Dollar Stabilizes While Euro Continues to Fall in Cuba’s Informal Currency Market
The price of the US dollar and the Freely Convertible Currency (MLC) halted their decline this Saturday, while the euro continued its downward trend in Cuba’s informal currency market.
In the previous session, the three major currencies in the island’s irregular market experienced a drop in value, according to data documented by the independent media outlet elToque. This information is derived from an analysis of currency buying and selling announcements on social media and other classified sites.
Current Exchange Rates
As of July 20, the dollar is trading at 1 USD to 300 CUP, while the MLC remains steady at 1 MLC to 270 CUP. The euro, however, has fallen from 315 CUP the previous day to 310 CUP.
Exchange rates as of 12:06 PM on July 20, 2024, in Cuba:
- USD to CUP according to elToque: 300 CUP
- EUR to CUP according to elToque: 310 CUP
- MLC to CUP according to elToque: 270 CUP
Currency Equivalencies
Here are the equivalencies for each available bill of euros and dollars to CUP:
Dollar (USD):
- 1 USD: 300 CUP
- 5 USD: 1,500 CUP
- 10 USD: 3,000 CUP
- 20 USD: 6,000 CUP
- 50 USD: 15,000 CUP
- 100 USD: 30,000 CUP
Euro (EUR):
- 5 EUR: 1,550 CUP
- 10 EUR: 3,100 CUP
- 20 EUR: 6,200 CUP
- 50 EUR: 15,500 CUP
- 100 EUR: 31,000 CUP
- 200 EUR: 62,000 CUP
The Cuban government has warned this week that it will not establish a new official exchange rate in the short term. Prime Minister Manuel Marrero Cruz believes that such a measure would have negative effects on inflation and wages, so the resizing of the exchange market will be gradual and cautious.
The government has no solution to eliminate the informal currency market. Marrero also criticized independent media outlets and reiterated his accusation that they allegedly influence the exchange rate.
Exchange Rates in Cuba’s Informal Market
Here are some frequently asked questions about the current situation of exchange rates in Cuba’s informal market:
Why is the euro falling in Cuba’s informal market?
The euro has been falling due to various economic factors, including supply and demand dynamics in the informal market and broader economic conditions affecting the euro’s value globally.
Will the Cuban government establish a new official exchange rate?
According to Prime Minister Manuel Marrero Cruz, the government will not establish a new official exchange rate in the short term due to potential negative impacts on inflation and wages.
How are exchange rates in the informal market determined?
Exchange rates in the informal market are typically determined by supply and demand, influenced by factors such as economic conditions and announcements on social media and classified sites.
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