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The official rates from the Central Bank of Cuba (BCC) have once again changed in their so-called Segment III of the exchange market, the mechanism that the government introduced as a more flexible or "floating" rate to bring the value of the Cuban peso closer to market conditions.
According to the current data for operations on March 16, 2026, the BCC sets the US dollar at 475 CUP, while the euro stands at 545.11 CUP within this segment.
The graphs published by the Central Bank itself show that the dollar experienced a new upward adjustment starting from March 13, when it rose from levels close to 473 CUP to the current 475 CUP, where it has remained stable in recent days.
If we take a broader look at the last month, the trend is clearly upward. In mid-February, the official dollar was around 458 CUP, which means that in about four weeks, the floating rate has increased by approximately 17 pesos.
However, the behavior of the euro has been different. After reaching a peak of nearly 551 CUP at the beginning of March, the European currency experienced a slight correction in recent days and is now trading around 545 CUP.
The explanation for this apparent contradiction —with a rising dollar and a falling euro in the official market— lies not in the Cuban economy, but in the international currency market.
The Cuban Central Bank does not calculate the value of the euro independently; instead, it derives it from the exchange rate of the dollar and the international cross rate between the two currencies.
In recent days, the euro has weakened against the dollar in global markets: it dropped from a value of around 1.16 dollars per euro to about 1.14, according to the reference rates from the European Central Bank (ECB).
When this international exchange rate is applied to the official Cuban dollar, the result is a slightly cheaper euro in pesos, even when the dollar rises.
Despite these adjustments, the gap between the official and informal markets remains significant.
While the BCC sets the dollar at 475 CUP, in the informal market, the U.S. currency is trading above 510 CUP, according to the daily monitoring by the independent outlet elTOQUE. A similar situation occurs with the euro, which in the parallel market is nearing 580 CUP, far exceeding the official rate.
This difference reflects structural problems in the Cuban economy, including the scarcity of foreign currency in the state banking system and the high demand for hard currency among the population.
As long as those conditions persist, the informal market will continue to serve as the main reference for the real value of the Cuban peso, even as the Central Bank continues to implement gradual adjustments to its "floating" rate.
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