The recent behavior of the informal currency market in Cuba shows signs of emerging stability in the exchange rates of major reference currencies. Although it's too early to declare a consistent trend, the prices of the euro and US dollar have not experienced significant fluctuations in recent weeks, similar to the freely convertible currency (MLC).
Since June 19, when the US dollar (USD) reached 360 Cuban pesos (CUP), this price has remained with slight and sporadic ups and downs. A similar pattern has occurred with the euro since it hit a rate of 370 CUP on the same date. Despite occasional dips and spikes, its price in the informal Cuban market has managed to recover.
Compared to values from just two weeks ago, the MLC has perhaps seen the most notable price alteration, rising from 300 CUP to 305 Cuban pesos. This "miraculous stasis" keeps Cubans on edge, who in recent times have endured the volatility of the informal currency market and the inaction of a government unable to bring order to economic and monetary policy, as well as establish an official rate that allows citizens to access foreign currencies.
Continued Volatility and Government Inaction
Cyclical fluctuations in the informal exchange rate have become more pronounced, reflecting the prevailing uncertainty among the “new economic actors,” remittance recipients, and black market operators. However, although still very fragile, the behavior of the informal market seems to indicate that the currencies are starting to settle, albeit at highly inflationary levels, leaving the minimum wage of Cuban workers at less than six (6) dollars per month.
Exchange rates as of 06/30/2024 - 9:33 AM in Cuba:
- USD to CUP according to elTOQUE: 360 CUP
- EUR to CUP according to elTOQUE: 370 CUP
- MLC to CUP according to elTOQUE: 305 CUP
These exchange rates and conversions are based on current rates provided by elTOQUE.
FAQs on Cuba's Informal Currency Market
To help our readers understand the current situation in Cuba's informal currency market, we have compiled a set of frequently asked questions and their answers based on the article.
What is causing the current stability in Cuba's informal currency market?
The recent stability in Cuba's informal currency market is due to minor fluctuations in the exchange rates of the major currencies like the euro and US dollar, along with the MLC.
How has the Cuban government's inaction affected the currency market?
The government's inability to implement effective economic and monetary policies has led to continued volatility and uncertainty in the informal currency market, impacting the citizens' access to foreign currencies.
What are the current exchange rates for the USD, EUR, and MLC in Cuba's informal market?
As of June 30, 2024, the exchange rates are 360 CUP for the USD, 370 CUP for the EUR, and 305 CUP for the MLC, according to elTOQUE.