After five consecutive days of declines, Cuba's key currencies remained stable this Sunday, at the same values registered the previous day. As of 7 AM on June 16, the euro continues to be valued at 360 CUP. Meanwhile, the US dollar remains steady at 350 pesos, and the Freely Convertible Currency (MLC) also holds at 300 pesos.
The last two times in recent weeks that these three currencies have taken a pause, it led to a change in their trajectory, either rising or falling. This was the case on June 4 and June 10. The first pause preceded new increases, while the second, on Monday of this week, was a prelude to further declines. The drop that began on June 10 followed five days of sharp increases last week, during which euros, dollars, and MLC nearly regained values seen before the May slump. This ongoing volatility in Cuba's informal currency market highlights the precarious state of the Cuban economy.
Exchange Rates as of June 16, 2024 - 7:06 AM in Cuba:
Exchange rate of the USD to CUP according to elTOQUE: 350 CUP.
Exchange rate of the EUR to CUP according to elTOQUE: 360 CUP.
Exchange rate of the MLC to CUP according to elTOQUE: 300 CUP.
The informal exchange rate offered here is not officially recognized or backed by any financial or governmental entity. The Cuban government has yet to comment on the direction of the currencies but has instead focused on its ongoing dispute with the independent outlet elToque. In recent days, elToque has responded by increasing transparency regarding the methodology it uses to calculate the exchange rate.
Currency Conversion Rates:
United States Dollar (USD) to Cuban Peso (CUP) as of Sunday, June 16:
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 = 360 CUP.
5 EUR: 1,800 CUP.
10 EUR: 3,600 CUP.
20 EUR: 7,200 CUP.
50 EUR: 18,000 CUP.
100 EUR: 36,000 CUP.
Understanding Cuba's Currency Market
Here are some frequently asked questions and answers to help you understand the current situation in Cuba's currency market.
Why are Cuba's currency exchange rates so volatile?
The volatility is largely due to the unstable economic conditions in Cuba and the lack of official recognition or support for the informal exchange rates.
How does elTOQUE calculate the exchange rates?
elTOQUE uses a transparent methodology that takes into account market data and trends to provide an accurate representation of the informal exchange rates.
Is the informal exchange rate officially recognized?
No, the informal exchange rate is not officially recognized or backed by any financial or governmental entity in Cuba.
What does the stability in currency values indicate?
The stability in currency values could be a temporary pause before another shift in either direction, reflecting the unpredictable nature of Cuba's informal currency market.