This Sunday, the informal currency exchange market in Cuba shows a momentary halt, although the significant upward trends from the past week remain evident.
The U.S. dollar is holding steady at 674 Cuban pesos (CUP), while the euro stands at 785 CUP. The MLC (freely convertible currency), however, has seen a slight uptick to 479 CUP.
Currency Rate Update in Cuba
Dollar: 674 CUP
Euro: 785 CUP
MLC: 479 CUP
Dollar Stabilizes but Records Weekly Increase
The U.S. dollar is averaging at 674 CUP, with buying offers at 670 and selling offers at 677 pesos. Although unchanged from the previous day, it was trading at 665 CUP just a week ago, marking a weekly rise of nine pesos, or 1.3%.
A month ago, the dollar was valued at 653 CUP. However, caution is advised when comparing these figures due to potential methodological adjustments in the index. Over the past month, the dollar hit a peak of 675 CUP and a low of 610 CUP, highlighting the ongoing volatility in the informal market.
Euro Remains at Peak Levels
The euro remains at 785 CUP, with a buying rate of 780 and a selling rate of 790 pesos. Although there's virtually no change from Saturday, it has gained 20 CUP over the week. Last Sunday, it was valued at 765 pesos, showing a 2.6% increase over seven days, maintaining its highest level in the last 30 days. It previously dipped to as low as 688 CUP.
Currently, the euro surpasses the dollar by 111 pesos.
MLC Experiences Largest Weekly Growth
The MLC is tentatively valued at 479 CUP, with a buying rate of 458 and a selling rate of 499 pesos. This represents an increase of six pesos from the previous day, a 1.3% rise. Compared to last week, it has climbed by 23.5 CUP, or 5.2%. Nevertheless, this valuation should be interpreted cautiously due to the limited number of transactions backing it during this time frame.
Official Exchange Rate Lags Behind
The Central Bank of Cuba has set the official rate for Segment III at 601 CUP per dollar and 684 CUP per euro this Sunday. The disparity with the informal market exceeds 73 pesos for the dollar and about 101 pesos for the euro.
Although Segment III was introduced as a more flexible exchange mechanism, its rate remains far from the values prevailing in everyday transactions. A month ago, the official dollar rate was 585 CUP. Despite increasing to 601, it has not managed to bridge the gap with the parallel market.
A Pause That Offers Little Relief
While this Sunday's stability may suggest a pause, the currencies have not lost strength. In just seven days, the dollar has risen by nine pesos and the euro by 20.
In a scenario characterized by inflation, low wages, and an ever-increasing dollarization of the economy, these shifts inevitably impact prices, further diminishing Cubans' purchasing power.
The CiberCuba Exchange Rate is an index of the informal market compiled through automated analysis of thousands of currency exchange posts on Telegram and Facebook groups.
U.S. Dollar (USD) to Cuban Peso (CUP) Conversion:
1 USD = 674 CUP
5 USD = 3,370 CUP
10 USD = 6,740 CUP
20 USD = 13,480 CUP
50 USD = 33,700 CUP
100 USD = 67,400 CUP
Euro (EUR) to Cuban Peso (CUP) Conversion:
1 EUR = 785 CUP
5 EUR = 3,925 CUP
10 EUR = 7,850 CUP
20 EUR = 15,700 CUP
50 EUR = 39,250 CUP
100 EUR = 78,500 CUP
200 EUR = 157,000 CUP
FAQs on Currency Exchange in Cuba
Why is the informal currency market in Cuba significant?
The informal currency market in Cuba is significant because it provides a more accurate reflection of the real exchange rates used in everyday transactions, compared to the official rates set by the government.
What is causing the volatility in the Cuban peso exchange rates?
The volatility in Cuban peso exchange rates is primarily due to economic instability, inflation, and the government's tight control over the official exchange rates, which often do not align with market realities.