The informal Cuban market saw no change in the value of the dollar and euro this Thursday, yet the Freely Convertible Currency (MLC) experienced a decline of four pesos compared to the morning's rates.
By the end of the day, the dollar held steady at 663 CUP and the euro at 750 CUP, mirroring their opening values. Meanwhile, the MLC concluded the day at 467 CUP, a drop from the 471 CUP at the start.
This stability in the dollar and euro follows a slight dip observed earlier this Thursday, when both currencies were already trading below last week's levels.
Looking back over the past week, the dollar has decreased by 2.5 pesos (-0.4%), and the euro has fallen by 10 pesos (-1.3%). In contrast, the MLC remains 13 pesos higher (+2.9%) than its value a week ago.
A 30-day comparison reveals the dollar is down by 5 pesos (-0.7%), the euro has dropped 25 pesos (-3.2%), and the MLC has seen a marginal decrease of 2.5 pesos (-0.5%).
In the last month, the dollar has fluctuated between a high of 675 CUP and a low of 663 CUP. The euro has ranged from 790 to 750 CUP, while the MLC has varied from 529 to 413 CUP.
According to the official rate from the Central Bank of Cuba for Segment III, which applies to the public, the dollar was set at 633 CUP and the euro at 737 CUP this Thursday. There is no official equivalent rate for the MLC.
Based on the average values in the informal market, here are the key currency denominations:
Dollar (USD) — 1 USD = 663 CUP
- 5 USD = 3,313 CUP
- 10 USD = 6,625 CUP
- 20 USD = 13,250 CUP
- 50 USD = 33,125 CUP
- 100 USD = 66,250 CUP
Euro (EUR) — 1 EUR = 750 CUP
- 5 EUR = 3,750 CUP
- 10 EUR = 7,500 CUP
- 20 EUR = 15,000 CUP
- 50 EUR = 37,500 CUP
- 100 EUR = 75,000 CUP
- 200 EUR = 150,000 CUP
- 500 EUR = 375,000 CUP
Understanding Currency Fluctuations in Cuba
Why did the MLC decline by four pesos?
The MLC's decline may be attributed to various market dynamics, including supply and demand variations or economic policies affecting its value.
What is the significance of the Central Bank of Cuba's official rate?
The Central Bank of Cuba's official rate provides a baseline for currency exchange rates and is used for official transactions within the country.
How does the informal market differ from the official market?
The informal market operates independently of government controls, often reflecting real-time demand and supply, which can lead to different rates compared to the official market.