The exchange rates in Cuba's informal market, as reported by El Toque, show a period of stability for the U.S. dollar (USD) and the freely convertible currency (MLC), holding steady at 325 CUP and 265 CUP, respectively. Meanwhile, the euro has experienced a slight dip, settling back to 340 CUP after a few minor fluctuations in recent days.
Currency Stability Amidst Economic Crisis
Since October 22, both the dollar and MLC have displayed strong stability, maintaining their values at 325 and 265 CUP, respectively. This trend, occurring amidst an energy crisis that has slowed down economic transactions, suggests that the demand for foreign currency remains stable on the island. However, the euro has shown minor adjustments: after peaking at 345 CUP on October 28, it decreased to 342.5 CUP on October 29 and has now returned to 340 CUP.
Current Conversion Rates for USD and EUR
Today's conversion rates for key USD and EUR denominations are as follows:
U.S. Dollar (USD):
1 USD bill = 325 CUP
5 USD bill = 1,625 CUP
10 USD bill = 3,250 CUP
20 USD bill = 6,500 CUP
50 USD bill = 16,250 CUP
100 USD bill = 32,500 CUP
Euro (EUR):
5 EUR bill = 1,700 CUP
10 EUR bill = 3,400 CUP
20 EUR bill = 6,800 CUP
50 EUR bill = 17,000 CUP
100 EUR bill = 34,000 CUP
Foreign Currency Fluctuations Amid Inflation
Despite the ongoing economic crisis and persistent inflation, the values of the dollar and MLC in the informal market have shown relative stability, while the euro continues to undergo minor adjustments. The recent trend in exchange rates for the euro, dollar, and MLC in Cuba's informal market has demonstrated minimal fluctuations in recent weeks. As of October 22, the dollar was valued at 325 Cuban pesos (CUP), the euro at 340 CUP, and the MLC at 265 CUP, according to informal monitoring data from elTOQUE.
This relative stability in foreign exchange rates contrasts starkly with internal inflation affecting basic goods. Despite the volatility in Cuba's economy, the values of foreign currencies in the informal market have maintained a temporary stability over the past weeks, even as the country grapples with shortages and power outages that add uncertainty to the economic landscape.