Currency Fluctuations in Cuba's Informal Market: One Rises, Another Falls

The informal currency exchange market in Cuba is once again experiencing changes, with one currency gaining value while another declines, as reflected by the exchange rates shared on Thursday by the independent outlet elTOQUE.

Recently, there has been a drop in the value of the euro, whereas the Freely Convertible Currency (MLC) has seen an increase. These are the same currencies that experienced fluctuations just the day before.

As of 7:00 a.m. local time on January 22, the euro is being sold at an average rate of 530 CUP, marking a decrease of five units compared to the previous day. Meanwhile, the MLC rose from 410 to 415 CUP, five pesos higher than the day before.

In contrast, the U.S. dollar has maintained its standing at 490 CUP since reaching that value on Tuesday of this week.

Today's exchange rates in Cuba as of 8:05 a.m. on January 22, 2026, according to elTOQUE are: 490 CUP for the USD, 530 CUP for the EUR, and 415 CUP for the MLC.

Market Trends and Influences

The recent upward trend in informal market exchange rates diverges from the relative stability observed in December 2025, despite the implementation of the "floating rate" policy (Segment III) on December 18, which governs the official exchange rates.

Nevertheless, the Observatory of Currencies and Finances of Cuba (OMFi) recently indicated that this policy did not lead to immediate or drastic changes.

According to OMFi models, January's forecasts already hinted at an upward trend:

• Dollar: central forecast of 465 CUP (range between 454 and 480 CUP).
• Euro: projection of 505 CUP (range between 479 and 515 CUP).
• MLC: estimated around 427 CUP (range between 398 and 440 CUP).

Currently, with the dollar valued at 490 CUP and the euro at 530 CUP, both currencies have surpassed expectations, highlighting the market's pressure from uncertainty and a lack of confidence in the Cuban peso.

Factors Contributing to Market Pressure

According to elTOQUE, several factors contribute to the rising trend:

• The capture of Venezuelan leader Nicolás Maduro, leading to instability in a key ally of Cuba.
• A limited supply of foreign currency, which decreased at the end of December and hasn't fully recovered.
• Diminished trust in Cuban institutions, particularly after the freezing of foreign currency in national banks.
• The use of MLC as a monetary policy tool, with the Central Bank purchasing MLC at rates comparable to the dollar, despite low real demand.

Currency Conversion Rates

Here are the conversion rates for U.S. dollars to Cuban pesos (CUP) as of 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.

Conversion rates for euros to Cuban pesos (CUP) are as follows:

• 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.