The value of the main foreign currencies in Cuba continues to rise for the fourth consecutive day, consolidating the uptrend that began at the end of last week in the informal market, which once again proves to be the most reliable indicator of the country's economic crisis.
According to the representative rate published by elTOQUE, the US dollar (USD) is currently trading at 450 Cuban pesos (CUP), which represents an increase of 10 pesos compared to the previous day.
The euro (EUR) is also rising and stands at 480 CUP, while the Freely Convertible Currency (MLC) remains stable at 205 CUP.
Informal exchange rate in Cuba Wednesday, November 12, 2025 - 03:57
Exchange Rate Evolution
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 450 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 480 CUP
- Exchange rate of (MLC) to Cuban pesos CUP: 205 CUP
The informal market strengthens its recovery
The upward trend of recent days confirms that the informal currency market is recovering after the abrupt drop at the end of October and the beginning of November, when the dollar fell to 410 CUP and the euro to 450 CUP, their lowest values in several weeks.
The evolution charts from the last month show that, after peaking at 490 CUP (USD) and 540 CUP (EUR) towards the end of October, both currencies experienced a sharp decline that now seems to have reversed.
Independent economists suggest that this rebound could signal the start of a new speculative phase, typical of periods of instability in the Cuban market, where sudden declines are often followed by sustained rises driven by the demand for foreign currency.
Inflation, distrust, and scarcity continue to exert pressure
The rise occurs amid persistent inflation, a shortage of foreign currency in banks, and strong distrust in the Cuban peso and the regime's institutions.
The lack of liquidity and restrictions on accessing cash on the island are increasingly pushing Cubans toward the parallel market, where the dollar and euro serve as safe havens against the depreciation of the CUP.
Meanwhile, the government remains silent about the promised "floating rate" announced by Prime Minister Manuel Marrero at the end of 2024, a measure that never materialized and whose absence is widening the gap between the official and informal rates.
Reference equivalences
Dollar (USD)
1 USD = 450 CUP
5 USD = 2,250 CUP
10 USD = 4,500 CUP
20 USD = 9,000 CUP
50 USD = 22,500 CUP
100 USD = 45,000 CUP
Euro (EUR)
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
The recent behavior of the informal market confirms that, despite the regime's efforts to curb speculation, the underlying causes of the peso's devaluation—inflation, fiscal deficit, and lack of trust—remain intact.
The result: a new surge in the dollar and euro, which places pressure on prices and reflects the fragility of the Cuban economic system.
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