The informal currency exchange market in Cuba is indicating stability for the U.S. dollar this Saturday, with a slight decrease in the euro and a continued rise in the Freely Convertible Currency (MLC), which has climbed to its highest point this month.
According to data from elTOQUE's Informal Market Representative Rate (TRMi), the U.S. dollar (USD) remains unchanged at 445 Cuban pesos (CUP), the same as the previous day.
Informal Exchange Rates in Cuba: Saturday, November 29, 2025 - 06:00
Exchange Rates:
USD to CUP: 445 CUP
Euro (EUR) to CUP: 490 CUP
MLC to CUP: 270 CUP
The euro has slightly fallen to 490 CUP, five pesos less than the previous rate, while the digital currency has increased by another five pesos, reaching 270 CUP this Saturday, solidifying its upward trend.
End-of-Month Volatility
The behavior over the past few weeks indicates that the Cuban informal market is undergoing an adjustment phase, following a steep decline at the beginning of November and a sporadic recovery mid-month.
Charts from CiberCuba, based on elTOQUE's data, reveal that while the dollar and euro stabilize within the 440–490 CUP range, the MLC has steadily risen, jumping from 200 to 270 CUP in just 30 days.
This contrast signifies a shift in market dynamics: the MLC—previously stable for months—has gained prominence as a key currency since the regime intensified its crackdown on independent media and the TRMi, potentially stalling the informal currency market due to the persecution and repression of its participants.
Political Context and Economic Outlook
The surge in the parallel market also aligns with the diminishing credibility of the Central Bank of Cuba's (BCC) official announcement about establishing an "orderly and transparent exchange market."
Three weeks after the announcement, there are no signs of real implementation or measures to support the purported new exchange system.
Economists consulted by this outlet note that the lack of foreign currency, persistent inflation, and structural distrust in the Cuban peso sustain the factors driving the street value of the dollar, euro, and MLC.
Understanding Cuba's Informal Currency Market
Why is the MLC gaining prominence in Cuba's informal market?
The MLC is gaining prominence due to its steady rise as a reference currency, fueled by the regime's crackdown on independent media and the TRMi, which has disrupted the informal currency market.
What factors contribute to the volatility of the Cuban informal market?
The volatility is largely driven by the lack of foreign currency, ongoing inflation, and a deep-seated lack of confidence in the Cuban peso, which affects the street value of the dollar, euro, and MLC.