On Thursday, the informal currency market in Cuba opened with notable decreases: the value of both the dollar and the Freely Convertible Currency (MLC) has fallen.
According to the daily report from the independent outlet elTOQUE, which monitors the Informal Market Representative Rate (TRMi), the dollar is now trading at 435 CUP, a reduction of five pesos from the previous day.
The European currency remains steady at 490 CUP, the same rate as it was on Wednesday.
The MLC, having dropped for the second consecutive day on Wednesday, is now selling at an average of 210 CUP, marking a five peso decrease compared to the day before.
Current Exchange Rates in Cuba
As of 7:02 a.m. on November 20, 2025, according to elTOQUE, the exchange rates are as follows:
USD to CUP: 435 CUP.
EUR to CUP: 490 CUP.
MLC to CUP: 210 CUP.
The ongoing volatility in currency values over recent weeks coincides with intensified pressure from the Cuban government against elTOQUE, accusing it of “manipulating” the TRMi.
In late October, the dollar plummeted from 485 to 410 CUP, and the euro fell from 540 to 450 CUP, amidst a rapid decline.
Nevertheless, since November 9, both currencies had been gradually regaining their value until the dollar’s upward trend was disrupted on November 16.
Economic and Political Context
This adjustment occurs amid a backdrop of political and economic strain, following the Cuban government’s November 14 announcement about the establishment of a “formal, orderly, and transparent exchange market.”
Despite these developments, persistent inflation, a shortage of foreign currency, and distrust towards the regime’s economic institutions continue to drive demand for dollars and euros as safe havens.
Additionally, the scarcity of cash and banking connectivity issues on the island further constrain formal transactions, thereby fueling the informal currency market even more.
Currency Valuation Trends
Since 2022, the national currency has been in a steady decline, with only brief pauses or slight recoveries that fail to reverse the ongoing depreciation of the CUP.
The following are the current exchange values of U.S. Dollar bills to Cuban Pesos:
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.
For Euro bills:
1 EUR = 490 CUP.
5 EUR = 2,450 CUP.
10 EUR = 4,900 CUP.
20 EUR = 9,800 CUP.
50 EUR = 24,500 CUP.
100 EUR = 49,000 CUP.
200 EUR = 98,000 CUP.
500 EUR = 245,000 CUP.
FAQs on Cuba’s Currency Market
Why has the value of the dollar and the MLC dropped in Cuba?
The value has dropped due to market volatility, ongoing economic strain, and the Cuban government’s pressure on independent media reporting exchange rates.
What are the current exchange rates for the dollar and euro in Cuba?
As of November 20, 2025, the dollar is at 435 CUP and the euro is at 490 CUP.
How does the political climate affect the currency market in Cuba?
Political tension and economic policies, such as the announcement of a new exchange market, influence currency value and demand in the informal market.
