The value of the U.S. Dollar (USD) continues its upward trend this Monday in Cuba's informal currency market, trading at 335 CUP. Both the Euro and the freely convertible currency (MLC) have also seen price increases.
The Euro is now trading at 340 CUP, which is five Cuban pesos more than the previous day. The MLC, a virtual currency used by the Cuban regime, has risen to 280 CUP, marking a five-peso increase since Sunday.
This steady rise has been ongoing for about a week following a period of decline in all three currencies. On social media, some Cubans attribute the shift in the informal currency market to recent economic measures announced by the regime, including the option to once again make cash payments in foreign currencies for certain services in Cuba.
Current Exchange Rates as of July 29, 2024 - 6:50 AM in Cuba
USD to CUP exchange rate according to elTOQUE: 330 CUP
EUR to CUP exchange rate according to elTOQUE: 340 CUP
MLC to CUP exchange rate according to elTOQUE: 280 CUP
List of Banknotes in Cuban Pesos:
USD:
1 USD: 335 CUP
5 USD: 1,675 CUP
10 USD: 3,350 CUP
20 USD: 6,700 CUP
50 USD: 16,750 CUP
100 USD: 33,500 CUP
EUR:
5 EUR: 1,700 CUP
10 EUR: 3,400 CUP
20 EUR: 6,800 CUP
50 EUR: 17,000 CUP
100 EUR: 34,000 CUP
200 EUR: 68,000 CUP
500 EUR: 170,000 CUP
Understanding the Informal Currency Market in Cuba
Given the recent changes in currency values, many are asking questions about the informal market and its dynamics. Here are some frequently asked questions and their answers:
Why is the value of the USD, Euro, and MLC increasing in Cuba's informal market?
The increase is largely attributed to recent economic measures announced by the Cuban regime, including the reintroduction of cash payments in foreign currencies for certain services.
What is the current exchange rate for the USD to CUP?
As of July 29, 2024, the exchange rate for the USD to CUP is 335 CUP in the informal market.
How often do exchange rates change in the informal market?
Exchange rates in the informal market can change frequently, often on a daily basis, depending on economic conditions and regulatory announcements.