The Cuban black market shows a rare sense of stability today, with exchange rates for foreign currencies remaining unchanged, according to the daily monitoring by the independent outlet El Toque. The U.S. dollar is holding at 320 CUP, the euro at 330 CUP, and the Freely Convertible Currency (MLC) at 270 CUP, a rate it reached last Saturday, September 14th.
Current Exchange Rates as of September 21, 2024 - 12:00 PM
U.S. Dollar (USD) to Cuban Peso (CUP) according to El Toque: 320 CUP
Euro (EUR) to Cuban Peso (CUP) according to El Toque: 330 CUP
Freely Convertible Currency (MLC) to Cuban Peso (CUP) according to El Toque: 270 CUP
Despite this apparent stability, the high exchange rates remain a significant burden for Cubans reliant on government salaries, which average a meager 2,100 CUP. This stark discrepancy pushes state workers, pensioners, and those without dollar incomes closer to the brink of extreme poverty.
The Inflation Crisis: A Personal Account
At the beginning of this month, a Cuban citizen highlighted the harsh reality of inflation by sharing on social media the exorbitant cost of preparing a traditional ajiaco stew, which now exceeds 8,000 pesos.
"We woke up wanting to make ajiaco today," the Cuban noted, expressing how long it had been since they last made the dish. However, they were shocked by the sky-high prices of the ingredients.
Taking advantage of a "market day" to gather the necessary items, they faced significant challenges even in a farmer's market. Here’s the breakdown of their costs: 3 pounds of meat for 4,200 pesos, cilantro for 100, corn for 250, onion for 1,000, malanga for 490, a mix of root vegetables for 390, a single yucca for 70, a small bunch of bananas for 100, and four small plantains for 100 as well.
Furthermore, a can of tomato puree cost them 500 pesos, and seasonings like cumin and complete seasoning powder added another 500 pesos to the total, making the preparation even more expensive.
The overall cost came to a staggering 8,270 pesos, an alarming figure for a dish deeply rooted in Cuban tradition.
Currency Equivalents in Cuban Pesos (CUP)
U.S. Dollar (USD) to Cuban Peso (CUP) as of September 21:
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) to Cuban Peso (CUP):
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
200 EUR = 66,000 CUP
500 EUR = 165,000 CUP