maintains the 490 CUP reached this Tuesday.
Exchange Rate Evolution
The Freely Convertible Currency (MLC), for its part, has risen from 400 to 410 CUP, values that have fluctuated wildly in recent days.
Exchange rate today 01/21/2026 - 7:05 a.m. in Cuba:
Dollar exchange rate of USD to CUP according to elTOQUE: 490 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 535 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 410 CUP.
The current trend of rising foreign currencies in the informal market contrasts with the relative stability displayed by the dollar and euro in December 2025, despite the implementation of the so-called "floating rate" (Segment III) on the 18th of that month, which governs the official exchange rate.
However, according to warned recently by the Currency and Finance Observatory of Cuba (OMFi), this measure did not cause immediate effects or drastic alterations.
According to the OMFi models, the projections for January already anticipated an upward trend:
Dollar: central projection of 465 CUP (range between 454 and 480 CUP).
Euro: projection of 505 CUP (range between 479 and 515 CUP).
MLC: estimated at around 427 CUP (range between 398 and 440 CUP).
LThe current values -with the dollar priced at 490 CUP and the euro at 535 CUP- reveal that both currencies have exceeded expectations, reinforcing the perception of a market under pressure from uncertainty and mistrust in the Cuban peso.
Factors that pressure the market
Among the factors explaining the upward trend are:
The capture of the ruler Nicolás Maduro has created a new scenario of instability in Venezuela, a key partner of Cuba.
-A limited offer of foreign currency, which decreased at the end of December and has not fully recovered since.
-The weakening of trust in Cuban institutions, especially following the freezing of currency in national banks.
The use of MLC as a monetary policy tool, with the Central Bank purchasing MLC at rates similar to the dollar, despite its low actual demand.
Medium-term risks
The OMFi emphasizes that the current situation presents increasing risks:
-Inflation fueled by unbacked monetary issuance.
-Low capacity of the country to generate real foreign exchange.
-Deterioration of tourism (with a drop of nearly 20% in 2025).
-Institutional fragility and lack of investor confidence.
Equivalence of United States Dollar (USD) Bills to Cuban Peso (CUP), according to the exchange rates of January 21:
1 USD = 490 CUP.
5 USD = 2,450 CUP.
10 USD = 4,900 CUP.
20 USD = 9,800 CUP.
50 USD = 24,500 CUP.
100 USD = 49,000 CUP.
Equivalence of Euro bills (EUR) to Cuban Peso (CUP):
1 EUR = 535 CUP.
5 EUR = 2,675 CUP.
10 EUR = 5,350 CUP.
20 EUR = 10,700 CUP.
50 EUR = 26,750 CUP.
100 EUR = 53,500 CUP.
200 EUR = 107,000 CUP.
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