The value of the US dollar and the euro continues to decline sharply in Cuba's informal market.
As of Sunday morning, the US dollar has fallen for the fifth consecutive day in the Cuban informal market, as reported by the independent outlet elTOQUE on November 2. Currently, the dollar stands at 450 CUP per unit, marking a further drop of 10 pesos from the previous day, which also saw a decrease of ten pesos.
The euro has similarly experienced a significant decrease, plummeting to 510 CUP, which is 15 pesos less than its value the day before.
Meanwhile, the MLC—a virtual currency used by the Cuban regime—remains steady for the second day at 205 CUP.
Exchange Rates as of November 2, 2025 - 6:34 a.m. in Cuba
According to elTOQUE, the exchange rates are as follows:
- USD to CUP: 450 CUP
- EUR to CUP: 510 CUP
- MLC to CUP: 205 CUP
Controversy Surrounding elTOQUE's Reporting
Recently, elTOQUE has faced criticism from figures such as Sandro Castro, who accused the platform of artificially inflating the dollar's rate in the informal market for financial gain. The outlet has rebutted these claims, labeling them as part of a political manipulation strategy aimed at distracting from the true players in Cuba's black currency market.
elTOQUE has publicly stated that it does not interfere with the market, instead focusing on accurately reflecting its trends through statistical analysis. They challenge skeptics to verify the real messages they check daily, asserting that their data will speak for itself regardless of external commentary.
Furthermore, elTOQUE suggests that Cuban businessmen, including Sandro Castro, are attempting to establish their own reference rate under the guise of fairness. However, the outlet highlights that many of these entrepreneurs are key participants in the illegal currency market.
Despite external pressure, elTOQUE is committed to publishing reference rates based on real data, maintaining its stance on independent journalism in a country where such reporting remains risky.
Official Criticism of the Informal Currency Market
Additionally, Cuban Foreign Minister Bruno Rodríguez has criticized the informal currency market, attributing its activities to a coordinated effort by the United States to instigate an economic crisis in Cuba. He claims this is part of a deliberate "destabilization" strategy involving currency speculation, psychological manipulation, and illicit funding through U.S. federal resources.
Currency Conversion Equivalents
Here are the current conversion equivalents for US dollars and euros to Cuban pesos:
- 1 USD = 450 CUP
- 5 USD = 2,250 CUP
- 10 USD = 4,500 CUP
- 20 USD = 9,000 CUP
- 50 USD = 22,500 CUP
- 100 USD = 45,000 CUP
Euro conversion rates are as follows:
- 1 EUR = 510 CUP
- 5 EUR = 2,550 CUP
- 10 EUR = 5,100 CUP
- 20 EUR = 10,200 CUP
- 50 EUR = 25,500 CUP
- 100 EUR = 51,000 CUP
- 200 EUR = 102,000 CUP
- 500 EUR = 255,000 CUP
Meanwhile, the fate of the "floating rate" announced by Prime Minister Manuel Marrero in late 2024 remains uncertain, as he promised changes aimed at bridging the gap between official and informal currency values.
Understanding Cuba's Informal Currency Market
Why is the dollar and euro value dropping in Cuba's informal market?
The decline in value is attributed to market dynamics and possibly to attempts by some parties to manipulate exchange rates for financial gain. Political influences and speculation might also contribute to this trend.
What role does elTOQUE play in the currency market?
elTOQUE provides statistical analysis and reporting on the currency market without interfering in it. They aim to reflect the market's behavior based on real data rather than influencing it.
What is the significance of the "floating rate" mentioned by Manuel Marrero?
The "floating rate" was intended to reduce the gap between official and informal currency values in Cuba. Its implementation status remains unclear, but it reflects the government's attempt to stabilize the currency market.