U.S. dollars and euros continue their downward trend this Wednesday in the Cuban informal market. As of 7 a.m. on May 22 (local Cuban time), the dollar is valued at 365 pesos, five pesos less than the previous day. This marks seven consecutive days of decline for the dollar. From May 16 to May 22, the dollar has dropped a total of 30 pesos in one week.
The euro also saw a decrease, falling by two pesos to settle at 378 CUP today. The Freely Convertible Currency (MLC) remains steady at 300 pesos, a value it has maintained for several days.
Exchange Rates as of May 22, 2024 - 7:20 a.m. in Cuba
According to elTOQUE, the current exchange rates are:
- USD to CUP: 365 CUP
- EUR to CUP: 378 CUP
- MLC to CUP: 300 CUP
Alternative exchange rates from other platforms:
- USD: Buy at 357 CUP, Sell at 368 CUP
- EUR: Buy at 367 CUP, Sell at 378 CUP
- MLC: Buy at 291 CUP, Sell at 299 CUP
It should be noted that these informal exchange rates are not officially recognized or backed by any financial or governmental entity. Below are the equivalences for various denominations of euros and U.S. dollars to Cuban pesos (CUP) based on the exchange rates from Tuesday, May 21.
U.S. Dollar (USD) to Cuban Peso (CUP):
- 1 USD = 365 CUP
- 5 USD = 1825 CUP
- 10 USD = 3650 CUP
- 20 USD = 7300 CUP
- 50 USD = 18250 CUP
- 100 USD = 36500 CUP
Euro (EUR) to Cuban Peso (CUP):
- 1 EUR = 378 CUP
- 5 EUR = 1890 CUP
- 10 EUR = 3780 CUP
- 20 EUR = 7560 CUP
- 50 EUR = 18900 CUP
- 100 EUR = 37800 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 exchange rates of 365 CUP per dollar and 378 CUP per euro.
Why Have Informal Currency Exchange Rates Dropped in Cuba Recently?
Cuban economist Emilio Morales stated in an interview with CiberCuba on Monday that it is "impossible" for the Cuban peso to have revalued on its own, gaining ground against the dollar as it has in recent days. He attributed the drop in informal currency prices to manipulations by cyber operatives from the University of Information Sciences (UCI) on the island.
According to Morales, the only news that could genuinely revalue the peso would be "the fall of the government," as it would open the door to the hope of a system change.
Morales also dismissed the idea that the drop in the price of dollars, euros, and MLC in Cuba could be due to an influx of foreign currency into the informal market. "Where are they going to get the currency if they have daily blackouts because they can't buy oil? It would have to be a multimillion-dollar injection, and they simply don't have it," he questioned.
When asked whether there might be any mechanism other than cyber manipulation to control inflation this week, the economist was unequivocal. "That's a lie. Cuba doesn't produce. Where is the productive backing for that to happen? It will probably correct itself and surpass the 400-peso mark," he asserted.
Emilio Morales also refuted claims that elTOQUE is responsible for the country's inflation by publishing the evolution of currency in the informal market, as the government has repeatedly insisted.
Understanding the Decline in Cuba's Informal Exchange Rates
Here are some frequently asked questions and answers to better understand the recent decline in Cuba's informal exchange rates.
Why are the informal exchange rates for USD and EUR dropping in Cuba?
According to economist Emilio Morales, the drop is due to manipulations by cyber operatives from the University of Information Sciences (UCI) in Cuba.
Can the Cuban peso revalue on its own?
Emilio Morales states that it is impossible for the Cuban peso to revalue on its own, gaining ground against the dollar without external factors like government changes.
Is there any productive backing for the Cuban peso's revaluation?
Morales asserts that Cuba lacks the productive backing to support such revaluation, pointing out the country's ongoing economic struggles.