For the third consecutive day, the unofficial exchange rates of the three key currencies in Cuba have remained unchanged.
This Thursday, the black market for foreign currency in Cuba once again opened with no fluctuations in the average selling prices of these pivotal currencies, highlighting another day of stability amid the island's economic landscape.
As of 7:00 a.m. on January 29, the U.S. dollar is still valued at 485 CUP, maintaining the rate it achieved on Monday, according to the daily report from the independent outlet elTOQUE.
The euro also remains steady, trading again at 530 CUP. This marks the eighth consecutive day without a change in its average selling price.
The Freely Convertible Currency (MLC) likewise continues to be exchanged at 400 CUP.
These three benchmark currencies in Cuba's informal market are currently experiencing a temporary steadiness. However, the island's economic climate is overshadowed by escalating uncertainty, exacerbated by an ongoing energy crisis that shows signs of worsening.
Exchange Rates on January 29, 2026
Exchange rate for the U.S. dollar (USD) to Cuban Peso (CUP) as reported by elTOQUE: 485 CUP.
Exchange rate for the euro (EUR) to CUP according to elTOQUE: 530 CUP.
MLC to CUP rate provided by elTOQUE: 400 CUP.
The Cuban Currency and Finance Observatory (OMFi) had previously forecasted a potential increase for January:
- Dollar: projected central rate of 465 CUP (range between 454 and 480 CUP).
- Euro: anticipated rate of 505 CUP (range between 479 and 515 CUP).
- MLC: expected around 427 CUP (range between 398 and 440 CUP).
As the month draws to a close, current figures show that the values of the dollar and the euro, priced at 485 CUP and 530 CUP respectively, have exceeded these predictions, while the MLC is considerably below the OMFi's forecast.
This scenario underscores the pressure on the market, driven by uncertainty and a lack of confidence in the Cuban peso.
Currency Conversion
U.S. Dollar (USD) to Cuban Peso (CUP) conversion rates, based on January 29 exchange rates:
- 1 USD = 485 CUP
- 5 USD = 2,425 CUP
- 10 USD = 4,850 CUP
- 20 USD = 9,700 CUP
- 50 USD = 24,250 CUP
- 100 USD = 48,500 CUP
Euro (EUR) to Cuban Peso (CUP) conversion rates:
- 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
Understanding Cuba's Black Market Exchange Rates
Why are the exchange rates in Cuba's black market stable?
The stability in exchange rates is likely due to a temporary balance between supply and demand for foreign currencies. However, this does not reflect the broader economic instability in Cuba.
How does the black market impact Cuba's economy?
The black market can distort currency valuations, complicating economic planning and fostering distrust in the official financial system. It reflects underlying economic issues such as inflation and scarcity.
What is the significance of the MLC in Cuba?
The MLC is crucial for purchasing imported goods in state-run stores, making it a vital currency for many Cubans who rely on foreign remittances.