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This Sunday, the informal currency market in Cuba will introduce new changes.
At dawn on this 23rd of November, the euro falls to 480 CUP, representing a drop of five pesos compared to its value on the previous day.
The dollar, for its part, remains at 435 CUP for the third consecutive day, as revealed by the daily report published by the independent media elTOQUE, which reports on the Representative Rate of the Informal Market (TRMi).
In the case of the Freely Convertible Currency (MLC), this Sunday it surprises and climbs to 230 CUP, which represents a sudden increase of 10 pesos.
Exchange rate today 11/23/2025 - 6:48 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 435 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 480 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 230 CUP.
The general instability that the value of currencies has experienced in recent weeks 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.
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 have been gradually regaining 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 an “official, organized, and transparent exchange market”.
However, persistent inflation, a lack of foreign currency, and distrust in the regime's economic institutions continue to drive demand for dollars and euros as safe havens.
Additionally, the shortage of cash and 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 temporary 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 of this November 23:
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 = 480 CUP.
5 EUR = 2,400 CUP.
10 EUR = 4,800 CUP.
20 EUR = 9,600 CUP.
50 EUR = 24,000 CUP.
100 EUR = 48,000 CUP.
200 EUR = 96,000 CUP.
500 EUR = 240,000 CUP.
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