The Interior Ministry currently has more than 300 investigations open into the illegal buying and selling of foreign currencies
14ymedio, Madrid, 12 March 2026 — Three months after the introduction of a floating exchange rate in the official currency market aimed at fighting the illegal sale of foreign currency, “it’s no secret -the reality is that it still doesn’t operate in the way the Cuban economy needs,” Humberto López admitted bluntly on the TV program Hacemos Cuba this Wednesday.
The Interior Ministry currently has more than 300 investigations open into various economic crimes linked to illegal foreign-currency trading with connections abroad, three of which were described on the program. Taken together, the money seized in these operations amounts to almost 16 million pesos, close to $19,000 and around €15,000.
Lieutenant Colonel Gisnel Rivero Crespo, head of the Department for Combating Economic Crimes, said the scale of the problem was very significant and acknowledged that, despite the legislation that has been passed, “criminal structures that handle these financial flows outside the law persist, moving considerable volumes of money… These large flows unquestionably have a direct impact on macroeconomic stability.”
The officer highlighted three specific police operations. The first, and the most organized, took place in the Luyanó neighborhood (Diez de Octubre municipality), where “a criminal structure dedicated to illegal currency trading and the delivery of remittances was operating out of two homes,” functioning almost like a private bank. In the raid, at least one person was arrested. Police seized 13,278,560 pesos and €1,500, along with two 2025 Kia Picanto vehicles, five safes, and three money-counting machines. They also found 12 magnetic cards, phones, laptops, and documentation, which has allowed investigators to look into five other properties.
In the raid, at least one person was arrested. Police seized 13,278,560 pesos and €1,500, along with two 2025 Kia Picanto vehicles
Another of the networks under investigation in Havana had gained attention, according to the authorities, for how openly it operated and the steady, visible flow of customers. This one involved two homes in Plaza de la Revolución and one in Cerro. In that case, the owner of a private business was arrested while depositing that day’s takings at the premises in order to exchange them for dollars. The cash seized there totaled $17,210, €13,475 and 2,199,650 pesos.
The most recent case involved a house in El Vedado and another in Quiebra Hacha (Mariel, Artemisa). The main suspect, a partner in a small private company (mipyme) and a self-employed worker, already had a prior fine from the tax authority (ONAT) for more than 1.6 million pesos and was caught carrying out “cash dollar exchanges, trading in bank-linked currencies (MLC and CUP), and cryptocurrency operations.”
According to officials, his bank activity exceeded 36 million pesos in credits and 35 million in debits. During the search, officers seized 134,550 pesos, $815, money-counting machines, laptops, and eight bank cards, including one Clásica card and several foreign ones. The detainee was also involved “in delivering remittances via couriers.”
“We have established the participation of Cubans living abroad working with structures in Cuba that support this activity,” Rivero Crespo added. According to his explanation, there are “individuals who enter into negotiations with private economic actors to finance their imports. But those imports, which obviously are in dollars, are carried out according to a conversion rate imposed by them.”
The margin ranges between 6% and 12%, he said, “while at the same time drawing these actors into criminal networks.”
Rivero Crespo – ignoring that for years the state failed to offer a legal exchange market where private businesses could obtain the foreign currency they needed to import — accused these “financiers” of speculating by applying such high margins. This, in turn, forces entrepreneurs to pass the cost on to consumers in order to pay for it. That, he said, “distorts cost structures.”
The same happens with people involved in the illegal sale of foreign currency “in both physical and virtual spaces,” which often operates with margins of around 15%, contributing to the rising price of foreign currency and the depreciation of the peso.
The lieutenant added that structures still exist that simulate international phone top-ups while keeping the foreign currency abroad, so the money never returns to Cuba.
Some people “receive the foreign currency abroad and instead of sending those dollars here, they use them to finance imports. Then there are people here in Cuba who (…) collect the revenues from these economic actors.” Rather than depositing that money in banks, he complained, it is used -in national currency – to distribute remittances.
Finally, the officer referred to another classic method: the use of “mules” to take cash out of the country using the $5,000 limit allowed by Customs.
“What happens is that if this is done repeatedly and with several people, a considerable amount can be moved,” he said.
Finally, the officer referred to another classic method: the use of “mules” to take cash out of the country using the $5,000 limit allowed by Customs. “What happens is that if this is done repeatedly and with several people, a considerable amount can be moved,” he said.
Prosecutor Yudenia San Miguel Ramírez warned about the “strictness” with which the Penal Code is being applied in these cases, including the offense of “apology for crime” seen on social media.
“We are facing an aggravating circumstance of criminal responsibility when these tools [digital networks] are used to facilitate the commission of crimes… these individuals act outside these provisions and completely violate the legal framework,” she said.
On December 17, 2025, Cuba finally approved a long-announced third official exchange rate, a floating rate aimed at “individuals and non-state forms of management.” It began at 410 pesos per dollar, adding to the already existing rates of 24 pesos (for state companies) and 120 pesos (for entities able to generate foreign currency).
The measure was intended to close the enormous gap opened by the informal market, which was buying and selling dollars at three times the official rate, amid relentless demand driven by the need to shop in state stores that sell in foreign currency – the only ones properly stocked -and by the need to import goods into a country that produces very little.
However, in just three months the rate has climbed to 470 pesos per dollar.
That is still cheaper than the 510 pesos on the informal market, which actually has foreign currency available and delivers it immediately -unlike state banks and official exchange houses (Cadeca), which are limited to buying dollars rather than selling them.
According to U.S. economist Steve Hanke, the Cuban peso has lost 33% of its value over the past year, and year-on-year inflation is around 47%, although the government -which does not include the black market in its calculations – put the figure at 14% at the end of 2025.
Translated by GH
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