By Dave Sherwood

A person holds U.S. dollars and Cuban pesos in downtown Havana, Cuba, August 9, 2025.REUTERS/Norlys Perez/File Photo Purchase Licensing Rights , opens new tab

HAVANA, Nov 13 (Reuters) – Cuba on Thursday alleged that U.S.-funded media outlet El Toque was manipulating Cuba’s informal exchange rate to foment unrest on the island at a time when a plummeting peso has sent prices soaring.

Cuba called the black market exchange, calculated and published in real time by El Toque on its website, a “farce.” The benchmark rate has fluctuated wildly in the past several weeks but is again approaching a record high, wiping out the paltry spending power of most Cubans in a fast-dollarizing economy.

Cuba’s Communist-run government cited publicly available documents in the United States to show that El Toque and its editor-in-chief, Jose Jasan Nieves, had received U.S. funding and alleged they were “profiting by destabilizing Cuba.”

EL TOQUE: U.S. FUNDING DOES NOT INFLUENCE REPORTING

Jasan Nieves told Reuters in a written response to the allegations that El Toque receives U.S. State Department grants “to promote access to information in Cuba and to support the U.S. embassy in Havana in implementing public diplomacy programs.”

He denied, however, that the funding had any impact on El Toque’s reporting, noting that the outlet also receives funding from private donors, companies, foundations and entities in Europe.

“None of those relationships influence our editorial line,” Jasan said.

He rejected Cuba’s claims the group had “subversive” intentions or was promoting mercenary or terrorism-related activity.

A U.S. State Department spokesperson said Cuba’s allegations were “absurd,” saying the island’s government was “attempting to deflect from its incompetence and failed economic policies.”

Cuba maintains that the informal exchange rate published by El Toque on Thursday at 460 pesos to the dollar, versus the dual official rates of 24 or 120 to 1, is manipulated by U.S.-funded interests and aims to wreak economic chaos on the island.

Independent observers say Cuba’s economic woes stem from a decades-long U.S. trade embargo, a mismanaged state-run economy and an unrealistic official exchange rate.

The Trump administration expressed concerns over U.S. funding of media outlets this year and slashed funds for many outlets for Cuban news. El Toque in March said 50% of its 2025 budget had been affected by those cuts and asked readers for donations.

Some U.S. funding to Cuba-related media outlets has since been reinstated.

Our Standards: The Thomson Reuters Trust Principles. , opens new tab

Suggested Topics:

Dave Sherwood is the bureau chief in Havana for Reuters. He covers politics, economics, and the environment in communist-run Cuba, and often contributes to coverage elsewhere in the Caribbean. He was previously based in Santiago, Chile, covering mining, the salmon industry and general news across South America. He first reported for Reuters from New England and Atlantic Canada and has also worked extensively throughout Central America.

Read Next

ago Business category

ago Sustainability category

ago Business category

Verizon’s new CEO is planning to cut about 15,000 jobs in the U.S. telecommunications company’s largest ever layoffs, a person familiar with the matter told Reuters on Thursday, outlining some of the executive’s first efforts to restructure in the face of rising competition.

Site Index

About Reuters

Stay Informed

Information you can trust

Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world’s media organizations, industry events and directly to consumers.

Read More