As November draws to a close in Cuba, the informal market witnesses another hike in the value of the U.S. dollar and the Freely Convertible Currency (MLC), while the euro remains steady.
According to the Informal Market Representative Rate (TRMi) published by elTOQUE, the U.S. dollar (USD) is trading at 450 Cuban pesos (CUP) this Sunday, a five-peso increase from the previous day.
Informal Exchange Rate in Cuba
Sunday, November 30, 2025 - 06:45
USD to CUP Exchange Rate: 450 CUP
EUR to CUP Exchange Rate: 490 CUP
MLC to CUP Exchange Rate: 285 CUP
The euro (EUR) remains at 490 CUP, and the MLC continues its rapid rise, reaching 285 CUP, up by 15 pesos from the previous day.
The Dollar's Comeback and MLC's New Heights
The dollar's increase signals a gradual recovery after fluctuating between 470 and 410 CUP over recent weeks. The end-of-month figures highlight the greenback's resurgence in street demand, driven by relentless inflation, cash shortages, and distrust in the Cuban peso. These factors recently pushed its value to a record high of 490 CUP in late October, sparking concerns among Cubans as it approached 500 pesos with the year-end in sight.
In contrast, the euro has shown more stability, maintaining a level around 490 CUP since mid-month, albeit with lesser prominence in informal transactions. Its peak was 540 Cuban pesos at the end of October.
The MLC, however, emerges as the fastest-growing currency: it surged from 200 CUP to 285 CUP in just 30 days, a 42% leap. This surge has been fueled by uncertainty in the informal currency market following the government's crackdown on elTOQUE and its TRMi, along with talks of a potential official exchange market launch.
Ignoring the Official Narrative
The trends in the informal market starkly contrast with the Central Bank of Cuba's (BCC) rhetoric, which at the beginning of the month announced plans for an "orderly and transparent official exchange market."
Yet, three weeks on, there’s no tangible sign of implementation, no foreign currency liquidity, and no public operational mechanisms in place.
In this landscape, November ends with widespread rises and a skyrocketing MLC, highlighting the liquidity crisis gripping the nation. The Cuban peso continues to lose value against all currencies, and the informal market once again stands as the sole honest reflection of the real value of money in Cuba.
Understanding Cuba's Informal Currency Market
Why is the MLC experiencing rapid growth?
The MLC's rapid growth is attributed to market uncertainty following governmental actions against elTOQUE and its TRMi, alongside discussions of a potential official exchange market.
What factors are driving the dollar's increase in Cuba?
The dollar's increase is driven by persistent inflation, cash shortages, and a growing lack of confidence in the Cuban peso, leading to higher demand on the streets.
How is the Central Bank of Cuba responding to the informal market trends?
The Central Bank of Cuba has announced intentions to create an official exchange market, but no concrete steps or liquidity solutions have been implemented as of yet.