The informal currency market in Cuba continued its downward trend this Friday, with both the euro and the dollar experiencing a new drop in prices. As of 7 a.m. on June 14, the U.S. dollar (USD) fell by 10 Cuban pesos (CUP) compared to the previous day's rate, settling at 350 CUP.
The euro also saw a similar decline, dropping from 380 CUP the previous day to 370 CUP today. The freely convertible currency (MLC) remained unchanged, holding steady at 300 CUP.
Despite the week starting with a Monday where none of the three currencies moved up or down, the past 72 hours have seen significant movement, now trending downward. This decline follows five days of rapid increases where euros, dollars, and MLC nearly recovered their values prior to May's dip.
The recent volatility in Cuba's informal currency market has once again highlighted the unstable nature of the Cuban economy and the growing uncertainty among citizens regarding future developments, further deepening the financial strain on their wallets.
Today's Exchange Rates - 06/14/2024 - 7:55 a.m. in Cuba:
USD to CUP exchange rate according to elTOQUE: 350 CUP
EUR to CUP exchange rate according to elTOQUE: 370 CUP
MLC to CUP exchange rate according to elTOQUE: 300 CUP
The informal exchange rates provided here are not officially recognized or backed by any financial or governmental entity.
Understanding Cuba's Informal Currency Market
Given the ongoing fluctuations in Cuba's informal currency market, here are some frequently asked questions to help you understand the current situation better.
Why are the exchange rates in Cuba's informal market so volatile?
The volatility is primarily due to economic instability, lack of official exchange channels, and varying demand and supply in the informal market.
How does the informal exchange rate affect the average Cuban citizen?
Fluctuations in the informal exchange rate can significantly impact the purchasing power of Cubans, making everyday goods and services more expensive or affordable.
Are there any official channels for currency exchange in Cuba?
Official channels exist but are limited, leading many to rely on the informal market for better rates and availability of foreign currency.