The informal currency market in Cuba starts the second week of February with a significant decline in the Freely Convertible Currency (MLC).
By 7:00 a.m. this Monday, the digital currency used by the Cuban regime has fallen from 410 to 405 CUP, according to the daily report by the independent outlet, elTOQUE.
The MLC has been fluctuating continuously between 400 and 415 CUP over recent weeks.
Meanwhile, the US dollar and the euro remain stable for the second consecutive day.
The US dollar is being sold at an average of 495 CUP, and the euro at 550 CUP, which is a 55-peso difference from the American currency.
The persistently high values of the dollar and euro in Cuba's informal market reflect a deep-seated distrust in the national currency and the Cuban government's economic policies.
While the authorities continue to urge patience, savings, and resilience, the Cuban people are grappling with a harsh reality characterized by scarcity, hunger, and uncertainty.
Current Exchange Rates as of February 9, 2026 - 7:58 a.m. in Cuba:
USD to CUP exchange rate according to elTOQUE: 495 CUP.
EUR to CUP exchange rate according to elTOQUE: 550 CUP.
MLC to CUP exchange rate according to elTOQUE: 405 CUP.
"I know we're going to face tough times," said Díaz-Canel last week as he attempted to address the escalating economic, energy, and social crisis in Cuba.
"I'm not an idealist. I know we're going to face tough times. We've been through this before, but now we'll overcome it together with creative resilience, effort, and talent," declared the leader.
The Cuban leader admitted that 2025 was a "bad year" for the economy.
Hours later, Cuban economist Mauricio de Miranda Parrondo stated, "The Cuban economic system cannot be perfected or updated. The system itself is the problem. It needs to be dismantled."
De Miranda argues that attempts to reconcile centralized planning with market mechanisms are doomed to failure.
"All those who tried to implement reforms where central planning coexisted with the market failed," he emphasized in a comprehensive analysis published on his Facebook profile.
Currency Market and Policy Blunders
The economist also 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 foreign exchange market with a single exchange rate" to eliminate distortions, perverse incentives, and the space for corruption created by the current parallel segments.
US Dollar (USD) to Cuban Peso (CUP) Equivalency based on February 9 exchange rates:
1 USD = 495 CUP.
5 USD = 2,475 CUP.
10 USD = 4,950 CUP.
20 USD = 9,900 CUP.
50 USD = 24,750 CUP.
100 USD = 49,500 CUP.
Euro (EUR) to Cuban Peso (CUP) Equivalency:
1 EUR = 550 CUP.
5 EUR = 2,750 CUP.
10 EUR = 5,500 CUP.
20 EUR = 11,000 CUP.
50 EUR = 27,500 CUP.
100 EUR = 55,000 CUP.
200 EUR = 110,000 CUP.
Understanding Cuba's Currency Crisis
Why is the Freely Convertible Currency (MLC) important in Cuba?
The MLC is a digital currency used by the Cuban government for transactions, playing a significant role in the country's informal economy due to its higher perceived stability compared to the Cuban Peso.
How does the exchange rate affect everyday life in Cuba?
Exchange rates directly impact the cost of imported goods and services, thus influencing inflation and the purchasing power of Cuban citizens, who often rely on the informal market to meet their needs.
What solutions are being proposed to stabilize the Cuban economy?
Experts suggest creating a transparent and legal foreign exchange market with a unified rate to reduce economic distortions and corruption, as well as calls for broader systemic changes to the country's economic model.