US dollars and euros once again experienced a significant drop in average selling value in the Cuban informal market this Tuesday.
As of 7 a.m. local Cuban time on May 21, the dollar is valued at 370 pesos, five pesos less than the previous day. In the last few hours, the selling price of the dollar has fallen for the sixth consecutive day. The U.S. currency hit 395 pesos on May 9 and remained stable at that value for a week. However, between May 16 and May 21, it has dropped a total of 25 pesos in just six days.
Regarding the euro, it also decreased by five pesos, standing today at 380 CUP. The European currency reached its maximum record on May 10 by climbing to 402.5, then dropped to 400 the next day (May 11) and remained at that average price until May 18, when it fell to 395.
The Freely Convertible Currency (MLC) remains today at 300 CUP.
Current Exchange Rates in Cuba
Exchange rate as of 05/21/2024 - 7:26 a.m. in Cuba:
Dollar (USD) to CUP according to elTOQUE: 370 CUP.
Euro (EUR) to CUP according to elTOQUE: 380 CUP.
MLC to CUP according to elTOQUE: 300 CUP.
Alternative exchange rates from other platforms:
Dollar (USD): Buy at 362 CUP, Sell at 373 CUP.
Euro (EUR): Buy at 374 CUP, Sell at 384 CUP.
MLC: Buy at 292 CUP, Sell at 299 CUP.
The informal exchange rate in Cuba provided here is not officially recognized or backed by any financial or governmental entity.
Below are the exchange rate equivalents for available euro and U.S. dollar bills to Cuban pesos (CUP), according to the rates as of this Tuesday, May 21:
U.S. Dollar (USD) to Cuban Peso (CUP):
1 USD = 370 CUP
5 USD = 1850 CUP
10 USD = 3700 CUP
20 USD = 7400 CUP
50 USD = 18500 CUP
100 USD = 37000 CUP
Euro (EUR) to Cuban Peso (CUP):
5 EUR = 1900 CUP
10 EUR = 3800 CUP
20 EUR = 7600 CUP
50 EUR = 19000 CUP
100 EUR = 38000 CUP
200 EUR = 76000 CUP
500 EUR = 190000 CUP
This information can be useful for calculating the cost in Cuban pesos of any amount of dollars or euros. These conversions are based on the rates provided of 370 CUP per dollar and 380 CUP per euro.
In recent days, the average sale of the three reference currencies in the Cuban informal market showed signs of a slowdown, and in the last few hours, the path they have taken is one of abrupt retreat. In an article published by elToque earlier this month, the independent outlet warned that models from the Cuban Observatory of Currencies and Finance (OMFi) predicted 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 towards the end of the month.
Judging by what has happened in recent days, the pace of the Cuban peso's devaluation has already started to slow down.
As of the closure of this note, elToque has not commented on the possible cause that might be affecting the sudden drop in currency prices in the Cuban informal market.
FAQs about Current Exchange Rates in Cuba
In light of the recent developments in Cuba's informal currency market, here are some frequently asked questions and their answers to help you better understand the situation.
Why are the dollar and euro dropping in value in Cuba?
Multiple factors could be influencing the drop in value, including changes in demand, government policies, and economic conditions. The exact cause remains unclear as of now.
What is the current exchange rate for the U.S. dollar to Cuban peso?
As of May 21, 2024, the exchange rate for the U.S. dollar to Cuban peso (CUP) is 370 CUP according to elTOQUE.
How often do these exchange rates change?
Exchange rates in the informal market can fluctuate frequently, sometimes on a daily basis, based on various economic and market factors.