The month of November ends in Cuba with another increase in the dollar and in the Free Convertible Currency (MLC), while the euro remains stable in the informal market.
According to the Representative Rate of the Informal Market (TRMi) published by elTOQUE, the U.S. dollar (USD) is trading this Sunday at 450 Cuban pesos (CUP), five pesos more than the previous day.
Informal exchange rate in Cuba Sunday, November 30, 2025 - 06:45
- Exchange rate of the dollar (USD) to Cuban pesos CUP: 450 CUP
- Exchange rate of the euro (EUR) to Cuban pesos CUP: 490 CUP
- Exchange rate of (MLC) to Cuban pesos CUP: 285 CUP
The euro (EUR) maintains its value at 490 CUP, and the MLC continues its meteoric rise, reaching 285 CUP, 15 pesos above the previous day's record.
Exchange Rate Evolution
The dollar regains ground, and the MLC reaches a new high
The rise of the dollar confirms its gradual recovery after a few weeks of fluctuations during which the currency moved between 470 and 410 CUP.
The end of the month shows that the greenback is once again gaining demand on the street, driven by persistent inflation, cash shortages, and distrust in the Cuban peso, factors that have pushed its value to historic highs (490 CUP) at the end of October, raising concerns among Cubans due to its proximity to 500 pesos just a few weeks before the year's end.
The euro, which has remained around 490 CUP since mid-month, shows a more stable behavior, although it has less prominence in informal operations. Its all-time high was at 540 Cuban pesos at the end of October.
The MLC, for its part, continues to establish itself as the fastest-growing currency: it increased from 200 CUP to 285 CUP in just 30 days, a leap of 42%, driven by the uncertainty unleashed in the informal currency market following the government's crackdown on ElTOQUE and its TRMi, as well as announcements regarding a potential implementation of an official exchange market.
A market that ignores the official discourse
Market trends in the informal sector contrast with the narrative of the Central Bank of Cuba (BCC), which at the beginning of the month announced the creation of an "orderly and transparent official exchange market".
Three weeks later, there are no concrete signs of implementation, nor liquidity in foreign currencies, nor public operating mechanisms.
In this scenario, November ends with widespread increases and a skyrocketing MLC, symbolizing the liquidity crisis facing the country.
The Cuban peso is once again losing ground against all currencies, and the informal market—once more—proves to be the only honest reflection of the real value of money in Cuba.
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