After a day of no changes, the euro has regained momentum in Cuba's informal currency market, rising another five pesos this Friday. Meanwhile, the U.S. dollar and the freely convertible currency (MLC) remain unchanged.
Following the latest update, the European currency is now valued at 375 CUP, marking its increase, while the U.S. dollar stays static at 360, and the MLC remains at 300.
Exchange Rates as of 06/21/2024 - 11:52 am in Cuba:
USD to CUP Exchange Rate according to elTOQUE: 360 CUP
EUR to CUP Exchange Rate according to elTOQUE: 370 CUP
MLC to CUP Exchange Rate according to elTOQUE: 300 CUP
Currency Conversion Equivalences:
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: 1,875 CUP
- 10 EUR: 3,750 CUP
- 20 EUR: 7,500 CUP
- 50 EUR: 18,750 CUP
- 100 EUR: 37,500 CUP
These values provide a quick reference for converting U.S. dollars and euros to Cuban pesos, according to the current informal exchange rate.
Undoubtedly, Cuba's informal market continues to be unstable, highlighting the ongoing issues with the country's economy and the current government's inability to manage the situation effectively.
Understanding Cuba's Informal Currency Market
Here are some frequently asked questions and their answers to help you better understand the dynamics of Cuba's informal currency market.
Why is the euro gaining value in Cuba's informal market?
The euro's gain in value can be attributed to various economic factors, including supply and demand dynamics, the relative strength of the euro compared to other currencies, and the overall instability of Cuba's economy.
What is the current value of the U.S. dollar in Cuba's informal market?
As of the latest update, the U.S. dollar is valued at 360 CUP in Cuba's informal market.
How does the instability of the informal market affect Cuban citizens?
The instability of the informal market affects Cuban citizens by creating uncertainty in the value of their money, making it difficult to plan financially and leading to potential losses in purchasing power.