This Friday, the three main currencies in the Cuban informal market woke up to new price drops, continuing an unprecedented streak of decline in the island's informal sales. The dollar fell five units below the 300 pesos threshold, trading at 295 CUP, according to values recorded at 7 a.m. local time on May 31.
The American currency thus moderates its sharp fall of 20 pesos within 24 hours of the previous day. Nevertheless, the rapid pace at which currencies have fallen over the past two weeks remains remarkable, with some experiencing drops of 10 to 20 pesos in a single day. Today, the dollar has dropped 100 pesos in 16 days, confirming an unprecedented rate of decline since elToque began documenting price fluctuations in the informal currency market on the island.
The euro also fell by five pesos, settling at 305 CUP. The Freely Convertible Currency (MLC) dropped three pesos and is now valued at 265 CUP.
Exchange Rates on May 31, 2024 - 7:00 a.m. in Cuba
Exchange rate of the dollar (USD) to CUP according to elToque: 295 CUP.
Exchange rate of the euro (EUR) to CUP according to elToque: 305 CUP.
Exchange rate of the MLC to CUP according to elToque: 265 CUP.
Alternative exchange rates from other platforms:
Exchange rate of the dollar (USD): Buying at 284 CUP, Selling at 298 CUP.
Exchange rate of the euro (EUR): Buying at 294 CUP, Selling at 307 CUP.
Exchange rate of the MLC: Buying at 257 CUP, Selling at 265 CUP.
The informal exchange rate in Cuba presented here is not officially recognized or backed by any financial or governmental entity. While many Cubans see the decline in informal currency prices in Cuba as positive, they question why the prices of consumer goods haven't also decreased, something they eagerly await. However, sources from CiberCuba on the island and reports on social media indicate that some SMEs have already begun to lower certain prices.
Meanwhile, those fortunate enough to have access to the reference currencies in the country recommend waiting and not selling, believing that the value of the euro, dollar, and MLC will eventually rise again.
The Cuban government continues to remain silent since mid-May when the price of currencies began to fall in the informal market.
Equivalences of Each Available Bill of Euros and U.S. Dollars to Cuban Pesos (CUP)
U.S. Dollar (USD) to Cuban Peso (CUP), according to exchange rates on Wednesday, May 29:
1 USD = 295 CUP.
5 USD = 1,475 CUP.
10 USD = 2,950 CUP.
20 USD = 5,900 CUP.
50 USD = 14,750 CUP.
100 USD = 29,500 CUP.
Euro (EUR) to Cuban Peso (CUP):
1 EUR = 305 CUP.
5 EUR = 1,525 CUP.
10 EUR = 3,050 CUP.
20 EUR = 6,100 CUP.
50 EUR = 15,250 CUP.
100 EUR = 30,500 CUP.
200 EUR = 61,000 CUP.
500 EUR = 152,500 CUP.
This information can be useful to calculate the cost in Cuban pesos of any amount of dollars or euros. These conversions are based on rates provided of 310 CUP per dollar and 320 CUP per euro.
FAQs About the Decline in Currency Values in Cuba
To help our readers understand the current situation, we've compiled some frequently asked questions and their answers regarding the recent decline in the value of the dollar, euro, and MLC in the Cuban informal market.
Why are the dollar and euro declining in value in Cuba?
The decline is largely attributed to economic instability and market speculation. Additionally, the government's silence on the issue has fueled uncertainty.
How does this affect the cost of living in Cuba?
While the decline in currency value might seem positive, it has not yet translated to lower consumer goods prices, which remains a significant concern for many Cubans.
What should people do with their foreign currencies in Cuba?
Experts and those with access to foreign currencies recommend holding onto them, as they believe the values will eventually rise again.
Is the Cuban government taking any action?
As of now, the Cuban government has remained silent on the issue, which adds to the uncertainty in the market.