Recently, the selling price of the euro has sharply declined in Cuba's informal currency market. The European currency has dropped by five pesos and is now being sold at an average of 340 CUP.
In contrast, the value of the U.S. dollar and the Freely Convertible Currency (MLC) has remained stable for the fourth consecutive day. As of January 22nd, the dollar is valued at 340 CUP, while the MLC continues to hold at 240 CUP, a full hundred pesos less than both the euro and the dollar.
Current Exchange Rates as of January 22, 2025
According to the exchange rates provided by independent media outlet elToque, the dollar to Cuban peso rate is 340 CUP, mirroring the euro's rate at 340 CUP. The MLC stands at a lower rate of 240 CUP.
Despite experiencing a drop in December, foreign currencies have generally increased in value throughout January. This trend has been largely driven by the Cuban government's recent dollarization measures. However, currency values continue to fluctuate based on the buy-sell announcements tracked by elToque, which serve as a benchmark for daily published prices.
Currency Conversion Equivalents
Here are the current conversion equivalents for U.S. dollars and euros to Cuban pesos:
U.S. Dollar (USD) to Cuban Peso (CUP):
- 1 USD: 340 CUP
- 5 USD: 1,700 CUP
- 10 USD: 3,400 CUP
- 20 USD: 6,800 CUP
- 50 USD: 17,000 CUP
- 100 USD: 34,000 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
Understanding Currency Fluctuations in Cuba
Why did the euro's price drop in Cuba's informal market?
The euro experienced a sudden decrease in price likely due to fluctuations in demand and supply dynamics within the informal market, along with external economic factors affecting currency valuation.
What is causing the stability of the dollar and MLC in Cuba?
The dollar and MLC have maintained steady values due to consistent demand and limited interventions or changes in currency policy by the Cuban government in recent days.