The price of the U.S. dollar (USD) and the euro has risen once again this Wednesday in Cuba's informal currency market. As of the morning of June 19, the dollar is being traded at 360 CUP, marking an increase of five pesos from the previous day. On the other hand, the European currency is being sold at 370 CUP, which is also five pesos higher than its value on Tuesday. The freely convertible currency (MLC) maintained its price in the informal market at 300 CUP.
Current Exchange Rates in Cuba - June 19, 2024 - 11:00 AM
Exchange rate of the U.S. Dollar (USD) to CUP according to elTOQUE: 360 CUP
Exchange rate of the Euro (EUR) to CUP according to elTOQUE: 370 CUP
Exchange rate of the MLC to CUP according to elTOQUE: 300 CUP
Currency Conversion Equivalents
Equivalents of each available bill of euros and U.S. dollars to Cuban pesos (CUP):
U.S. Dollar (USD):
1 USD: 360 CUP
5 USD: 1,800 CUP
10 USD: 3,600 CUP
20 USD: 7,200 CUP
50 USD: 18,000 CUP
100 USD: 36,000 CUP
Euro (EUR):
5 EUR: 1,850 CUP
10 EUR: 3,700 CUP
20 EUR: 7,400 CUP
50 EUR: 18,500 CUP
100 EUR: 37,000 CUP
These values provide a quick reference for converting U.S. dollar and euro bills to Cuban pesos based on the current exchange rate.
The informal market in Cuba continues to be unstable, highlighting the country's economic issues and the current government's inability to manage the situation effectively.
Understanding Cuba's Currency Market
Here are some frequently asked questions and answers regarding the fluctuations in Cuba's informal currency market:
Why are the exchange rates for USD and EUR rising in Cuba?
The rise in exchange rates is largely due to economic instability and a lack of confidence in the Cuban peso (CUP), driving demand for more stable foreign currencies.
How does the informal market affect Cuba's economy?
The informal market can exacerbate economic instability by creating a parallel economy that operates outside government control, often resulting in higher prices and scarcity of goods.
What is MLC and how does it relate to the Cuban economy?
MLC stands for Moneda Libremente Convertible, a currency used in certain stores in Cuba that accept foreign currency. It is part of the government's efforts to capture foreign currency but often leads to disparities in access to goods.