The exchange rates in Cuba on October 27, 2024, indicate a period of relative stability in the informal market, according to data from the independent source elTOQUE. Currently, the United States dollar (USD) is valued at 325 Cuban pesos (CUP), while the euro (EUR) stands at 340 CUP. Meanwhile, the Freely Convertible Currency (MLC) holds a rate of 265 CUP.
Here’s a breakdown of the currency values available in the market:
Dollar (USD):
1 USD = 325 CUP
5 USD = 1,625 CUP
10 USD = 3,250 CUP
20 USD = 6,500 CUP
50 USD = 16,250 CUP
100 USD = 32,500 CUP
Euro (EUR):
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
These rates are pivotal for Cubans conducting transactions outside the official channels, offering a brief respite in an economy riddled with uncertainty and monetary tensions.
Recent Trends in Cuba's Informal Exchange Market
In recent days, the exchange rates in Cuba’s informal market have shown a degree of steadiness, albeit with minor adjustments in key currencies. As per elTOQUE, the values for the USD, EUR, and MLC have remained consistent despite Cuba's notoriously volatile economic backdrop.
On October 24, 2024, the rates were identical to the current ones, with the dollar at 325 CUP, the euro at 340 CUP, and the MLC at 265 CUP. This stability contrasts with the fluctuations observed in prior weeks.
Further back, on October 22, 2024, the currencies similarly retained their values: 325 CUP per dollar, 340 CUP per euro, and 265 CUP for the MLC. These prices remained unchanged even after significant events such as Hurricane Oscar's passage and a massive blackout affecting the nation.
Going back to October 19, 2024, the exchange rates held steady, with the dollar at 325 CUP, the euro at 340 CUP, and the MLC at 265 CUP. This calm period in the market followed the halt of activities due to the collapse of the national electrical system.
MLC's Recent Stability Amid Economic Challenges
Since October 9, 2024, the MLC has sustained its rate at 265 CUP following a sudden five-peso drop. This decrease has remained stable, with no significant changes in the value of this currency.
In conclusion, although Cuba's economic context is marked by high volatility, the last week has seen a trend towards stability in the exchange rates for major currencies, with the dollar at 325 CUP and the euro at 340 CUP. Nevertheless, the economic situation remains precarious, and this observed stability may be disrupted by future events in the short term.