This Thursday, the informal currency market in Cuba opens with new downturns: the value of the dollar and the freely convertible currency (MLC) is falling.
The dollar drops to 435 CUP, five pesos less than the previous day, according to the daily report published by the independent media elTOQUE, which reports on the Representative Exchange Rate of the Informal Market (TRMi).
The European currency is currently valued at 490 CUP, the same price it reached on Wednesday.
In the case of the Freely Convertible Currency (MLC), this Wednesday it falls for the second consecutive day and is sold on average at 210 CUP, five pesos less than the previous day.
Exchange Rate Evolution
Exchange rate today 11/20/2025 - 7:02 a.m. in Cuba:
Dollar exchange rate USD to CUP according to elTOQUE: 435 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.
The general instability that the value of currencies has experienced in recent weeks is occurring amid a growing campaign of harassment by the Cuban regime against elTOQUE, which it accuses of “manipulating” the Representative Rate of the Informal Market (TRMi).
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 progressively recovering their selling value. This continued until November 16, when the dollar broke the upward trend.
The adjustment takes place in a context of political and economic tension, marked by the announcement made by the Cuban government on November 14th about the future creation of a “official, orderly, and transparent exchange market”.
However, 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.
Moreover, the shortage of cash and the banking connectivity issues on the island limit formal transactions, further fueling the parallel currency 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 manage to reverse the ongoing deterioration of the CUP.
Equivalence of United States Dollar (USD) to Cuban Peso (CUP), based on exchange rates from November 20:
1 USD = 435 CUP.
5 USD = 2,175 CUP.
10 USD = 4,350 CUP.
20 USD = 8,700 CUP.
50 USD = 21,750 CUP.
100 USD = 43,500 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.
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