After a spike yesterday, the informal currency market in Cuba is experiencing a calm day this Thursday, with no fluctuations in the prices of key foreign currencies. If the trend continues throughout the day, the values of dollars, euros, and freely convertible currency (MLC) will remain stable at the same rates as the previous day.
The U.S. dollar is trading at 360 CUP, the euro is being exchanged at 370 CUP, and the freely convertible currency holds steady at 300 CUP.
Current Exchange Rates as of June 20, 2024 - 2:00 PM in Cuba
According to elTOQUE, the exchange rates are as follows:
USD to CUP: 360 CUP
EUR to CUP: 370 CUP
MLC to CUP: 300 CUP
Currency Conversion Equivalents
Below are the equivalents for various denominations of U.S. dollars and euros to Cuban pesos (CUP), based on the current informal exchange rate:
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 dollar and euro banknotes to Cuban pesos based on the current informal exchange rate.
Understanding Cuba's Informal Currency Exchange Market
Here are some frequently asked questions about the informal currency exchange market in Cuba to help you better understand the current situation:
Why is there an informal currency market in Cuba?
The informal currency market exists due to the restrictions and inefficiencies of the official exchange system, often resulting in more favorable rates for buyers and sellers outside the formal channels.
What factors influence the exchange rates in this informal market?
Exchange rates in the informal market are influenced by supply and demand, economic conditions, and government policies. Political stability and international relations can also have significant impacts.
How reliable are the rates provided by sources like elTOQUE?
While elTOQUE and similar sources offer a good approximation, rates can vary widely across different regions and timeframes. It’s always advisable to verify with multiple sources before making any transactions.