Friday brings fresh updates from Cuba's informal currency market. The decline of the U.S. dollar has slowed in recent hours, while the euro has seen a significant drop.
As of this morning, November 7, the dollar holds steady at 410 CUP, maintaining its previous day's value.
Contrastingly, the euro has plunged by 20 pesos, landing at 460 CUP. This shift narrows the gap between the two currencies to just 50 pesos.
Meanwhile, the Freely Convertible Currency (MLC) remains valued at 205 CUP, according to the report released this Friday by the independent outlet elTOQUE.
Exchange Rates in Cuba: November 7, 2025
According to elTOQUE:
- Dollar (USD) to CUP: 410 CUP
- Euro (EUR) to CUP: 460 CUP
- MLC to CUP: 205 CUP
In an article from Wednesday, elTOQUE delved into the reasons behind the fluctuating values of the dollar and euro in Cuba's informal market. These changes are often attributed to a phenomenon known as "exchange rate overshooting," where currency values spike following an alteration in expectations, only to later decrease without fully reverting to their original levels.
Since 2022, this pattern has been observed repeatedly, with speculative peaks followed by corrections. Additionally, in 2024, coordinated digital campaigns linked to the government were identified as attempts to temporarily skew the market's perception and undermine the Informal Market Representative Rate (TRMI).
In 2025, the movements of the dollar and euro have been more stable, though the recent declines may hint at another potential adjustment. elTOQUE has emphasized that while official propaganda might cause temporary dips in rates, the underlying causes of the peso's devaluation—such as inflation, fiscal deficits, and public distrust—remain unchanged, ultimately leading the market to realign with reality.
Current Currency Conversions
Here are the current conversions for U.S. dollars to Cuban pesos:
- 1 USD = 410 CUP
- 5 USD = 2,050 CUP
- 10 USD = 4,100 CUP
- 20 USD = 8,200 CUP
- 50 USD = 20,500 CUP
- 100 USD = 41,000 CUP
For euros to Cuban pesos, the rates are:
- 1 EUR = 460 CUP
- 5 EUR = 2,300 CUP
- 10 EUR = 4,600 CUP
- 20 EUR = 9,200 CUP
- 50 EUR = 23,000 CUP
- 100 EUR = 46,000 CUP
- 200 EUR = 92,000 CUP
- 500 EUR = 230,000 CUP
Meanwhile, questions remain unanswered regarding the "floating rate" promised by Prime Minister Manuel Marrero since late 2024, aimed at bridging the gap between official and informal currency values.
Understanding Cuba's Informal Currency Market
Why does the value of the dollar and euro fluctuate in Cuba's informal market?
The fluctuations are often due to a phenomenon known as "exchange rate overshooting," where currency values spike after changes in market expectations and then decrease without fully returning to their initial levels.
What are the underlying causes of the Cuban peso's devaluation?
The devaluation is primarily driven by inflation, fiscal deficits, and public distrust, which are structural issues affecting the Cuban economy.