This Tuesday, the three main currencies in Cuba's informal market woke up to another price drop. The U.S. dollar faced a sharp decline, losing 10 pesos in its average sale price to settle at 320 pesos per unit, according to the value recorded at 7 a.m. local time on May 28. The American currency has decreased by 30 pesos in just 72 hours and has plummeted 75 pesos over 13 days since it started to lose value on May 16.
The euro has also fallen today, experiencing a similar drop of 10 units to reach 340 CUP. The Freely Convertible Currency (MLC) also saw a decline, valued today at 275 CUP, down five pesos from the previous day. While many Cubans view the drop in informal currency prices positively, they wonder why the prices of consumer goods do not also decrease, something they eagerly await. On the other hand, those fortunate enough to possess these currencies advise holding onto them, believing they will eventually rise again. What is the Cuban government doing in the meantime? Staying silent.
EFE has requested an official stance from the Cuban government, but after a week, no response has been received," wrote Spanish journalist Juan Palop in a recent article published by that news agency, sharing various positions of Cuban economists on the currency turmoil in Cuba over the past two weeks.
Current Exchange Rates in Cuba
Exchange rates as of May 28, 2024, at 7:00 a.m. in Cuba:
Exchange rate for the U.S. dollar (USD) to CUP according to elTOQUE: 320 CUP. Exchange rate for the Euro (EUR) to CUP according to elTOQUE: 340 CUP. Exchange rate for the MLC to CUP according to elTOQUE: 275 CUP.
Alternative exchange rates from other platforms:
Exchange rate for the U.S. dollar (USD): Buy 312 CUP, Sell 326 CUP. Exchange rate for the Euro (EUR): Buy 332 CUP, Sell 342 CUP. Exchange rate for the MLC: Buy 278 CUP, Sell 271 CUP.
The informal exchange rates in Cuba provided here are not officially recognized or backed by any financial or governmental entity.
Below are the equivalences of available euro and U.S. dollar bills to Cuban pesos (CUP) based on this Tuesday's exchange rates:
U.S. Dollar (USD) to Cuban Peso (CUP): 1 USD = 320 CUP. 5 USD = 1,600 CUP. 10 USD = 3,200 CUP. 20 USD = 6,400 CUP. 50 USD = 16,000 CUP. 100 USD = 32,000 CUP.
Euro (EUR) to Cuban Peso (CUP): 1 EUR = 340 CUP. 5 EUR = 1,700 CUP. 10 EUR = 3,400 CUP. 20 EUR = 6,800 CUP. 50 EUR = 17,000 CUP. 100 EUR = 34,000 CUP. 200 EUR = 68,000 CUP. 500 EUR = 170,000 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: 320 CUP per dollar and 340 CUP per euro.
FAQs about Cuban Currency Decline
In light of the recent decline in Cuban currency values, here are some frequently asked questions and their answers to help understand the situation better.
Why are the values of USD, Euro, and MLC dropping in Cuba?
The decline is primarily due to the instability of the Cuban economy and the government's inability to stabilize the currency market. The lack of official responses and measures to control the fluctuations also contributes to this issue.
What impact does the currency decline have on everyday Cubans?
While some view the decline as positive, hoping for lower prices on goods, others are concerned about the long-term economic instability and prefer to hold onto their foreign currency, expecting it to regain value in the future.
What actions has the Cuban government taken in response to the currency decline?
So far, the Cuban government has remained silent on the issue, providing no official statements or measures to address the decline in currency values.