This Friday, Cuba's informal currency market is witnessing a fresh upheaval as the euro's price climbs for the second consecutive day, alongside a rise in the value of the Freely Convertible Currency (MLC).
Meanwhile, the US dollar remains stable today, trading again at 490 CUP.
The euro price has skyrocketed to 545 CUP, a five peso increase from the previous day.
The MLC has reached 405 CUP, setting a new milestone in the ongoing depreciation of the Cuban peso.
This surge, which further deepens the chasm between the national currency and key foreign currencies, follows just hours after the latest public address by the ruler Miguel Díaz-Canel, who warned the nation to brace for “tougher times ahead.”
The rising value of the euro and MLC in the informal market underscores a lack of faith in the national currency and the Cuban government's economic policies.
As authorities continue to urge patience, savings, and resilience, citizens grapple with a reality characterized by scarcity, hunger, and uncertainty.
In this context, every word uttered by Díaz-Canel without accompanying concrete actions results in a further decline of the Cuban peso. As has been demonstrated repeatedly, the economy does not respond to rhetoric but to tangible actions.
Exchange Rates on February 6, 2026 - 7:20 a.m. in Cuba:
- USD to CUP according to elTOQUE: 490 CUP.
- EUR to CUP according to elTOQUE: 545 CUP.
- MLC to CUP according to elTOQUE: 405 CUP.
“Preparing for Challenging Times”
In a speech broadcasted via the YouTube channel of the Cuban Presidency, Díaz-Canel provided an update amid the worsening economic, energy, and social crises engulfing the country.
“I am not an idealist. I know we will face challenging times. We have done so before, but we will overcome them together through creative resistance, effort, and talent,” stated the leader.
The ruler acknowledged that 2025 was a “bad year” for the economy.
The speech quickly sparked critical reactions, both domestically and internationally. Many citizens and experts found the message repetitive, evasive, and out of touch with reality.
The questions addressed by Díaz-Canel during the intervention were pre-arranged, and his presentation was pre-recorded, further diminishing the credibility of the event.
Critics Voice Concerns
Among the most notable criticisms so far is from Cuban economist Mauricio de Miranda Parrondo, who stated, “The Cuban economic system cannot be perfected 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 tried reforms where central planning and the market coexisted failed,” he emphasized in a detailed analysis posted on his Facebook profile.
Currency Market and New Mistakes
The economist also directly criticized the newly announced system for foreign exchange allocation, labeling it as “another economic policy blunder.”
He advocated for the establishment of “a legal and transparent currency market with a single exchange rate,” which would eliminate distortions, perverse incentives, and opportunities for corruption generated by the current parallel segments.
He further questioned the supposed business and municipal autonomy promoted by the official discourse.
“State enterprises need to have administrative, financial, and commercial autonomy,” he stated, clarifying that this “implies removing ministerial subordination and allowing private entrepreneurship.”
US Dollar (USD) to Cuban Peso (CUP) Equivalent as of February 6:
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.
Euro (EUR) to Cuban Peso (CUP) Equivalent:
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.
Understanding Cuba's Currency Crisis
Why is the Cuban peso depreciating?
The Cuban peso is depreciating due to a lack of confidence in national economic policies and the government's handling of the crisis, leading to increased demand for more stable foreign currencies like the euro and MLC.
What impact do Díaz-Canel's speeches have on the economy?
Díaz-Canel's speeches often result in further depreciation of the Cuban peso when they lack actionable measures, as markets and citizens react to the disconnect between rhetoric and reality.
What solutions are proposed for Cuba's economic issues?
Experts like Mauricio de Miranda propose dismantling the current economic system, creating a legal and transparent currency market, and granting genuine autonomy to state enterprises to address economic issues.