The U.S. dollar (USD) continues its upward trajectory in Cuba's informal market, reaching an unprecedented 460 Cuban pesos (CUP) this Sunday, the highest level since early December.
Meanwhile, the euro (EUR) remains stable at 500 CUP, and the Freely Convertible Currency (MLC) holds its value at 400 CUP, as reported by the independent observatory elTOQUE.
In contrast, the Central Bank of Cuba (BCC) set its official rates on Sunday at 413 CUP per dollar and 480.36 CUP per euro, creating a gap of 47 pesos for the dollar and 20 pesos for the euro between the official and informal market rates.
Informal Exchange Rates in Cuba
Sunday, January 11, 2026 - 05:54
Dollar (USD) to Cuban pesos (CUP): 460 CUP
Euro (EUR) to Cuban pesos (CUP): 500 CUP
Freely Convertible Currency (MLC) to Cuban pesos (CUP): 400 CUP
Central Bank of Cuba (official):
1 USD = 413 CUP (+2)
1 EUR = 480.36 CUP
This widening gap between the two rates highlights the inefficacy of the so-called "floating rate" introduced by the BCC in December as part of its new exchange policy.
While the BCC maintains its rates unchanged for the second consecutive day, the informal market continues to shift, further increasing the disparity between the official and actual rates.
Currently, the dollar is valued 47 pesos higher on the street than at the Central Bank, a discrepancy that underscores the failure of the controlled float to accurately reflect the true dynamics of the Cuban market.
"The Central Bank attempts to portray a controlled float, but the real market floats independently," remarked an independent economist from Havana. "The nearly 50-peso difference per dollar is not a technical error but rather the outcome of an economy detached from reality."
With the dollar at 460 and the euro firmly at 500 CUP, the national currency enters the new week weakened and lacking credibility, while the streets continue to dictate the real value of money in Cuba.
Understanding Cuba's Currency Exchange Dynamics
Why is there a difference between Cuba's official and informal exchange rates?
The difference arises because the informal market reflects the actual demand and supply dynamics for foreign currency, which the official rates do not account for, leading to discrepancies.
What is the impact of the currency gap on Cuba's economy?
The gap undermines the credibility of the national currency and complicates the economic situation, as citizens rely on the informal market to gauge the true value of money.