As of Thursday morning, the exchange rates for foreign currencies in Cuba's informal market have shown remarkable stability. This observation comes from the independent outlet elToque, which monitors advertisements on social media platforms. The US dollar continues to hold at 340 CUP, a level it reached on January 11. It's been 12 consecutive days without any fluctuations for the American currency.
The euro also remains unchanged today, following a sudden drop of five units on Wednesday. Currently, the European currency stands at 340 CUP, matching the value of the US dollar.
Meanwhile, the Freely Convertible Currency (MLC) remains priced at 240 CUP and has maintained this rate for ten days. Overall, these three key currencies have demonstrated a trend toward stability during the second half of January.
Potential Impact of US Policies on Cuba's Currency Market
Despite this stability, the recent inauguration of Donald Trump as President of the United States and potential policy changes towards Cuba could soon alter the dynamics of the island's informal currency market.
In the past hours, a fake statement attributed to the Trump administration circulated on social media, claiming that a package of measures would be enacted. These alleged measures included halting remittances and direct commercial flights to Cuba, imposing travel restrictions on Cuban residents in the US, and deporting Cuban citizens with deportation orders or connections to the regime's repressive and ideological apparatus. Although this statement is false, there remains a palpable tension about what might unfold in the coming days.
Current Exchange Rates as of January 22, 2025 - 8:00 a.m. in Cuba
The exchange rate for the USD to CUP, as reported by elToque, stands at 340 CUP. The euro's rate is also 340 CUP, while the MLC is at 240 CUP.
Here are the equivalent values for each denomination of euros and US dollars converted to Cuban pesos (CUP) as of January 23:
US 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
FAQs on Cuba's Informal Currency Market
Why is the US dollar stable at 340 CUP in Cuba's informal market?
The US dollar has remained stable at 340 CUP due to consistent demand and a lack of major economic policy changes affecting the currency's value.
What could cause changes in Cuba's currency market?
Changes in US policies towards Cuba, such as new regulations on remittances and travel, could significantly impact the informal currency market in Cuba.