Wednesday morning sees another shift in Cuba’s informal currency market as the euro and the Freely Convertible Currency (MLC) experience a decline in value.
Despite these changes, the US dollar remains stable at 440 CUP, a rate it reached the previous day, according to the daily report from independent outlet elTOQUE.
Presently, the euro is trading at 490 CUP, marking a decrease of 10 pesos compared to the day before. This change disrupts the euro’s stability that had been maintained at 500 CUP since November 14.
Similarly, the MLC has dropped once again, now valued at 215 CUP, five pesos less than the previous day.
Current Exchange Rates in Cuba
As of 6:20 a.m. on November 19, 2025, in Cuba, the exchange rates according to elTOQUE are as follows:
- USD to CUP: 440 CUP
- EUR to CUP: 490 CUP
- MLC to CUP: 215 CUP
The recent volatility in currency values is happening amidst an intensified campaign by the Cuban regime against elTOQUE, accusing it of “manipulating” the Informal Market Representative Rate (TRMi).
Recent Currency Trends
Late October saw the dollar plummet from 485 to 410 CUP, while the euro fell from 540 to 450 CUP, both experiencing a rapid decline. Since November 9, both currencies had been gradually regaining their value until November 16 when the dollar’s upward trajectory came to an abrupt halt.
These adjustments are occurring in a politically and economically tense environment, underscored by the Cuban government’s November 14 announcement regarding the future establishment of an “official, orderly, and transparent exchange market.”
Nevertheless, persistent inflation, currency shortages, and a deep-rooted distrust in the Cuban government’s economic institutions are sustaining the demand for dollars and euros as safe havens.
Moreover, the scarcity of cash and banking connectivity issues on the island further restrict formal transactions, thereby fueling the parallel market.
Ongoing Devaluation of the Cuban Peso
Since 2022, the Cuban national currency has been on a near-continuous downward trend, with only brief pauses or momentary declines that have failed to reverse the steady degradation of the CUP.
Dollar and Euro to Cuban Peso Conversion
As of November 19, the following are the USD to CUP conversion rates:
- 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
The EUR to CUP conversion rates are:
- 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
Understanding Cuba’s Informal Currency Market Dynamics
Why is the Cuban peso devaluing?
The Cuban peso is devaluing due to persistent inflation, a shortage of foreign currency, and a lack of confidence in the government’s economic policies.
What factors are influencing the informal currency market in Cuba?
The informal currency market in Cuba is influenced by political tensions, economic instability, cash shortages, and restricted banking connectivity, among other factors.
How do exchange rates affect the Cuban economy?
Exchange rates impact the Cuban economy by affecting the cost of imports, the value of exports, and the purchasing power of Cubans, particularly in the informal market where many transactions occur.
