This Tuesday, both the euro and the Freely Convertible Currency (MLC) have seen significant price hikes in Cuba's informal exchange market.
As of 9:00 a.m. today, the European currency jumped from 550 to 555 Cuban Pesos (CUP), according to the daily report by the independent outlet elTOQUE.
Simultaneously, the MLC rose from 405 to 410 CUP.
The digital currency utilized by the Cuban regime has been experiencing a continuous fluctuation, mostly ranging between 400 and 415 CUP over the past few weeks.
Meanwhile, the U.S. dollar remains steady today for the third consecutive day.
The American currency is being sold at an average of 495 CUP, which is 60 pesos less than its European counterpart.
The persistent high values of the dollar and the euro in Cuba's informal market highlight the ongoing lack of trust in the national currency and the economic policies of the Cuban government.
While the authorities continue to call for greater endurance, the Cuban population faces a harsh reality characterized by poverty, hunger, and uncertainty.
Exchange Rates as of 10/02/2026 - 9:28 a.m. in Cuba:
Dollar (USD) to CUP rate according to elTOQUE: 495 CUP.
Euro (EUR) to CUP rate according to elTOQUE: 555 CUP.
MLC to CUP rate according to elTOQUE: 410 CUP.
Last week, President Díaz-Canel outlined part of the situation amidst the worsening economic, energy, and social crisis in the country.
"I am not idealistic. I know we are going to face difficult times. We have done it before, but now we will overcome them together with creative resistance, effort, and talent," declared the leader.
The president acknowledged that 2025 was a "bad year" for the economy.
Shortly after, Cuban economist Mauricio de Miranda Parrondo stated, "The Cuban economic system cannot be perfected nor 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.
"Everyone who tried to implement reforms where central planning and the market coexisted failed," he emphasized in an extensive analysis posted on his Facebook profile.
Currency Market and Policy Failures
The economist also directly criticized the new system announced for currency allocation, labeling it as "another economic policy mistake."
He also advocated for the creation 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.
U.S. Dollar (USD) to Cuban Peso (CUP) equivalence, according to today's 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) equivalence:
1 EUR = 555 CUP.
5 EUR = 2,775 CUP.
10 EUR = 5,550 CUP.
20 EUR = 11,100 CUP.
50 EUR = 27,750 CUP.
100 EUR = 55,500 CUP.
200 EUR = 111,000 CUP.
Understanding Cuba's Currency Market
Why is the euro increasing in Cuba's informal market?
The rise in the euro's value in the informal market is a result of the ongoing distrust in Cuba's national currency and economic policies, driving demand for more stable foreign currencies.
What is the MLC in Cuba?
The MLC, or Freely Convertible Currency, is a digital currency used in Cuba, primarily for transactions in state-run stores, and its value fluctuates based on demand and economic conditions.
How does the informal market affect Cuba's economy?
The informal market in Cuba creates an environment of uncertainty, as it operates outside official channels and often highlights the inefficiencies and distrust in the national financial system.