The informal currency market in Cuba continues to exhibit a trend of relative stability, showing no significant changes in recent hours. Currently, the U.S. dollar (USD) is valued at 320 Cuban pesos (CUP), while the euro (EUR) stands at 330 CUP. Meanwhile, the Freely Convertible Currency (MLC) holds a value of 270 CUP since last Saturday.
These rates indicate a slight stability compared to previous weeks, yet they remain a stark reminder of the ongoing economic crisis on the island. The impact of inflation and the scarcity of foreign currency severely affect the purchasing power of the Cuban people.
Despite the apparent stability, prices remain prohibitively high for the population relying on government salaries, which are a minimum of 2,100 CUP. This means that state workers, pensioners, and those without income in foreign currencies are inching closer to the threshold of extreme poverty.
A Cuban earning the minimum wage would be making the equivalent of just 6.66 USD.
Current Exchange Rates as of September 18, 2024 - 3:19 p.m. in Cuba
Exchange Rate of the USD to CUP according to elTOQUE: 320 CUP
Exchange Rate of the EUR to CUP according to elTOQUE: 330 CUP
Exchange Rate of the MLC to CUP according to elTOQUE: 270 CUP
List of available banknotes and their value in Cuban pesos (CUP):
U.S. Dollar (USD):
- 1 USD = 320 CUP
- 5 USD = 1,600 CUP
- 10 USD = 3,200 CUP
- 20 USD = 6,400 CUP
- 50 USD = 16,000 CUP
- 100 USD = 32,000 CUP
Euro (EUR):
- 1 EUR = 330 CUP
- 5 EUR = 1,650 CUP
- 10 EUR = 3,300 CUP
- 20 EUR = 6,600 CUP
- 50 EUR = 16,500 CUP
- 100 EUR = 33,000 CUP
Understanding Cuba's Informal Currency Market
Here are some frequently asked questions to help you understand the dynamics of Cuba's informal currency market.
Why is the informal currency market significant in Cuba?
The informal currency market is significant because it often provides a more realistic exchange rate compared to the official rates, reflecting the true economic conditions and demand for foreign currency among Cubans.
What factors contribute to the high exchange rates in the informal market?
High exchange rates in the informal market are driven by inflation, scarcity of foreign currency, and the economic crisis, which increase the demand for stable foreign currencies like USD and EUR.
How do these exchange rates impact the average Cuban citizen?
These high exchange rates significantly reduce the purchasing power of the average Cuban citizen, especially those who rely on government salaries paid in CUP, pushing many towards extreme poverty.