The Cuban informal currency market saw a notable shift this Saturday as the euro's value took a downturn.
Currently, the European currency stands at 485 CUP, marking a decline of five pesos from its previous day's value.
Meanwhile, the U.S. dollar remains steady at 435 CUP, according to the daily report by independent outlet elTOQUE, which monitors the Representative Rate of the Informal Market (TRMi).
With regards to the Freely Convertible Currency (MLC), it holds firm at 220 CUP as of November 22, following an unexpected surge the previous day.
Current Exchange Rates in Cuba
As of November 22, 2025, at 6:48 a.m., the following exchange rates are reported by elTOQUE:
- USD to CUP: 435 CUP
- EUR to CUP: 485 CUP
- MLC to CUP: 220 CUP
The fluctuation in currency values over recent weeks occurs amidst intensified pressure from the Cuban regime against elTOQUE, accusing it of "manipulating" the Informal Market Representative Rate.
In late October, the dollar plunged from 485 to 410 CUP, and the euro fell from 540 to 450 CUP in a rapid downward trend.
However, since November 9, both currencies had been gradually regaining their value until the dollar's upward trajectory was halted on November 16.
Political and Economic Context
This adjustment comes amid a politically and economically tense atmosphere, highlighted by the Cuban government's announcement on November 14 of plans to establish an "official, orderly, and transparent exchange market."
Yet, persistent inflation, a shortage of foreign currencies, and a lack of trust in the regime's economic institutions continue to drive demand for dollars and euros as safe havens.
Furthermore, cash shortages and banking connectivity issues on the island further constrain formal transactions, fueling the parallel currency market.
Since 2022, the national currency has been in a state of constant devaluation, with only brief interruptions or temporary declines that fail to reverse the CUP's ongoing erosion.
Conversion Rates for USD and EUR
Based on the exchange rates as of November 22, the following are the conversions from U.S. dollars and euros to Cuban pesos:
- USD to CUP:
- 1 USD = 435 CUP
- 5 USD = 2,175 CUP
- 10 USD = 4,350 CUP
- 20 USD = 8,700 CUP
- 50 USD = 21,750 CUP
- 100 USD = 43,500 CUP
- EUR to CUP:
- 1 EUR = 485 CUP
- 5 EUR = 2,425 CUP
- 10 EUR = 4,850 CUP
- 20 EUR = 9,700 CUP
- 50 EUR = 24,250 CUP
- 100 EUR = 48,500 CUP
- 200 EUR = 97,000 CUP
- 500 EUR = 242,500 CUP
Understanding Cuba's Currency Challenges
Why is the euro's value dropping in Cuba's informal market?
The drop in the euro's value is influenced by recent economic policies and pressures from the Cuban regime, as well as market fluctuations and external economic factors.
What impact does the informal market have on Cuba's economy?
The informal market plays a significant role in Cuba's economy by providing a parallel avenue for currency exchange, often reflecting true demand and supply dynamics that the official market might not represent.
How does the Cuban government plan to address the currency issues?
The Cuban government has announced plans to create an "official, orderly, and transparent exchange market," although details on its implementation remain unclear.