Fear of collapse spreads across the Island. Whether it's the fragile and dilapidated buildings succumbing to intense rains or the crumbling of the inconsistent Cuban peso, the currency has surprisingly maintained its value for the second day in Cuba's informal currency market.
After a week of slight fluctuations and relative stability, the price of foreign currencies in Cuba's informal market remains in a state of "miraculous stability" this Sunday, with no changes in their rates compared to the previous day. In the last 48 hours, nothing has shifted. The euro is still selling at 375 Cuban pesos (CUP), the US dollar is valued at 360 CUP, and the freely convertible currency (MLC) remains unchanged at 300 CUP.
This "miraculous stability" keeps Cubans on edge, who have long suffered from the volatility of the informal currency market and the inactivity of a government incapable of organizing economic and monetary policy. The lack of an official exchange rate that allows citizens to access foreign currencies without turmoil adds to the tension.
Cycles of rising and falling informal exchange rates occur regularly but have become increasingly pronounced, signaling growing instability and uncertainty among the "new economic actors," remittance recipients, and black market operators.
Exchange Rates Today 06/23/2024 - 10:03 AM in Cuba
Exchange rates for today in Cuba are as follows:
USD to CUP according to elTOQUE: 360 CUP
EUR to CUP according to elTOQUE: 375 CUP
MLC to CUP according to elTOQUE: 300 CUP
These values provide a quick reference for converting US dollars and euros to Cuban pesos, according to the current informal exchange rate.
Understanding Cuba's Informal Currency Market
Here are some frequently asked questions to help understand the complexities and current state of Cuba's informal currency market.
Why is the Cuban peso so volatile in the informal market?
The Cuban peso is volatile due to the lack of a stable and unified official exchange rate, combined with economic mismanagement and external economic pressures.
What is the impact of the informal currency market on everyday Cubans?
The informal currency market significantly impacts everyday Cubans by creating financial instability and making it difficult to access foreign currencies for essential goods and services.
How does the government respond to the informal currency market?
The government has been largely passive, failing to establish a reliable official exchange rate or implement effective economic reforms to stabilize the currency market.