This Friday, the informal currency market in Cuba is experiencing a new shake-up: the price of the euro rises for the second consecutive day, and the value of the freely convertible currency (MLC) is also increasing.
Only the dollar remains stable today, which is trading again at 490 CUP.
The price of the euro skyrockets to 545 CUP, five pesos more than the previous day.
The MLC, on the other hand, reaches 405 CUP, marking a new milestone in the depreciation of the Cuban peso.
Exchange Rate Evolution
This increase, which deepens the chasm between the national peso and the major foreign currencies even further, comes just hours after the most recent public intervention by the leader Miguel Díaz-Canel, in which he warned that the country is preparing for “more difficult times.”
The recent increase in the value of the euro and the MLC in the informal market reflects a lack of confidence in the national currency and in the economic policies of the Cuban government.
While the authorities continue to call for patience, savings, and more resilience, the population is facing a reality marked by precariousness, hunger, and uncertainty.
In that context, every word spoken by Díaz-Canel without backing from concrete actions translates into an additional decline of the Cuban peso. As has been demonstrated once again, the economy does not respond to rhetoric, but to facts.
Exchange rate today 06/02/2026 - 7:20 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 490 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 545 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 405 CUP.
"I know we are going to live through difficult times."
In a speech broadcast on the YouTube channel of the Presidency of Cuba, Díaz-Canel attempted to provide a situational report amidst the worsening economic, energy, and social crisis the country is experiencing.
"I am not an idealist. I know we are going to face difficult times. We have done it before, but now we will overcome it together with creative resilience, effort, and talent," the President declared.
The leader admitted that 2025 was a "bad year" for the economy.
The speech quickly provoked critical reactions, both inside and outside the island. For many citizens and experts, the message was repetitive, evasive, and disconnected from reality.
The questions that Díaz-Canel answered during the intervention were prearranged and his presentation was recorded, which further diminished the credibility of the event.
Among the most notable criticisms so far is that of Cuban economist Mauricio de Miranda Parrondo, who stated: "The Cuban economic system cannot be improved or updated. The system is the problem. It needs to be dismantled."
According to De Miranda, attempts to reconcile centralized planning with market mechanisms are doomed to fail.
"All those who attempted to implement reforms where central planning and the market could coexist have failed," he emphasized in an extensive analysis published on his Facebook profile.
Foreign exchange market and new mistakes
The economist also directly criticized the new system announced for the allocation of foreign currency, calling it "a new economic policy error."
He also advocated for the creation of "a legal and transparent foreign exchange market with a single exchange rate", which would eliminate the distortions, perverse incentives, and space for corruption created by the current parallel segments.
He also questioned the supposed business and municipal autonomy that the official discourse promotes.
"The state-owned company must have administrative, financial, and commercial autonomy," he said, but clarified that this "implies eliminating ministerial subordination and allowing private entrepreneurship."
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates as of February 6th:
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 bills (EUR) to Cuban Peso (CUP):
1 EUR = 545 CUP.
5 EUR = 2.725 CUP.
10 EUR = 5,450 CUP.
20 EUR = 10,900 CUP.
50 EUR = 27,250 CUP.
100 EUR = 54,500 CUP.
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