The informal exchange rate for foreign currencies in Cuba remains stagnant, as reported by the independent outlet elToque. According to their data, there has been no noticeable fluctuation in the buying and selling rates of the dollar, euro, and MLC. As of Wednesday morning, these three key currencies have shown no change for two consecutive weeks. The US dollar is still valued at 340 CUP, maintaining this rate for 25 days. Similarly, the euro holds steady at 340 CUP, mirroring the dollar's rate. The Freely Convertible Currency (MLC) also remains at 240 CUP, marking 23 days without alteration.
Many citizens are questioning this situation on social media, while some online commentators argue that elToque's figures do not accurately reflect the street-level reality.
Exchange Rates as of February 5, 2025, 12:34 p.m. in Cuba
According to elToque, the current exchange rates are as follows:
- USD to CUP: 340 CUP
- EUR to CUP: 340 CUP
- MLC to CUP: 240 CUP
Currency Conversion for USD and EUR to CUP
Based on today's exchange rates, the conversion for US dollars and euros to Cuban pesos is as follows:
- 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
Recently, the announcement by the United States government to include Orbit S.A. in the Restricted Entities List has yet to impact the informal Cuban market. However, this has caused concern among Cubans reliant on remittances from the U.S. Orbit S.A. emerged as a viable option for processing remittances after Fincimex S.A. exited the business due to U.S. Treasury Department sanctions. With the reactivation of Title III of the Helms-Burton Act and the expansion of the restricted Cuban entities list under the Trump administration, the future of remittances to Cuba faces renewed uncertainty.
Understanding Cuba's Informal Currency Market
Why are the exchange rates in Cuba's informal market stagnant?
The stagnant exchange rates are likely due to a combination of economic controls and market conditions that limit currency fluctuations.
How does the inclusion of Orbit S.A. in the U.S. Restricted Entities List affect remittances to Cuba?
The inclusion raises concerns about the ability to process remittances, which could impact many Cubans who rely on funds sent from the United States.
What is the significance of the Helms-Burton Act in this context?
The Helms-Burton Act, particularly its Title III, allows for broader sanctions and lawsuits against foreign companies operating in Cuba, affecting economic operations and remittances.