The value of the US dollar, euro, and Freely Convertible Currency (MLC) remain stagnant in Cuba's informal market. Over the past 24 hours, none of these currencies have shown any fluctuation, neither rising nor falling in the black market, continuing a trend that has persisted for several days.
As of Friday morning, these key currencies have gone nine consecutive days without any change, as reported by the independent outlet elToque, which monitors buy-sell advertisements on social media. The dollar remains at 340 CUP, a rate it has held since January 11, marking 20 days with no variation.
The euro also remains static, matching the dollar at 340 CUP. Similarly, the MLC is valued at 240 CUP, now for 18 days in a row. This stability comes despite a recent government announcement about the upcoming opening of dollar stores across the country, a move towards partial dollarization of the economy.
The Cuban regime has assured that MLC accounts will continue to be available in the island's banks, maintaining the existing financial infrastructure.
Current Exchange Rates
As of January 31, 2025, at 7:12 a.m. in Cuba, the exchange rates reported by elToque are as follows:
- US Dollar (USD) to Cuban Peso (CUP): 340 CUP
- Euro (EUR) to Cuban Peso (CUP): 340 CUP
- Freely Convertible Currency (MLC) to Cuban Peso (CUP): 240 CUP
Currency Conversions
Here are the conversions for various denominations of euros and US dollars into Cuban pesos (CUP) as per the exchange rates on January 31:
- 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
- 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 Cuba's Informal Currency Market
Why are currency values stagnant in Cuba's informal market?
Currency values remain stagnant due to a lack of demand or supply changes, possibly influenced by the Cuban government's economic policies and the current market conditions.
What impact does the government's dollar store announcement have on currency values?
The introduction of dollar stores might increase demand for USD, but this impact has not yet been reflected in the informal market rates, suggesting cautious market reactions.
How reliable are the exchange rates reported by elToque?
elToque's exchange rates are considered reliable as they are derived from monitoring actual transactions and advertisements in the informal market.