The US dollar, euro, and Freely Convertible Currency (MLC), key reference currencies in Cuba, enter October with a sense of "calm" in the informal market, maintaining a trend observed for nearly two months, only disrupted by minor changes. As of the morning of October 1st, the US dollar remains valued at 320 CUP, the euro at 335 CUP, and the MLC at 270 CUP.
The median values published today by elToque, based on the last 24 hours' analysis, confirm the stability of these currencies. However, the purchase price of the Freely Convertible Currency dropped from 270 to 265 pesos in recent hours.
Potential Reasons for Currency Stability
Although elToque has not proposed any theories to explain the current stability of these currencies in recent weeks, an article published this past Tuesday by the digital outlet, which tracks currency fluctuations in Cuba, reported that some MLC stores in Cuba are now allowing purchases with cash currencies.
Sources revealed that employees of the Cadena de Tiendas Caribe and the Cimex Corporation S.A. disclosed that certain commercial establishments have begun accepting payments in dollars and euros. Additionally, other stores are preparing to start accepting cash currency payments. Could this be the reason behind the stability in the informal currency market in Cuba?
Current Exchange Rates as of 01/10/2024 - 7:25 a.m. in Cuba
Exchange rate of the US Dollar (USD) to CUP according to elToque: 320 CUP.
Exchange rate of the Euro (EUR) to CUP according to elToque: 335 CUP.
Exchange rate of the MLC to CUP according to elToque: 270 CUP.
Conversion Chart for USD and EUR to CUP
US Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on October 1st:
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
Euros (EUR) to Cuban Peso (CUP):
1 EUR = 335 CUP
5 EUR = 1,675 CUP
10 EUR = 3,350 CUP
20 EUR = 6,700 CUP
50 EUR = 16,750 CUP
100 EUR = 33,500 CUP
Economic Context and Inflation
Despite the stability in the informal currency market since early August, the prices of essential goods in Cuba remain high, reflecting the ongoing economic crisis. Inflation and the scarcity of foreign currency continue to affect the purchasing power of Cuban citizens.
The stability in currency prices over recent weeks contrasts with the significant fluctuations experienced during the first seven months of 2024, which saw both sharp increases and abrupt declines.