Euro Continues to Decline in Cuba’s Informal Exchange Market
This Saturday, Cuba’s informal currency exchange market continues to show signs of instability, although only the euro has dropped today. As of 7:00 AM on June 15, the European currency is valued at 360 CUP, which is ten pesos less than the previous day.
The dollar, on the other hand, remains stable at 350 pesos, a figure it reached this past Friday. Similarly, the Freely Convertible Currency (MLC) remains unchanged at 300 pesos, a rate that has been steady for several days.
Despite a week that began with a Monday where none of the three currencies fluctuated, the dollar and euro have both plummeted once again throughout the week. This decline follows five days last week of rapid increases, during which euros, dollars, and MLC nearly regained their values from before the drop in May.
The volatility of Cuba’s informal currency market repeatedly confirms the country’s economic drift and the citizens’ uncertainty about future developments and their growing financial hardships.
Exchange rates as of 7:18 AM on June 15, 2024, in Cuba:
USD to CUP according to elTOQUE: 350 CUP.
EUR to CUP according to elTOQUE: 360 CUP.
MLC to CUP according to elTOQUE: 300 CUP.
The informal exchange rates in Cuba provided here are not officially recognized or backed by any financial institution or government entity. The Cuban government has yet to make an economic statement regarding the direction of currencies but recently dedicated a new chapter to its ongoing conflict with the independent media outlet elTOQUE.
In an article titled “Más allá del precio del dólar” (“Beyond the Price of the Dollar”), published on June 11 in the newspaper Granma, Jorge Enrique Jerez Belisario accused elTOQUE of being “part of a Fourth Generation War package” that combines “actions in media-virtual and real scenarios to create breaches that foster confrontations and contradictions that break the unity of the people-Government-Party.”
With dizzying rhetoric where economics are nowhere to be found, Jerez Belisario considered elTOQUE “as part of the unconventional war strategy of the U.S. government against Cuba,” a common scapegoat for all national misfortunes.
Equivalents for each bill denomination of euros and U.S. dollars to Cuban pesos (CUP):
U.S. Dollar (USD) to Cuban Peso (CUP), according to exchange rates for Saturday, June 15:
1 USD: 350 CUP.
5 USD: 1,750 CUP.
10 USD: 3,500 CUP.
20 USD: 7,000 CUP.
50 USD: 17,500 CUP.
100 USD: 35,000 CUP.
Euros (EUR) to Cuban Pesos (CUP):
1 EUR: 360 CUP.
5 EUR: 1,800 CUP.
10 EUR: 3,600 CUP.
20 EUR: 7,200 CUP.
50 EUR: 18,000 CUP.
100 EUR: 36,000 CUP.
In a context of marked governmental inaction, elTOQUE announced that it has reinforced controls to calculate the representative rate amid growing suspicions of attempts to inflate or deflate values with false announcements.
Understanding Cuba’s Informal Currency Exchange Market
Here are some frequently asked questions and answers regarding the informal currency exchange market in Cuba, providing insights into its current state and the factors influencing it.
What is the current exchange rate for the euro in Cuba’s informal market?
As of June 15, 2024, the euro is valued at 360 CUP in Cuba’s informal market.
How stable is the U.S. dollar in the informal exchange market in Cuba?
The U.S. dollar remains stable at 350 CUP as of June 15, 2024.
What measures has elTOQUE taken regarding exchange rate calculations?
elTOQUE has reinforced controls to ensure accurate representative rate calculations amid suspicions of attempts to manipulate values with false announcements.
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