On Monday, the euro experienced a second consecutive day of price increase in Cuba's informal market, climbing from 343 to 345 CUP. This two-peso rise follows a previous uptick after several weeks at a stable 340 CUP. Although the increase is slight, it has sparked interest among those trading the European currency, who are cautiously watching the informal market's developments. Until recently, the euro had been stable, mirroring the dollar's exchange rate.
As for the US dollar, it remains steady at 340 CUP, while the Freely Convertible Currency (MLC) is also unchanged at 240 CUP. As of 7:29 p.m. on February 10, 2025, the exchange rates according to elTOQUE are as follows: USD to CUP is 340, EUR to CUP is 345, and MLC to CUP is 240.
The recent surge in the euro's value might be linked to various economic and commercial factors, such as the planned opening of 50 new foreign currency stores, which could be boosting interest in purchasing this foreign currency. This upward trend might signal the beginning of potential adjustments in Cuba's informal currency market. The market could face changes in the coming weeks due to increased demand for foreign currency following the imminent opening of these new stores and other economic policies being implemented on the island.
Currency Conversion: Euros and US Dollars to Cuban Pesos
Here are the current conversion rates for each denomination of euros and US dollars into Cuban pesos (CUP) as of February 10:
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 = 345 CUP
- 5 EUR = 1,725 CUP
- 10 EUR = 3,450 CUP
- 20 EUR = 6,900 CUP
- 50 EUR = 17,250 CUP
- 100 EUR = 34,500 CUP
Understanding Currency Trends in Cuba
Why is the euro's value increasing in Cuba's informal market?
The euro's value is likely increasing due to factors like the upcoming opening of new foreign currency stores, leading to greater interest in acquiring the euro.
What are the current exchange rates for USD and EUR in Cuba?
As of February 10, 2025, the USD is exchanged at 340 CUP, and the EUR is exchanged at 345 CUP in Cuba's informal market.
How might the informal currency market in Cuba change in the near future?
The market may undergo changes due to increased demand for foreign currencies, driven by the opening of new stores and recent economic policies.