The U.S. dollar has seen a decline this Friday in its average selling price within the informal Cuban market. As of 7:00 a.m. local time on July 5th, the American currency is being sold at 345 CUP, which is a decrease of five pesos compared to the last two days when the dollar was priced at 350 pesos.
Based on the current average value, 5 USD would be exchanged for 1,725 CUP, and 10 USD would equate to 3,450 CUP. Today, the euro and the MLC (Freely Convertible Currency) remain unchanged: the European currency is still priced at 360 CUP, and the MLC stands at 300 pesos.
Exchange Rates as of July 5, 2024 - 7:16 a.m. in Cuba
USD to CUP exchange rate according to elTOQUE: 345 CUP.
EUR to CUP exchange rate according to elTOQUE: 360 CUP.
MLC to CUP exchange rate according to elTOQUE: 300 CUP.
It is important to note that the informal exchange rates provided here are not officially recognized or backed by any financial or governmental entity.
The Struggle Between the Government and Private Enterprises
The recent decline in the dollar's value comes amidst ongoing tensions between the government and private micro, small, and medium-sized enterprises (Mipymes). This friction follows the government's decision to cap prices on essential goods sold in the retail network, a move that has caused significant discontent in the private sector.
"If they want essential goods to keep coming in, this is not the way," warned an entrepreneur regarding the decision to cap prices on six basic products sold by the private sector. The centralized pricing system will start with chicken, oil, powdered milk, pasta, sausages, and powdered detergent, aiming to curb the rampant inflation strangling the Cuban populace.
In March, Miguel Díaz-Canel promised a package of economic measures to "correct distortions and boost the economy." He mentioned that prices would remain high but stressed that "abusive or speculative prices" would not be allowed.
Currency Equivalents
Here are the equivalents of each available bill in euros and U.S. dollars to Cuban pesos (CUP) as per the exchange rates this Friday, July 5th:
U.S. Dollar (USD) to Cuban Peso (CUP)
1 USD: 345 CUP
5 USD: 1,725 CUP
10 USD: 3,450 CUP
20 USD: 6,900 CUP
50 USD: 17,250 CUP
100 USD: 34,500 CUP
Euros (EUR) to Cuban Peso (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
Cuba's Exchange Rate and Economic Measures
Below are some frequently asked questions about Cuba's current exchange rates and the recent economic measures implemented by the government.
Why has the value of the dollar dropped in Cuba?
The drop in the dollar's value is likely due to market fluctuations and the ongoing economic tensions between the government and private enterprises, particularly concerning the price caps on essential goods.
What are the current exchange rates for the euro and MLC in Cuba?
As of July 5, 2024, the euro is exchanged at 360 CUP, and the MLC (Freely Convertible Currency) is exchanged at 300 CUP.
How is the Cuban government addressing inflation?
The Cuban government has introduced a centralized pricing system for essential goods such as chicken, oil, powdered milk, pasta, sausages, and powdered detergent to contain runaway inflation.
Are the informal exchange rates in Cuba officially recognized?
No, the informal exchange rates provided are not officially recognized or backed by any financial or governmental entity in Cuba.