The informal market in Cuba wakes up this Tuesday to another drop in the dollar's value, marking the third consecutive day of decline, as reported by the independent outlet elTOQUE.
Currently, the American currency is valued at 440 CUP, which represents a reduction of 10 pesos from the previous day, solidifying a downward trend that began on November 16th.
Meanwhile, the euro remains steady at 500 CUP, a figure it has held for five consecutive days. The European currency hit this value on November 14th and has not fluctuated since.
Conversely, the Freely Convertible Currency (MLC) has seen a resurgence, climbing back to 220 CUP, recovering the five pesos it lost the previous day when it dipped to 215.
Current Exchange Rates in Cuba
As of 6:20 a.m. on November 18, 2025, in Cuba, the exchange rate provided by elTOQUE lists the USD to CUP at 440 CUP, EUR to CUP at 500 CUP, and MLC to CUP at 220 CUP.
Volatility in the Informal Market
The dollar's three-day slide occurs amid increasing harassment by the Cuban regime towards elTOQUE, accusing it of "manipulating" the Informal Market Representative Rate (TRMi).
Over the past three weeks, Cuba's informal currency market, particularly concerning the dollar and euro, has experienced numerous shifts. In late October, the dollar fell from 485 to 410 CUP, and the euro plummeted from 540 to 450 CUP, both showing a rapid downward movement.
However, starting November 9th, both currencies began to regain their value progressively until November 16th, when the dollar broke this upward trend.
With today's decline, the dollar has experienced three consecutive days of drops after a week of increases that saw it reach 470 CUP. In contrast, the euro rose from 450 to 500 and has managed to remain stable at that value for nearly a week.
Political and Economic Context
This adjustment is happening amid political and economic tensions, highlighted by the Cuban government's announcement on November 14th regarding the future establishment of an "official, orderly, and transparent exchange market."
Nevertheless, persistent inflation, lack of foreign currency, and public distrust in Cuban economic institutions continue to drive the demand for dollars and euros as safe havens.
Furthermore, cash shortages and banking connectivity issues on the island limit formal transactions, further fueling the parallel market.
Since 2022, the national currency has been on a constant devaluation path, interrupted only by brief pauses or temporary declines that fail to reverse the sustained deterioration of the CUP.
Currency Conversion Rates on November 18
Conversion rates for U.S. Dollars (USD) to Cuban Pesos (CUP) are as follows:
1 USD = 440 CUP.
5 USD = 2,200 CUP.
10 USD = 4,400 CUP.
20 USD = 8,800 CUP.
50 USD = 22,000 CUP.
100 USD = 44,000 CUP.
For Euros (EUR) to Cuban Pesos (CUP):
1 EUR = 500 CUP.
5 EUR = 2,500 CUP.
10 EUR = 5,000 CUP.
20 EUR = 10,000 CUP.
50 EUR = 25,000 CUP.
100 EUR = 50,000 CUP.
200 EUR = 100,000 CUP.
500 EUR = 250,000 CUP.
FAQs on Cuba's Currency Exchange
Why is the dollar value dropping in Cuba's informal market?
The drop is attributed to a combination of political tensions, market volatility, and government interference in exchange rate reporting.
What factors contribute to the demand for dollars and euros in Cuba?
Persistent inflation, distrust in local economic institutions, and cash shortages drive the demand for stable currencies like the dollar and euro.
How does the Cuban government's announcement impact the currency market?
The announcement of a future "official" exchange market creates uncertainty, potentially influencing market dynamics and public perception.