Another day of changes in the informal currency market in Cuba: one currency drops and another drops as reflected by the rate published this Thursday by the independent media elTOQUE.
In recent hours, the price of the euro has fallen, while that of the freely convertible currency (MLC) has risen. These are the same currencies that had experienced fluctuations in their values the previous day.
At 7:00 a.m. (local time) on January 22, the euro is being sold on average for 530 CUP, which represents a decline of five units compared to the previous day.
The Freely Convertible Currency has risen from 410 to 415 CUP, five pesos more than yesterday.
Exchange Rate Evolution
In the case of the dollar, the US currency maintains the 490 CUP reached on Tuesday of this week.
Exchange rate today 01/22/2026 - 8:05 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 490 CUP.
Euro exchange rate EUR to CUP according to elTOQUE: 530 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 415 CUP.
The current trend of increasing foreign currencies in the informal market contrasts with the relative stability shown by the dollar and the euro in December 2025, despite the implementation of the so-called "floating rate" (Segment III) on the 18th of that month, which currently governs the official exchange rate.
However, according to a recent warning from the Observatory of Currencies and Finance of Cuba (OMFi), this measure did not cause immediate effects or drastic changes.
According to the OMFi models, the projections for January were already indicating 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 (ranging between 398 and 440 CUP).
The current values -with the dollar priced at 490 CUP and the euro at 530 CUP- reveal that both currencies have exceeded expectations, reinforcing the perception of a market under pressure from uncertainty and distrust in the Cuban peso.
Factors pressuring the market
Among the elements explaining the upward trend would be, according to elTOQUE:
The capture of leader Nicolás Maduro has created a new scenario of instability in Venezuela, a key partner of Cuba.
-A limited supply of foreign exchange, which decreased at the end of December and has not fully recovered.
-The weakening of trust in Cuban institutions, especially following the freezing of foreign currencies in national banks.
-The use of the MLC as a tool of monetary policy, with the Central Bank purchasing MLC at rates similar to the dollar, despite its low real demand.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on January 22:
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 (EUR) banknotes to Cuban Peso (CUP):
1 EUR = 530 CUP.
5 EUR = 2,650 CUP.
10 EUR = 5,300 CUP.
20 EUR = 10,600 CUP
50 EUR = 26,500 CUP.
100 EUR = 53,000 CUP.
200 EUR = 106,000 CUP.
Filed under: