Amid an uncertain economic landscape and a volatile monetary environment, the Cuban peso continues to recover against benchmark currencies in the informal market. Facing uncertainty and questions from economists and the general public about the behavior of this informal currency market, the Cuban peso keeps narrowing the gap with the US dollar and the euro.
This Saturday, both currencies are once again quoted lower against the sudden and abrupt rise in the value of the national currency (CUP). In less than 24 hours, the US dollar dropped five points, setting its exchange rate at 290 CUP. The dramatic decline experienced by the US dollar in recent weeks brings its rate back to levels seen before Saturday, February 10, when the dollar hit the historic milestone of 300 CUP.
Similarly, the euro also fell five points and is quoted this Saturday at 300 pesos in the informal exchange market. Not to be left behind, the freely convertible currency (MLC) also dropped five points, leaving its rate at 260 CUP.
Today's Exchange Rates: June 1, 2024 - 7:19 AM in Cuba
According to elTOQUE:
USD to CUP: 290 CUP
EUR to CUP: 300 CUP
MLC to CUP: 260 CUP
Alternative Exchange Rates from Other Platforms
USD: Buy at 280 CUP, Sell at 293 CUP
EUR: Buy at 291 CUP, Sell at 302 CUP
MLC: Buy at 258 CUP, Sell at 262 CUP
The informal exchange rate provided here is not officially recognized or backed by any financial or governmental entity.
While many Cubans view the drop in the informal price of foreign currencies positively, they wonder why the prices of consumer goods have not also contracted, something they eagerly await. However, sources from CiberCuba on the island and reports on social media suggest that certain micro, small, and medium enterprises (Mipymes) have already begun to lower some prices.
Meanwhile, those fortunate enough to have access to benchmark currencies in the country recommend waiting and not selling, as they believe that the value of the euro, dollar, and MLC will eventually rise again.
The Cuban government has remained silent since mid-May when the price of foreign currencies began to decline in the informal market.
FAQ: Cuban Peso and Informal Exchange Market
Given the fluctuations in the Cuban peso and the informal currency market, many people have questions about the current economic situation. Here are some frequently asked questions and answers.
Why is the Cuban peso gaining value in the informal market?
The Cuban peso is gaining value due to a combination of economic factors, including supply and demand dynamics in the informal market, and possibly external economic pressures.
Will the prices of consumer goods decrease as the peso strengthens?
While some micro, small, and medium enterprises have started to lower prices, the overall decrease in consumer goods prices may take time and depend on various economic conditions.
Should I sell my foreign currency now?
Experts and those with access to foreign currency advise holding onto it, as they believe the value of the euro, dollar, and MLC may rise again in the future.