The informal value of the U.S. dollar has seen a significant increase in Cuba recently, according to a daily report released by the independent outlet elTOQUE on Wednesday.
As of 7:00 a.m. (local time) on November 26, the dollar has risen to 440 CUP, marking an increase of five pesos from the previous day.
After remaining steady at 435 CUP over the past weekend, the dollar has now jumped.
Current Exchange Rates
Meanwhile, the euro and the Freely Convertible Currency (MLC) have maintained their stability. The euro is valued at 480 CUP, and the MLC stands at 240 CUP.
Exchange rates as of 7:21 a.m. on November 26, 2025, in Cuba according to elTOQUE are as follows:
- USD to CUP: 440 CUP
- EUR to CUP: 480 CUP
- MLC to CUP: 240 CUP
Political and Economic Tensions Affecting Exchange Rates
The general volatility in currency values over the past weeks coincides with increased pressure from the Cuban regime against elTOQUE, accusing it of "manipulating" the unofficial market rate.
At the end of October, the dollar dropped from 485 to 410 CUP and the euro from 540 to 450 CUP, in a rapid decline. However, both currencies began to recover their value from November 9.
This adjustment takes place amid political and economic tensions, highlighted by the Cuban government's announcement on November 14 regarding plans for an "official, orderly, and transparent exchange market."
Market Challenges and Currency Demand
Despite these announcements, ongoing inflation, scarcity of foreign currency, and distrust in the regime's economic institutions continue to drive demand for dollars and euros as a safe haven.
Moreover, the lack of cash and banking connectivity issues on the island further restrict formal transactions, fueling the parallel currency market.
Since 2022, the national currency has been on a steady path of devaluation, with only brief pauses or temporary declines that fail to reverse the CUP's ongoing deterioration.
Currency Conversion Rates
Here are the conversion rates for U.S. dollars to Cuban pesos based on the exchange rates of November 26:
- 1 USD = 440 CUP
- 5 USD = 2,200 CUP
- 10 USD = 4,400 CUP
- 20 USD = 8,800 CUP
- 50 USD = 22,000 CUP
- 100 USD = 44,000 CUP
For euros to Cuban pesos, the rates are:
- 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 has the dollar increased in Cuba's informal market?
The rise in the dollar's informal value is driven by ongoing inflation, lack of foreign currency, and mistrust in Cuba's economic institutions, prompting demand for stable currencies like the dollar.
What impact does the Cuban government's policies have on currency stability?
The government's announcement of an official exchange market aims to stabilize currencies, but persistent economic issues undermine these efforts, leading to continued reliance on the black market.