This Wednesday, the three main currencies in Cuba's informal market woke up to new price drops. What stands out the most, having accumulated declines since May 16, is the speed at which they are falling.
The most striking is the abrupt fall of 20 pesos in 24 hours that the euro suffers, dropping to 320 CUP, according to the value recorded at 7 a.m. (local Cuban time) on May 29. As for the average sale of the dollar, it has decreased by 10 pesos for the fourth consecutive day, falling to 310 pesos per unit. The U.S. currency has dropped 40 pesos in just four days and has accumulated an 85-peso decline in two weeks, revealing an unprecedented rate of fall since elToque began documenting price fluctuations in the island's informal currency market.
Although to a lesser extent, the Freely Convertible Currency (MLC) also devalues today, dropping five pesos and waking up priced at 270 CUP.
Exchange Rates as of May 29, 2024 - 7:00 a.m. in Cuba
Exchange rate of the dollar (USD) to CUP according to elToque: 310 CUP.
Exchange rate of the euro (EUR) to CUP according to elToque: 320 CUP.
Exchange rate of the MLC to CUP according to elToque: 270 CUP.
Alternative exchange rates from other platforms:
Exchange rate of the dollar (USD): Buy 300 CUP, Sell 314 CUP.
Exchange rate of the euro (EUR): Buy 306 CUP, Sell 331 CUP.
Exchange rate of the MLC: Buy 264 CUP, Sell 274 CUP.
The informal exchange rate in Cuba provided here is not officially recognized nor backed by any financial or governmental entity. Although many Cubans consider the decline in the informal currency prices positive, they question why consumer goods prices do not also decrease, something they eagerly await. Some reports on social media suggest that certain MIPYMES may have already begun to lower prices, although there is no official confirmation of these movements.
Meanwhile, those fortunate enough to have access to the reference currencies in the country recommend waiting and not selling, as they believe the value of the euro, dollar, and MLC will eventually rise again.
The Cuban government has remained silent since mid-May when the currency prices started to fall in the informal market.
Equivalences of Each Available Euro and U.S. Dollar Bill to Cuban Pesos (CUP)
U.S. Dollar (USD) to Cuban Peso (CUP), according to exchange rates on Wednesday, May 29:
1 USD = 310 CUP
5 USD: 1,550 CUP
10 USD: 3,100 CUP
20 USD: 6,200 CUP
50 USD: 15,500 CUP
100 USD: 31,000 CUP
Euro (EUR) to Cuban Peso (CUP):
1 EUR = 320 CUP
5 EUR: 1,600 CUP
10 EUR: 3,200 CUP
20 EUR: 6,400 CUP
50 EUR: 16,000 CUP
100 EUR: 32,000 CUP
200 EUR: 64,000 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 of 310 CUP per dollar and 320 CUP per euro.
Frequently Asked Questions About Currency Exchange in Cuba
Given the significant changes in the informal exchange rates of the euro, dollar, and MLC in Cuba, here are some frequently asked questions to help you better understand the situation.
Why are the euro and dollar dropping so quickly in Cuba?
The rapid decline of the euro and dollar in Cuba's informal market is likely due to a combination of factors including market speculation, changes in demand and supply, and potential government interventions.
How does the drop in currency prices affect consumer goods prices in Cuba?
Despite the drop in informal currency prices, consumer goods prices have not decreased proportionally. This discrepancy is likely due to persistent supply chain issues, inflation, and market instability.