This Tuesday, the informal currency market in Cuba brings news for the freely convertible currency (MLC), although the dollar and the euro remain stable.
At dawn on this 25th of November, the MLC rises to 240 CUP, which represents an increase of five pesos compared to its value on the previous day.
The economic monstrosity that the Cuban government operates in an increasingly limited number of stores has risen for the third consecutive day. This is a surprising fact considering that economists and the general public have believed for months that it was doomed to disappear.
The dollar, for its part, remains at 435 CUP for the fourth consecutive day, according to the daily report published by the independent media elTOQUE, which provides information on the Representative Exchange Rate of the Informal Market (TRMi).
Exchange Rate Evolution
In the case of the euro, it retains the 480 CUP that it reached last Sunday.
Exchange rate today 11/25/2025 - 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: 480 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 240 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 fell from 485 to 410 CUP; and the euro dropped from 540 to 450 CUP, in a swift downward trend.
However, since November 9, both currencies have gradually regained 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, highlighted by the announcement from the Cuban government - on November 14th - regarding the future creation of a "official, orderly, and transparent currency exchange market".
However, persistent inflation, the lack of foreign currency, and the lack of trust in the regime's economic institutions continue to drive the demand for dollars and euros as a safe haven.
Furthermore, the cash shortage and banking connectivity issues on the island restrict formal transactions, further fueling the parallel currency market.
Since 2022, the trend has been a constant devaluation of the national currency, 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), according to the exchange rates as of November 25th:
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) notes 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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