The euro (EUR)
This uptick solidifies the European currency's status as the most robust and consistent monetary unit on the island, widening its lead over the dollar, which remains at 490 CUP, according to the independent observer elTOQUE. Meanwhile, the Freely Convertible Currency (MLC)
As of Tuesday, January 20, 2026, at 06:09 AM: The euro's increase by five pesos compared to Monday reinforces its perception as a safe haven for those seeking to preserve value amid the depreciating Cuban peso and the dollar's volatility. Experts attribute this rise to a combination of liquidity shortages and heightened demand for euros by Cubans receiving remittances from Europe or engaging in import transactions with the European Union. In contrast, a significant gap persists between the official exchange rates of the Central Bank of Cuba (BCC)—which pegs the euro around 496 CUP—and the informal market rates, surpassing a 40-peso difference. This disparity once again highlights the ineffectiveness of the "floating rate" system implemented by the regime in December. Ultimately, the informal market continues to serve as the true economic barometer in Cuba: a realm where prices escalate, the peso weakens, and foreign currencies dictate the pace of the ongoing crisis. The euro is viewed as a safe haven due to its relative stability and strength compared to the Cuban peso and the volatile dollar. This perception is bolstered by the euro's steady demand among Cubans receiving European remittances or engaging in imports. The euro's rise can be attributed to liquidity shortages and increased interest from Cubans seeking to preserve their wealth. Demand is especially high among those receiving remittances from Europe or involved in trade with the European Union.Current Informal Exchange Rates in Cuba
Understanding Cuba's Currency Fluctuations
Why is the euro considered a safe haven in Cuba?
What factors contribute to the euro's rise in Cuba's informal market?