The value of both the US dollar and the euro slipped again this Tuesday in Cuba's informal market. The dollar is now trading at 663 CUP, marking a drop of 1.5 pesos compared to yesterday, while the euro decreased to 758 CUP, down by 2.5 pesos.
Meanwhile, the Freely Convertible Currency (MLC) stands at 459 CUP, experiencing a decrease of 5 pesos.
Looking at a weekly comparison, the decline of these two major currencies becomes clear. The dollar is now 5 CUP less than the 668 CUP recorded a week ago, a change of -0.7%. The euro has also lost 10 CUP from the 768 CUP of last week, equating to a -1.3% change. On the other hand, the MLC has risen by 16 CUP above the 443 CUP from a week prior, showing a growth of 3.6%.
Monthly Market Trends
Over a 30-day period, the dollar has seen a reduction of 2.5 CUP, or -0.4%, while the euro has dropped by 7.5 CUP, or -1%. The MLC, however, shows an increase of 3.5 CUP, equal to 0.8%. These longer-term changes should be interpreted cautiously, as a 30-day comparison might reflect methodological adjustments of the index rather than pure market movements.
Recent Fluctuations and Official Rates
This Tuesday, the dollar is at its lowest point in the last 30 days, during which it reached a peak of 675 CUP and a trough of 663 CUP. The euro has fluctuated between 755 and 790 CUP, while the MLC has varied between 413 and 496 CUP.
For the MLC, the current figure remains indicative due to the limited number of transactions observed during this timeframe.
The official rate for the public, as per Segment III of the Central Bank of Cuba, is set at 631 CUP per dollar and 731 CUP per euro this Tuesday. Over the past 30 days, the official dollar rate has risen from 592 to 631 CUP, and the euro has increased from 676 to 731 CUP. The MLC does not have an official rate.
Informal Market Currency Equivalents
At the average value recorded this Tuesday, the dollar equivalents in the informal market are:
- 1 USD = 663 CUP
- 5 USD = 3313 CUP
- 10 USD = 6625 CUP
- 20 USD = 13250 CUP
- 50 USD = 33125 CUP
- 100 USD = 66250 CUP
For euro banknotes, the equivalents are:
- 1 EUR = 758 CUP
- 5 EUR = 3788 CUP
- 10 EUR = 7575 CUP
- 20 EUR = 15150 CUP
- 50 EUR = 37875 CUP
- 100 EUR = 75750 CUP
- 200 EUR = 151500 CUP
- 500 EUR = 378750 CUP
Understanding Currency Shifts in Cuba's Informal Market
Why are the dollar and euro declining in Cuba's informal market?
The decline could be due to several factors, including changes in demand and supply dynamics, economic policies, and external economic pressures affecting currency value.
What impacts does this currency fluctuation have on the Cuban economy?
Fluctuations in currency values can affect import costs, inflation rates, and purchasing power, which can have widespread implications on the overall economy.