The euro has slightly decreased in value within Cuba's informal market over the last few hours. As of Wednesday morning, the European currency stands at 347 CUP, reflecting a one-peso drop from the 348 CUP it reached on Tuesday. Meanwhile, the dollar remains steady at 345 CUP, a rate that has been consistent since the past weekend. The Freely Convertible Currency (MLC), after a series of increases throughout February, currently remains stable at 285 CUP.
Exchange rates for 03/04/2025 at 7:45 a.m. in Cuba are as follows: According to elTOQUE, the USD to CUP exchange rate is 345 CUP, the EUR to CUP rate is 347 CUP, and for the MLC to CUP, it stands at 285 CUP.
Many Cubans are closely monitoring the informal market due to the unpredictable nature of exchange rates in the country. This vigilance is part of their strategy to protect their purchasing power against the inevitable devaluation of the CUP.
Current Exchange Rate Conversions
Here's a breakdown of how each denomination of euros and US dollars converts to Cuban pesos (CUP) based on the latest rates from March 5:
United States Dollar (USD) to Cuban Peso (CUP):
- 1 USD = 345 CUP
- 5 USD = 1,725 CUP
- 10 USD = 3,450 CUP
- 20 USD = 6,900 CUP
- 50 USD = 17,250 CUP
- 100 USD = 34,500 CUP
Euro (EUR) to Cuban Peso (CUP):
- 1 EUR = 347 CUP
- 5 EUR = 1,735 CUP
- 10 EUR = 3,470 CUP
- 20 EUR = 6,940 CUP
- 50 EUR = 17,350 CUP
- 100 EUR = 34,700 CUP
Understanding Cuba's Exchange Rate Dynamics
Why is the euro's value decreasing in Cuba's informal market?
The euro's decrease in value could be attributed to market fluctuations and the fluctuating demand and supply dynamics within Cuba's informal economy.
How do Cuban citizens cope with currency devaluation?
Cubans often monitor exchange rates closely and may convert their savings into more stable currencies to protect their purchasing power against devaluation.
What is the significance of the Freely Convertible Currency (MLC) in Cuba?
The MLC is significant as it provides Cubans with a way to access international goods and services, acting as an alternative to the national currency in certain transactions.