The value of the dollar and the euro took a step back this Thursday, with both currencies seeing a drop of five pesos in their average selling price in Cuba's informal market. As of 7:00 a.m. (local Cuban time), the dollar is valued at 330 CUP and the euro at 340 CUP, both down by five units compared to the previous day. The Freely Convertible Currency (MLC)—the economic concoction created by the government since 2021—remains unchanged from the previous day, holding steady at 280 CUP.
This slight decline in the dollar and euro's value comes after a day of calm in the informal market, which saw no increase or decrease in selling prices on Wednesday. Following a month-long period of steady decline, on July 23, the three key currencies in Cuba experienced a shift in their selling values. Over the next eight days, they rose intermittently, typically by five units at a time, though at a slower pace compared to April and early May, when increases of 20 to 30 pesos in a single day became the norm.
Current Exchange Rates in Cuba
As of 1/08/2024 at 13:13 a.m. in Cuba, the exchange rates are as follows:
Exchange rate for the dollar (USD) to CUP according to elTOQUE: 330 CUP.
Exchange rate for the euro (EUR) to CUP according to elTOQUE: 340 CUP.
Exchange rate for the MLC to CUP according to elTOQUE: 280 CUP.
Currency Conversion for Available Bills
Here are the equivalents for each available bill of euros and U.S. dollars to Cuban pesos (CUP) based on the exchange rates of August 1:
U.S. Dollar (USD) to Cuban Peso (CUP):
- 1 USD: 330 CUP.
- 5 USD: 1,650 CUP.
- 10 USD: 3,300 CUP.
- 20 USD: 6,600 CUP.
- 50 USD: 16,500 CUP.
- 100 USD: 33,000 CUP.
Euros (EUR) to Cuban Peso (CUP):
- 1 EUR: 340 CUP.
- 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.
Understanding Currency Fluctuations in Cuba
Given the recent changes in the value of the dollar and euro in Cuba, here are some frequently asked questions to help you understand the situation better:
Why have the dollar and euro values decreased in the informal market?
The decrease in value is likely due to a recent period of market stability and reduced demand, causing a minor drop in their selling prices.
What is the Freely Convertible Currency (MLC) in Cuba?
The Freely Convertible Currency (MLC) is a special currency created by the Cuban government in 2021, used primarily in certain government-operated stores and for specific transactions.
How often do exchange rates fluctuate in Cuba's informal market?
Exchange rates in Cuba's informal market can fluctuate daily, depending on market conditions, demand, and other economic factors.