After a week of continuous increases, the US dollar registered a slight decline on Sunday in the Cuban informal market, while the euro remains stable and the freely convertible currency (MLC) sees a slight rebound.
According to the Informal Market Representative Rate (TRMi), published by elTOQUE, the dollar (USD) dropped to 460 Cuban pesos (CUP), a reduction of 10 pesos compared to the previous day.
Informal exchange rate in Cuba Sunday, November 16, 2025 - 06:39
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 460 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 500 CUP
- Exchange rate from (MLC) to Cuban pesos CUP: 220 CUP
The euro (EUR) remains at 500 CUP, unchanged, while the MLC rises to 220 CUP, gaining 10 pesos compared to the previous day.
Exchange Rate Evolution
First decline after a week of increases
The decline of the dollar breaks a seven-day streak of increases, during which the U.S. currency had regained 60 pesos since its low of 410 CUP at the beginning of November.
Although it is a moderate correction, some economists warn that it could reflect a temporary respite after several days of speculative pressure, rather than a real change in the trend.
The euro, on the other hand, solidifies its position at 500 CUP and continues to be the most stable currency in the informal market in recent days.
The MLC, for its part, shows a slight rebound and reaches its highest value of the month, driven by increased demand in payment platforms and digital remittances.
Economic uncertainty continues to set the tone of the market
Despite this slight adjustment of the dollar, analysts agree that Cuba's structural economic situation has not changed.
Persistent inflation, the shortage of foreign currency, the banking crisis, and the lack of trust in the Cuban peso continue to push citizens towards the parallel market, where foreign currencies serve as a refuge of value against the depreciation of the CUP.
The government's ambiguity regarding the promised "floating rate" and the lack of measures to stabilize the financial system keep uncertainty in the national exchange rate landscape.
The dollar has slightly declined, but the Cuban economy shows no signs of relief: the peso continues to lose the battle against foreign currencies.
Official promises and attacks on the real market
The moderate decline of the dollar this Sunday comes at a time when the Cuban regime is trying to reestablish its narrative of control over the exchange rate, after announcing that it “creates the conditions” to establish an official, orderly, and transparent exchange market.
The announcement, published on Friday in Granma, coincides with a new escalation of institutional attacks against the independent media outlet elTOQUE, which has been accused by the government of "manipulating" the informal dollar rate.
Paradoxically, it is precisely that rate —the Representative Rate of the Informal Market (TRMi)— that millions of Cubans use daily as a real reference for the value of the peso, in the absence of a functional official market.
Economists and analysts point out that the promise of a new exchange system lacks technical support and foreign currency liquidity, and is interpreted more as a political maneuver to divert attention than as a viable economic measure.
Since 2022, the Central Bank has made similar promises—such as the official rate of 120 CUP or the failed banking initiative—without visible results.
Meanwhile, the informal market continues to set the pace for the Cuban peso and reflects the true extent of the national economic crisis, beyond official speeches.
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