This Sunday, Cuba's informal currency market witnessed notable shifts.
On the morning of November 23, the euro fell to 480 CUP, marking a decrease of five pesos from its previous value. Meanwhile, the U.S. dollar remained steady at 435 CUP for the third consecutive day, according to the daily report from independent outlet elTOQUE, which tracks the Representative Rate of the Informal Market (TRMi).
In a surprising turn, the Freely Convertible Currency (MLC) rose to 230 CUP, a sudden jump of 10 pesos, raising eyebrows across the market.
Current Exchange Rates as of November 23, 2025
As reported by elTOQUE:
- USD to CUP: 435 CUP
- EUR to CUP: 480 CUP
- MLC to CUP: 230 CUP
The recent volatility in currency values comes amid increased harassment by the Cuban regime against elTOQUE, accusing them of “manipulating” the Representative Rate of the Informal Market.
Late October saw the dollar plummet from 485 to 410 CUP, while the euro dropped from 540 to 450 CUP, reflecting a rapid decline. However, starting November 9, both currencies began regaining their selling value progressively until November 16, when the dollar broke the upward trend.
Political and Economic Tensions Impacting Currency
This adjustment occurs in a politically and economically tense environment, highlighted by the Cuban government's announcement on November 14 about plans to create an “official, orderly, and transparent exchange market.”
Despite these plans, persistent inflation, a shortage of foreign currency, and distrust in the regime's economic institutions continue to drive the demand for dollars and euros as safe havens.
Additionally, cash shortages and banking connectivity issues on the island further restrict formal transactions, fueling the parallel currency market.
Since 2022, the national currency has faced continuous devaluation, interrupted only by brief pauses or temporary declines that fail to reverse the ongoing deterioration of the CUP.
Currency Conversion: USD and EUR to CUP
Based on November 23 exchange rates:
U.S. Dollar to Cuban Peso:
- 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
Euro to Cuban Peso:
- 1 EUR = 480 CUP
- 5 EUR = 2,400 CUP
- 10 EUR = 4,800 CUP
- 20 EUR = 9,600 CUP
- 50 EUR = 24,000 CUP
- 100 EUR = 48,000 CUP
- 200 EUR = 96,000 CUP
- 500 EUR = 240,000 CUP
FAQs About Cuba's Informal Currency Market
What is the current exchange rate for the U.S. dollar in Cuba's informal market?
As of November 23, 2025, the exchange rate for the U.S. dollar in Cuba's informal market is 435 CUP.
Why has the euro decreased in value in Cuba's informal market?
The euro's value has decreased to 480 CUP due to market fluctuations and the broader economic pressures impacting currency demand in Cuba.
What factors are influencing the MLC's rise?
The MLC's increase to 230 CUP is influenced by surprise market dynamics and possibly speculative trading amid economic uncertainty.