This Monday witnessed an upward trend for the dollar and the euro in Cuba's informal market. By 8:00 p.m. local time, the dollar had reached 666 Cuban pesos (CUP), a one peso increase from the previous day, while the euro climbed to 768 CUP, marking a rise of 2.5 pesos.
On the other hand, the MLC saw a decline, with an indicative value dropping to 457 CUP.
Informal Market Exchange Rates
The data stems from the exchange rate monitor for Cuba's informal market, newly launched by CiberCuba this Monday. This tool provides buying and selling rates for the dollar, euro, and MLC, calculated using a proprietary system that analyzes the market in real-time, updating multiple times a day.
Dollar Reaches 666 CUP
The average value of the U.S. dollar ended the day at 666 CUP, up from 665 CUP on Sunday, reflecting a 0.2% increase. A week ago, the dollar was valued at 655 CUP, indicating an 11 peso rise or 1.7% increase over the week.
When compared to 30 days ago, when it stood at 695 CUP, the dollar is now 29 pesos lower, a decrease of 4.2%. This comparison should be approached with caution as it might reflect changes in index methodology rather than pure market movement. Over the past month, the dollar hit a peak of 695 CUP and a low of 610 CUP.
Euro Increases to 768 CUP
The euro closed with a recorded value of 768 CUP. The exact average of offers was 767.5 CUP, resulting in a 2.5 peso increase from the previous day's 765 CUP, a 0.3% rise.
Over the past seven days, the European currency has risen by 12.5 pesos or 1.7%, from 755 CUP. Compared to 30 days ago, the euro has decreased by 28 pesos, or 3.5%, from a previous reference point of about 796 CUP. This difference may also be partially influenced by methodological adjustments. In the last month, the euro reached a high of 802 CUP and a low of 688 CUP.
MLC Slides Downward
The MLC closed with an indicative value of roughly 457 CUP. The precise average was 456.5 CUP, marking a 30.5 peso drop, or a 6.3% decrease from the previous day's average.
Compared to a week ago, when it was around 482 CUP, the MLC has decreased by 25 pesos, a 5.2% drop. When looking back 30 days, the MLC is one peso higher, a 0.2% variation. During this period, it hit a maximum of 543 CUP and a minimum of 399 CUP.
Comparison with Official Rates
The official rate from the Central Bank of Cuba for Segment III, effective since July 18, sets the value at 592 CUP per dollar and 677 CUP per euro. Compared to these official rates, the informal dollar rate closed 74 pesos higher, and the euro exceeded the official rate by 91 pesos.
Over the past month, the official dollar rate increased from 565 to 592 CUP, a 27 peso rise. The official euro rate climbed from 648 to 677 CUP, peaking at 678 CUP during this period.
Currency Conversion Rates
1 USD = 666 CUP.
5 USD = 3,330 CUP.
10 USD = 6,660 CUP.
20 USD = 13,320 CUP.
50 USD = 33,300 CUP.
100 USD = 66,600 CUP.
Using the exact average of 767.5 CUP, though the published value is rounded to 768 CUP:
1 EUR = approximately 768 CUP.
5 EUR = 3,838 CUP.
10 EUR = 7,675 CUP.
20 EUR = 15,350 CUP.
50 EUR = 38,375 CUP.
100 EUR = 76,750 CUP.
200 EUR = 153,500 CUP.
500 EUR = 383,750 CUP.
Understanding the Currency Fluctuations in Cuba
Why is the dollar rising in Cuba's informal market?
The rise in the dollar's value in Cuba's informal market is largely attributed to fluctuating demand and economic instability, influencing the exchange rate dynamics.
How does the euro's performance compare to the dollar in Cuba?
Recently, both the euro and the dollar have been increasing in value, although their rates fluctuate independently based on supply and demand factors in the market.
What influences the MLC's value in Cuba?
The MLC's value is influenced by market conditions and supply-demand dynamics, along with economic policies impacting electronic payments in Cuba.