The U.S. dollar has plummeted in Cuba's informal currency market amid recent protests, prolonged power outages, and shifts in U.S. economic policies towards the island. As of Thursday, the dollar is trading at 300 CUP, marking a 20-peso drop from the previous day.
The exchange rates for both the euro and the freely convertible currency (MLC) have also dipped in Cuba. According to data from the independent outlet elTOQUE, which reports daily exchange rates in the informal market, the euro is now being traded at 310 CUP, a 10-peso decline from Wednesday. Meanwhile, the MLC saw a modest drop of two pesos, currently trading at 268 CUP.
Current Exchange Rates in Cuba
As of May 30, 2024, at 7:16 am in Cuba:
elTOQUE Exchange Rates:
USD to CUP: 300 CUP
EUR to CUP: 310 CUP
MLC to CUP: 268 CUP
Alternative Platform Exchange Rates:
USD: Buy at 290 CUP, Sell at 304 CUP
EUR: Buy at 298 CUP, Sell at 314 CUP
MLC: Buy at 257 CUP, Sell at 267 CUP
Conversion Rates for Dollar and Euro Banknotes
Dollar (USD) Banknotes:
$1 USD = 300 CUP
$5 USD = 1500 CUP
$10 USD = 3000 CUP
$20 USD = 6000 CUP
$50 USD = 15000 CUP
$100 USD = 30000 CUP
Euro (EUR) Banknotes:
€5 EUR = 1550 CUP
€10 EUR = 3100 CUP
€20 EUR = 6200 CUP
€50 EUR = 15500 CUP
€100 EUR = 31000 CUP
€200 EUR = 62000 CUP
€500 EUR = 155000 CUP
These rates reflect the value of the dollar and euro in Cuba's informal market. Despite the decline in currency prices, this does not indicate an improvement in the living conditions for the island's residents. Inflation remains rampant, compounded by food shortages, power outages, and other challenges that make daily life increasingly difficult in Cuba.
FAQs on Cuba's Currency Market
In light of the recent fluctuations in Cuba's informal currency market, we have compiled some frequently asked questions to provide more insight.
Why has the value of the dollar dropped in Cuba's informal market?
The drop in the dollar's value is attributed to recent protests, power outages, and changes in U.S. economic policies towards Cuba.
How do these currency fluctuations affect the daily lives of Cubans?
Despite the decline in currency prices, inflation and shortages of basic necessities mean that the quality of life for many Cubans remains unchanged or worsens.
What are the current exchange rates for the dollar and euro in the informal market?
As of May 30, 2024, the U.S. dollar is trading at 300 CUP, and the euro is trading at 310 CUP in the informal market according to elTOQUE.