The informal currency market in Cuba starts this Thursday with a new increase in the price of the dollar and the euro in Cuba for the fifth consecutive day, as revealed in its daily report by the independent media elTOQUE.
After several days of declines in selling prices, the informal market continues to show signs of recovery, which could turn into a new upward trend.
In recent hours, the sale of the dollar has increased to 460 CUP, which is 10 pesos more than the value it reached in the previous day.
The European currency is also rising, from 480 to 490 CUP, 10 units more than the previous day.
Exchange Rate Evolution
The Representative Rate of the Informal Market (TRMi) indicates that the Freely Convertible Currency (MLC) is also rising, from 205 to 210 CUP.
The return of the rise in foreign currencies confirms that the informal market remains the most reliable gauge of the Cuban economic crisis and the profound distrust in the national peso.
Exchange rate today 13/11/2025 - 6:49 a.m. in Cuba:
Dollar exchange rate USD to CUP according to elTOQUE: 460 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 490 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 210 CUP.
Change in the trend of the informal market?
The change breaks the downward trend that has been established in the informal market since the end of October, when the dollar fell from 485 to 410 CUP and the euro from 540 to 450 CUP, in a rapid downward movement that resulted in a decrease of nearly 100 Cuban pesos in its exchange rate over a period of 10 days.
However, it now seems that the market is beginning to respond again to the pressure of demand and the general uncertainty that dominates the national economy.
The informal Cuban market tends to react quickly to any changes in supply or perceptions of the stability of the peso.
Since 2022, the trend has been a constant devaluation of the national currency, only briefly interrupted by short pauses or momentary declines that never succeed in reversing the sustained deterioration of the CUP.
Persistent inflation, the lack of foreign currency, and distrust in the economic institutions of the regime continue to drive the demand for dollars and euros as a safe haven.
Additionally, the cash shortage and banking connectivity issues on the island limit formal transactions, further fueling the parallel market.
While the government remains silent about the promised "floating rate" announced by Prime Minister Manuel Marrero Cruz at the end of 2024, the gap between the official exchange rate and the informal rate continues to widen.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates of this November 13:
1 USD = 460 CUP.
5 USD = 2,300 CUP.
10 USD = 4,600 CUP.
20 USD = 9,200 CUP.
50 USD = 23,000 CUP.
100 USD = 46,000 CUP.
Equivalence of Euro (EUR) bills to Cuban Peso (CUP):
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.
In an article published last week, elTOQUE explained why the value of the dollar and the euro in the informal Cuban market periodically rises and falls, but almost never returns to its starting point.
The text attributed this behavior to the economic phenomenon known as “exchange rate overshooting,” or overshooting, which occurs when currencies surge following a change in expectations and then partially decline, without returning to the previous level.
elTOQUE asserted that since 2022 this pattern has been repeated several times -in 2022, 2023, and 2024- with speculative peaks followed by corrections.
In 2024, the outlet also detected coordinated digital campaigns from accounts associated with the government to temporarily distort market perception and discredit the Informal Market Representative Rate (TRMI).
In contrast, during 2025, the movement of the dollar and the euro has been more sustained and less abrupt, although the recent drop in their values could signal a new correction.
elTOQUE concluded by warning that, although official propaganda may lead to temporary decreases in the rate, the structural causes of the devaluation of the peso -inflation, fiscal deficit, and distrust- remain intact, and the market ultimately readjusts to its reality.
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