The U.S. dollar is on an upward trajectory in Cuba's informal market, holding steady at 340 CUP per USD this Saturday. This rate underscores the strong demand for the American currency, which is crucial for transactions and payments in state-run stores. Economic instability and shortages have driven this increase, reinforcing the dollar as the preferred currency for many Cubans.
Meanwhile, the euro is trading at the same rate as the dollar, valued at 340 CUP per EUR. This parity highlights the growing preference for the euro in foreign exchange, especially for commercial transactions and international travel.
The Freely Convertible Currency (MLC), on the other hand, is priced at 240 CUP, indicating a lower demand compared to the dollar and euro. While the MLC remains important for purchasing goods in government-run stores, its usage is declining.
Exchange Rates in Cuba - Saturday, February 1, 2025 - 06:00 AM
Dollar (USD) to Cuban Pesos (CUP): 340 CUP
Euro (EUR) to Cuban Pesos (CUP): 340 CUP
MLC to Cuban Pesos (CUP): 240 CUP
Equivalent in CUP for Available Dollar and Euro Notes:
Dollar Bills (USD):
- 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 Bills (EUR):
- 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
- 200 EUR = 68,000 CUP
- 500 EUR = 170,000 CUP
Understanding Cuba's Currency Exchange Dynamics
Why is the dollar in high demand in Cuba?
The dollar is in high demand due to its essential role in transactions and payments in state-run stores, as well as its stability compared to the Cuban peso amid economic uncertainty.
How does the exchange rate affect everyday Cubans?
Fluctuating exchange rates impact the purchasing power of Cubans, making imported goods more expensive and affecting their ability to buy essential products.
What is the significance of the MLC in Cuba?
The MLC is significant for acquiring products in state-run stores, although its use is diminishing as demand for more stable currencies like the dollar and euro grows.