The value of the U.S. dollar (USD) dropped again this Friday, marking the second consecutive day of decline in Cuba's informal currency market. By noon on May 17th, the sale price of the USD was set at 390 Cuban pesos (CUP), three pesos less than the previous day.
The euro remains stable at 400 CUP, as does the Freely Convertible Currency (MLC), which is trading at 305 CUP following a sudden drop this past Wednesday.
Current Exchange Rates in Cuba
As of 12:55 PM on May 17, 2024, here are the exchange rates according to elTOQUE:
- USD to CUP: 390 CUP
- EUR to CUP: 400 CUP
- MLC to CUP: 305 CUP
Alternative exchange rates from other platforms:
- USD: Buy at 383 CUP, Sell at 390 CUP
- EUR: Buy at 393 CUP, Sell at 398 CUP
- MLC: Buy at 301 CUP, Sell at 303 CUP
Here are the equivalents for each available bill in euros and U.S. dollars to Cuban pesos (CUP) as of May 17, 2024:
Conversion Equivalents
U.S. Dollars (USD) to Cuban Pesos (CUP)
- 1 USD = 390 CUP
- 5 USD = 1,950 CUP
- 10 USD = 3,900 CUP
- 20 USD = 7,800 CUP
- 50 USD = 19,500 CUP
- 100 USD = 39,000 CUP
Euros (EUR) to Cuban Pesos (CUP)
- 5 EUR = 2,000 CUP
- 10 EUR = 4,000 CUP
- 20 EUR = 8,000 CUP
- 50 EUR = 20,000 CUP
- 100 EUR = 40,000 CUP
- 200 EUR = 80,000 CUP
- 500 EUR = 200,000 CUP
These equivalents are based on current exchange rates where 1 USD equals 390 CUP and 1 EUR equals 400 CUP.
The exchange rates in the informal market are compiled daily by the independent media outlet elTOQUE. In a recent article, they warned that despite the decline in the dollar's value, models from the Cuban Monetary and Financial Observatory (OMFi) predict a continued trend of the Cuban peso's depreciation in May.
FAQs on Cuba's Currency Market
Here are some common questions and answers regarding the current state of Cuba's currency market and the implications of the recent changes.
Why is the value of the U.S. dollar dropping in Cuba's informal market?
Various factors, including economic policies and market dynamics, contribute to the fluctuation. The recent drop can be attributed to changes in demand and supply within the informal market.
How reliable are the exchange rates provided by elTOQUE?
elTOQUE is considered a reliable source for daily exchange rates in Cuba's informal market. However, rates can vary slightly between different platforms and market segments.
What is the long-term outlook for the Cuban peso?
According to the Cuban Monetary and Financial Observatory (OMFi), the Cuban peso is expected to continue depreciating in the coming months due to underlying economic challenges.