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Day of changes in the informal currency market in Cuba: the dollar rises in price while the euro falls.
At 7:00 a.m. on this February 3rd, the dollar skyrockets to 490 CUP, which is five pesos more than the rate maintained since January 26th, according to the daily report from the independent media elTOQUE.
The euro, on the other hand, has fallen for the second consecutive day, decreasing from 438 to 435 CUP, a drop of three pesos compared to this Monday.
In the case of the Freely Convertible Currency (MLC), the virtual currency with which the Cuban regime operates currently stands at 400 CUP, a recurring value for that currency in recent weeks.
These figures once again reflect the widespread distrust in the national currency and the increasing dollarization of the informal economy, where access to foreign currency defines the real purchasing power of citizens.
In markets and social media, the dollar and the euro have become safe havens for value amid inflation and the ongoing loss of purchasing power of the CUP.
Exchange rate today 03/02/2026 - 7:15 a.m. in Cuba:
Dollar exchange rate 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: 400 CUP.
The informal exchange rate in Cuba continues to set the tone for the country's economic reality, far exceeding the official value maintained by the regime.
Additionally, the official "floating rate" for the dollar and euro, implemented in mid-December 2025, has not resolved anything nor impacted the course of the informal currency market.
The weakness of the Cuban peso is a direct result of a combination of structural factors: an inefficient state-run economy, a collapsed national production, a lack of foreign investment, and repression of the private sector.
Moreover, the dual currency system and exchange restrictions have distorted prices and deepened inequalities.
The most visible consequence is the accelerated impoverishment of the population: salaries in pesos barely cover a fraction of basic needs, while essential products—such as food, medicine, and fuel—are sold in foreign currency or at inaccessible prices.
This gap between the peso and strong currencies not only reflects the economic crisis but also the total loss of credibility in the Cuban financial system.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates on February 3rd:
1 USD = 490 CUP.
2 USD = 980 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) notes 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
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