As of this Wednesday, June 26, the informal currency market in Cuba shows no changes in the exchange rates of the main reference currencies. After a day where USD and EUR widened their gap against the Cuban peso, both currencies maintain their previous quotes this morning.
The US dollar (USD) remains at 365 CUP, the euro stays at 375 CUP, and the freely convertible currency (MLC) holds steady at 300 Cuban pesos. The representative rate of the informal market, calculated by elTOQUE, reflects reference values and is determined from the median of figures listed in currency buy and sell ads on social media groups and classified sites.
Although it is too early to predict whether this relative "stability" will persist in the coming days, the informal currency market in Cuba has been experiencing a certain calm or "miraculous stillness" recently.
The volatility of the informal currency market and the inactivity of a government unable to establish order in economic and monetary policy keep Cubans on edge. They witness the national currency's continued decline, which has become devalued and almost worthless in their pockets.
Among remittance recipients, black market operators, and the "new economic actors," many foresee further increases in currency prices. This is in light of the absence of "corrections" and economic and monetary policies aimed at halting the national currency's devaluation and achieving stability against foreign currencies.
Exchange rate as of 06/26/2024 - 8:42am in Cuba:
USD to CUP exchange rate according to elTOQUE: 365 CUP
EUR to CUP exchange rate according to elTOQUE: 375 CUP
MLC to CUP exchange rate according to elTOQUE: 300 CUP
Understanding Cuba's Informal Currency Market
To provide further insight, here are some frequently asked questions about the informal currency market in Cuba.
What is the current exchange rate for USD in Cuba's informal market?
As of June 26, 2024, the USD exchange rate is 365 CUP according to elTOQUE.
Why is the informal currency market important in Cuba?
The informal currency market is crucial because it reflects the real value of foreign currencies in Cuba, especially given the government's inability to maintain stable economic and monetary policies.
What causes the volatility in Cuba's informal currency market?
Volatility is primarily caused by the devaluation of the national currency and the lack of effective economic and monetary measures by the government to stabilize the market.