The U.S. dollar experienced another dip on Monday in Cuba's unofficial exchange market, now trading at 450 Cuban pesos (CUP), a decrease of 10 pesos from the previous day. This marks the continuation of a downward trend that began on Sunday.
In contrast, the euro (EUR) holds steady at 500 CUP, while the Freely Convertible Currency (MLC) saw a slight drop to 215 CUP, five less than yesterday.
Current Exchange Rates in Cuba
Monday, November 17, 2025 - 02:51
Exchange rate for the U.S. dollar (USD) to Cuban pesos (CUP): 450 CUP
Exchange rate for the euro (EUR) to Cuban pesos (CUP): 500 CUP
Exchange rate for the MLC to Cuban pesos (CUP): 215 CUP
This adjustment occurs amid political and economic tension, highlighted by the recent announcement from the regime about establishing a so-called "official, orderly, and transparent exchange market," which was publicized last Friday.
Dollar's Two-Day Decline
With today's decrease, the dollar has dropped for two consecutive days after a week of increases that brought its value to 470 CUP.
Although the changes are modest, the correction aligns with the regime's media campaign against the independent outlet El Toque, accusing it of "manipulating" the informal dollar rate.
Economists consulted by CiberCuba suggest this is no coincidence; the official announcement might have temporarily influenced the parallel market, causing a pause in speculative escalation.
However, they caution that without genuine liquidity in foreign currencies or measures to restore public confidence, the alleged new exchange system will remain another unsubstantiated promise.
Rhetoric vs. Market Reality
The regime aims to reassert its narrative of controlling the exchange rate, even as the informal market—tracked by El Toque's Informal Market Representative Rate (TRMi)—continues to be the only practical reference for millions of Cubans.
The national economy remains burdened by persistent inflation, cash shortages, and mistrust in state financial institutions.
Analysts agree that the dollar's fall does not signal a recovery for the Cuban peso, but rather a temporary break in exchange rate volatility.
While the official discourse emphasizes stability, the streets reflect the true valuation of the Cuban peso.
Understanding Cuba's Exchange Rate Dynamics
Why has the U.S. dollar decreased in value in Cuba?
The recent decline in the U.S. dollar's value is attributed to the regime's announcement of an "official exchange market," which may have temporarily impacted the parallel market's dynamics.
What role does the informal market play in Cuba's economy?
The informal market serves as the primary reference for exchange rates, providing a realistic benchmark for millions of Cubans amid persistent economic challenges and lack of confidence in state institutions.
Can the new official exchange system stabilize the economy?
Without real liquidity in foreign currencies and measures to rebuild public trust, the new system is unlikely to provide lasting stability.