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This Saturday, the informal currency market in Cuba opens with a new decline: the value of the euro drops.
The European currency is currently quoted at 485 CUP, which represents a decrease of five pesos compared to its value on the previous day.
The dollar, for its part, remains at 435 CUP, according to the daily report published by the independent media elTOQUE, which provides information on the Informal Market Representative Rate (TRMi).
In the case of the Freely Convertible Currency (MLC), on this 22nd of November, it remains at 220 CUP, the price reached yesterday after a surprising increase.
Exchange rate today 11/22/2025 - 6:48 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: 485 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 2220 CUP.
The general instability that the value of currencies has experienced in recent weeks occurs amid a growing campaign of harassment by the Cuban regime against elTOQUE, which it accuses of "manipulating" the Representative Rate of the Informal Market.
At the end of October, the dollar dropped from 485 to 410 CUP; and the euro fell from 540 to 450 CUP, in a rapid downward movement.
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.
The adjustment occurs in a context of political and economic tension, marked by the announcement from the Cuban government - on November 14 - about the future creation of a “official, orderly, and transparent currency market”.
However, persistent inflation, a lack of foreign currency, and distrust in the regime's economic institutions continue to drive the demand for dollars and euros as a safe haven.
In addition, the shortage of cash and banking connectivity issues on the island limit formal transactions, which further fuels the parallel currency market.
Since 2022, the trend has been a constant devaluation of the national currency, only briefly interrupted by short pauses or temporary 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 22nd of November:
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) banknotes to Cuban Peso (CUP):
1 EUR = 485 CUP.
5 EUR = 2.425 CUP.
10 EUR = 4,850 CUP.
20 EUR = 9,700 CUP.
50 EUR = 24,250 CUP.
100 EUR = 48,500 CUP.
200 EUR = 97,000 CUP.
500 EUR = 242,500 CUP.
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