This Tuesday, Cuba's informal currency market sees a notable shift in the value of the Freely Convertible Currency (MLC), while both the U.S. dollar and the euro show no significant movement.
As of dawn on November 25, the MLC has climbed to 240 CUP, marking an increase of five pesos compared to its previous day's rate. This economic anomaly, utilized by the Cuban government in a decreasing number of stores, has risen for the third consecutive day, despite widespread belief among economists and the general populace that it is on the verge of obsolescence.
Meanwhile, the dollar remains steady at 435 CUP for the fourth day in a row, as reported by the independent outlet elTOQUE, which provides daily updates on the Representative Rate of the Informal Market (TRMi).
Similarly, the euro holds firm at 480 CUP, a level it reached last Sunday.
The currency rates for November 25, 2025, at 6:48 a.m. in Cuba are as follows: The exchange rate for the USD to CUP stands at 435 CUP according to elTOQUE; the EUR to CUP is at 480 CUP; and the MLC to CUP is at 240 CUP.
The recent volatility in currency values has unfolded amidst a mounting campaign by the Cuban regime against elTOQUE, accusing it of "manipulating" the Representative Rate of the Informal Market. In late October, the dollar plunged from 485 to 410 CUP, while the euro dropped from 540 to 450 CUP in a swift descent.
However, both currencies have gradually regained their selling value since November 9, until the dollar halted its upward trend on November 16.
This adjustment is set against a backdrop of political and economic tension, precipitated by the Cuban government's announcement on November 14 regarding the forthcoming establishment of an "official, orderly, and transparent exchange market."
Nonetheless, persistent inflation, a shortage of foreign currency, and a lack of trust in the regime's economic institutions continue to drive the demand for dollars and euros as safe havens.
Additionally, the scarcity of cash and banking connectivity issues on the island further constrain formal transactions, thereby fueling the parallel currency market.
Since 2022, the national currency has faced a relentless devaluation, interrupted only by brief pauses or temporary declines that fail to reverse the CUP's ongoing deterioration.
Here is the USD to CUP exchange equivalence as per the November 25 rates:
- 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
Here is the EUR to CUP exchange equivalence:
- 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
Understanding Cuba's Currency Fluctuations
Why is the MLC rising in value?
The rise in MLC value is attributed to the Cuban government's economic strategy and reduced availability in stores, despite its anticipated decline.
What factors are affecting the stability of the dollar and euro in Cuba?
The stability of the dollar and euro is influenced by political and economic tensions, as well as the Cuban government's announcements on future currency markets.
How does the informal market impact Cuba's economy?
The informal market plays a significant role in Cuba's economy by providing alternative currency exchange options amidst official market constraints and economic uncertainties.