The average selling price of the euro and the dollar in Cuba's informal market dropped again on July 3. This marks the third consecutive day of decline for the U.S. currency and the second day for the euro.
On Wednesday, the dollar was valued at 350 pesos, a decrease of three pesos compared to the previous day. The euro saw a more significant drop, falling by five units from 365 to 360 CUP, indicating its decline is outpacing that of the dollar.
However, the price drop for both currencies remains far from the volatility seen a few weeks ago, when fluctuations of 20 to 30 pesos in a single day were common. The Freely Convertible Currency (MLC) remains stable at 305 CUP, a rate it has maintained for several days.
Exchange Rates as of 07/03/2024 - 7:16 a.m. in Cuba
The current informal exchange rates in Cuba are as follows:
USD to CUP according to elTOQUE: 350 CUP
EUR to CUP according to elTOQUE: 360 CUP
MLC to CUP according to elTOQUE: 305 CUP
It is important to note that these exchange rates are not officially recognized or backed by any financial or governmental entity.
Currency Conversion Rates
The following are the equivalencies for each available banknote in euros and U.S. dollars to Cuban pesos (CUP) as of Wednesday, July 3:
U.S. Dollar (USD) to Cuban Peso (CUP)
- 1 USD: 350 CUP
- 5 USD: 1,750 CUP
- 10 USD: 3,500 CUP
- 20 USD: 7,000 CUP
- 50 USD: 17,500 CUP
- 100 USD: 35,000 CUP
Euro (EUR) to Cuban Peso (CUP)
- 1 EUR: 360 CUP
- 5 EUR: 1,800 CUP
- 10 EUR: 3,600 CUP
- 20 EUR: 7,200 CUP
- 50 EUR: 18,000 CUP
- 100 EUR: 36,000 CUP
Despite the recent drop in value for two of the three key currencies in Cuba's informal market, prices have shown relative stability in the past few days. This is in stark contrast to the latter half of May and early June, when abrupt increases and decreases were recorded within mere hours.
Key Insights on Cuba's Informal Currency Market
To better understand the dynamics of Cuba's informal currency market, here are some frequently asked questions and their answers.
Why are the euro and dollar declining in Cuba’s informal market?
The decline in the euro and dollar could be attributed to various factors, including changes in demand, economic policies, and fluctuations in the global currency markets.
What is the Freely Convertible Currency (MLC) in Cuba?
The MLC refers to a form of currency that can be freely exchanged for other currencies. In Cuba, it is used primarily in certain stores and for specific transactions.
Are the informal exchange rates in Cuba reliable?
Informal exchange rates are not officially recognized or backed by any financial or governmental entity, and therefore, they can be highly volatile and unreliable.