The price of foreign currencies continues to soar in the informal Cuban market, indicating an increase at a pace faster than the decline observed over the past three weeks. This Friday, the dollar, euro, and the Freely Convertible Currency (MLC) wake up to significant price hikes compared to the previous day, with values fluctuating between 10 and 30 pesos for the second consecutive day.
The dollar has surged by 30 pesos, now standing at 350 CUP. In just 48 hours, the American currency has climbed by 50 units, a scenario unimaginable a few months ago when it typically fluctuated by only three to five units per day. The euro, on the other hand, has increased by 20 pesos, reaching 355, just five pesos above the dollar. As for the MLC, it has risen by 10 pesos, with its average selling price now at 280 CUP.
After a nearly three-week decline in average selling values, the euro, dollar, and MLC have solidified their recovery for the third consecutive day. Since the decline began on May 16, the three currencies only took a one-day break on June 4, when no price changes were recorded.
The rapid recovery of these currencies has sparked hundreds, if not thousands, of opinions over the past 48 hours. The spectrum of reactions ranges from those who regret not selling their currencies earlier to those who claim, "THAT'S A LIE," asserting that the actual selling prices are different from the documented prices reported by elToque. Conspiracy theories accusing elToque of "counter-revolutionary" activities are circulating, along with campaigns by small and medium-sized enterprises (SMEs) to control the situation. Some blame the University of Computer Sciences (UCI) for suspicious activities, while others mock these accusations.
The average Cuban wonders, "What difference does it make to me?" Meanwhile, the Cuban government remains inactive, seemingly watching the economic turmoil unfold without intervention. ElToque, however, announced on Friday that it will strengthen controls to calculate a representative exchange rate to deter those who are inflating or deflating the values.
As expected, the first memes about the currency "maneuvers" have started to circulate, providing material for comedians.
Exchange rates as of 06/06/2024 - 7:39 a.m. in Cuba:
Dollar (USD) to CUP according to elToque: 350 CUP.
Euro (EUR) to CUP according to elToque: 355 CUP.
MLC to CUP according to elToque: 280 CUP.
Alternative exchange rates from other platforms:
Dollar (USD): Buy at 329 CUP, Sell at 358 CUP.
Euro (EUR): Buy at 339 CUP, Sell at 359 CUP.
MLC: Buy at 276 CUP, Sell at 283 CUP.
The informal exchange rate in Cuba provided here is not officially recognized or backed by any financial or governmental entity.
Equivalents of each available bill in euros and U.S. dollars to Cuban pesos (CUP) according to the exchange rates of this Friday, June 7:
U.S. Dollar (USD) to Cuban Peso (CUP)
1 USD: 350 CUP
5 USD: 1,750 CUP
10 USD: 3,500 CUP
20 USD: 7,000 CUP
50 USD: 17,500 CUP
100 USD: 35,000 CUP
Euros (EUR) to Cuban Pesos (CUP)
1 EUR: 355 CUP
5 EUR: 1,775 CUP
10 EUR: 3,550 CUP
20 EUR: 7,100 CUP
50 EUR: 17,750 CUP
100 EUR: 35,500 CUP
Understanding the Currency Surge in Cuba
To help our readers better understand the recent surge in currency prices in Cuba, we have compiled some frequently asked questions and their answers.
Why are the prices of the dollar, euro, and MLC increasing so rapidly?
The rapid increase in prices is attributed to the high demand and limited supply of foreign currencies in the informal market. Economic instability and lack of confidence in the Cuban peso also contribute to this surge.
How does the informal market affect the official exchange rates?
The informal market operates independently of official exchange rates, often reflecting more realistic values based on supply and demand. However, it is not recognized by the government or financial institutions.
What measures is elToque taking to address the fluctuating currency values?
ElToque has announced that it will enhance its controls to calculate a representative exchange rate, aiming to prevent manipulation by those inflating or deflating currency values.