The dollar and the euro have once again seen a significant drop in their average selling price in the Cuban informal market this Sunday.
As of 7 a.m. local time on May 19, the dollar is valued at 380 pesos, which is a five-peso decrease from the previous day. Over the past few hours, the dollar's selling price has fallen for the fourth consecutive day. The U.S. currency reached 395 pesos on May 9 and remained stable at that value for a week. However, between May 16 and 19, it dropped 15 pesos in just four days.
Regarding the euro, it also fell by five pesos, now sitting at 390 CUP. The European currency hit a peak of 402.5 on May 10, dropped to 400 the following day, and stayed at that average price until this Saturday when it fell to 395. This Sunday marks its second day of decline.
The Freely Convertible Currency (MLC) remains at 300 after an abrupt drop. Here are the exchange rates as of 7:00 a.m. on May 19, 2024, in Cuba:
Exchange Rates Today
Dollar (USD) to CUP according to elTOQUE: 380 CUP.
Euro (EUR) to CUP according to elTOQUE: 390 CUP.
MLC to CUP according to elTOQUE: 300 CUP.
Alternative exchange rates from other platforms:
Dollar (USD): Buy at 375 CUP, Sell at 383 CUP.
Euro (EUR): Buy at 384 CUP, Sell at 393 CUP.
MLC: Buy at 296 CUP, Sell at 301 CUP.
The informal exchange rate in Cuba provided here is not officially recognized or backed by any financial or governmental entity.
Currency Conversion Details
Here are the equivalents for each available bill of euros and U.S. dollars to Cuban pesos (CUP) based on today's exchange rates:
U.S. Dollar (USD) to Cuban Peso (CUP):
1 USD = 380 CUP.
5 USD = 1900 CUP.
10 USD = 3800 CUP.
20 USD = 7600 CUP.
50 USD = 19000 CUP.
100 USD = 38000 CUP.
Euro (EUR) to Cuban Peso (CUP):
1 EUR = 390 CUP.
5 EUR = 1950 CUP.
10 EUR = 3900 CUP.
20 EUR = 7800 CUP.
50 EUR = 19500 CUP.
100 EUR = 39000 CUP.
200 EUR = 78000 CUP.
500 EUR = 195000 CUP.
This information can be useful for calculating the cost in Cuban pesos for any amount of dollars or euros. These conversions are based on rates of 380 CUP per dollar and 390 CUP per euro.
In recent days, the average selling price of the three reference currencies in the Cuban informal market showed signs of slowing down and, in the past few hours, has taken a sharp downturn. An article published by elTOQUE at the beginning of the month warned that models from the Observatory of Currencies and Finances of Cuba (OMFi) anticipated that the trend of peso depreciation could continue in May.
They also forecasted that the informal exchange rate could be around 417-427 CUP per dollar, 422-433 CUP per euro, and 316-324 CUP per MLC by the end of the month.
Judging by recent developments, the pace of the Cuban peso's devaluation seems to have already slowed down.
As of the close of this note, elTOQUE has not commented on the possible cause behind the sudden drop in the price of foreign currencies in the Cuban informal market.
FAQs on Recent Currency Fluctuations in Cuba
Given the recent notable changes in the exchange rates of the dollar and euro in Cuba, here are some frequently asked questions and their answers to provide further clarity on the situation.
What caused the recent drop in the value of the dollar and euro in Cuba?
The exact cause of the sudden drop in the value of these currencies in the Cuban informal market has not been officially identified. Analysts suggest it may be due to changes in demand and supply dynamics, but no definitive explanation has been provided yet.
How often do exchange rates fluctuate in the Cuban informal market?
Exchange rates in the Cuban informal market can fluctuate daily based on various factors, including economic conditions, political developments, and market demand.
Where can I find the most accurate exchange rates for dollars and euros in Cuba?
The most accurate and up-to-date exchange rates can often be found on platforms like elTOQUE or through other reliable financial news sources that monitor the Cuban informal market.