The Cuban informal market begins this Tuesday with a new decrease in the price of the dollar, which has fallen for the third consecutive day, according to the daily report published by the independent media elTOQUE.
The US dollar is currently valued at 440 CUP, which is 10 pesos less than the previous day, solidifying a downward trend that started on November 16.
The euro, for its part, remains priced at 500 CUP, a figure it has held for the fifth consecutive day. The European currency reached this value on November 14 and has not experienced any changes since then.
In the case of the Freely Convertible Currency (MLC), this Tuesday it rebounds and is again positioned at 220 CUP, meaning it recovers the five pesos lost the previous day when it had fallen to 215.
Exchange Rate Evolution
Exchange rate today 11/18/2025 - 6:20 a.m. in Cuba:
Currency exchange rate of the dollar USD to CUP according to elTOQUE: 440 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 500 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 220 CUP.
Instability in the informal market
The third consecutive day of decline for the dollar occurs amidst a growing campaign of harassment by the Cuban regime against elTOQUE, which it accuses of "manipulating" the Representative Rate of the Informal Market (TRMi).
In the last three weeks, the informal currency market in Cuba—particularly the dollar and the euro—has undergone numerous changes.
At the end of October, the dollar fell from 485 to 410 CUP; and the euro dropped from 540 to 450 CUP, in a rapid downward trend.
However, since November 9, both currencies had been gradually recovering their selling value.
This continued until November 16, when the dollar broke the upward trend.
With today's drop, the dollar has accumulated three consecutive days of declines following a week of increases that had pushed it up to 470 CUP.
The euro, for its part, has risen from 450 to 500 and has managed to maintain stability at that value for almost a week.
The adjustment occurs in a context of political and economic tension, marked by the announcement from the Cuban government on November 14 regarding the future creation of a "official, orderly, and transparent exchange market".
However, persistent inflation, a lack of foreign currency, and a lack of confidence in the Cuban government's economic institutions continue to drive 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.
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.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on this November 18:
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.
Equivalence of Euro (EUR) banknotes to Cuban Peso (CUP):
1 EUR = 500 CUP.
5 EUR = 2,500 CUP.
10 EUR = 5,000 CUP.
20 EUR = 10,000 CUP.
50 EUR = 25,000 CUP.
100 EUR = 50,000 CUP.
200 EUR = 100,000 CUP.
500 EUR = 250,000 CUP.
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