The U.S. dollar (USD) has risen in value for the fourth straight day in Cuba's informal currency market. As of this Friday, the USD is trading at 320 pesos cubanos (CUP), five pesos more than the previous day.
The euro has also increased in price in the informal market, now valued at five pesos more than on Thursday. It is currently being traded at a rate of 1 x 330 CUP. The only currency among the three monitored in Cuba's informal market that remained stable was the freely convertible currency (MLC), which continues to trade at 270 CUP.
Current Exchange Rates as of July 26, 2024 - 6:15 AM in Cuba
Exchange Rate for USD to CUP according to elTOQUE: 320 CUP
Exchange Rate for EUR to CUP according to elTOQUE: 330 CUP
Exchange Rate for MLC to CUP according to elTOQUE: 270 CUP
Available Bills and Their Values in Cuban Pesos
U.S. Dollar (USD):
1 USD = 320 CUP
5 USD = 1,600 CUP
10 USD = 3,200 CUP
20 USD = 6,400 CUP
50 USD = 16,000 CUP
100 USD = 32,000 CUP
Euro (EUR):
5 EUR = 1,650 CUP
10 EUR = 3,300 CUP
20 EUR = 6,600 CUP
50 EUR = 16,500 CUP
100 EUR = 33,000 CUP
On social media, many Cubans are attributing the rise in currency prices to the government's recent decision to re-allow cash payments in dollars for certain services, such as booking tourist activities—a high demand service during the summer months.
This streak of increases in exchange rates in Cuba's informal currency market comes after a sustained period of decline for all three monitored currencies.
Understanding Cuba's Informal Currency Market Trends
Below are common questions and answers that provide further insight into the recent changes in currency values within Cuba's informal market.
Why are the USD and EUR rising in value in Cuba's informal market?
Many attribute the rise to the Cuban government's recent policy change allowing cash payments in dollars for certain services, increasing demand for foreign currencies.
What are the current exchange rates for USD and EUR in Cuba?
As of July 26, 2024, the USD is trading at 320 CUP and the EUR at 330 CUP in Cuba's informal market.
How has the MLC fared in the recent currency fluctuations?
The MLC has remained stable at 270 CUP, not experiencing the same price increase as the USD and EUR.