The three main currencies in Cuba saw an increase in their average selling values in the informal market this Sunday. The US dollar has now experienced six consecutive days of gains after nearly a month of decline. On July 28, the American currency reached 330 pesos, five units higher than the previous day.
At 7:00 a.m. (local Cuban time), both the euro and the Freely Convertible Currency (MLC) also showed upward trends. Both currencies increased by five pesos, bringing the European currency to 335 CUP and the virtual currency used by the Cuban regime to 275 CUP.
These new increases, part of the ongoing volatility in the island's informal currency market, follow a sustained period of decline for all three currencies. Many Cubans on social media are linking the recent market shifts to the economic measures announced by the Cuban government this month, including the reintroduction of cash payments in foreign currencies for certain services in Cuba.
Current Exchange Rates as of July 28, 2024 - 7:30 a.m. in Cuba:
The exchange rates according to elTOQUE are as follows:
- USD to CUP: 330 CUP
- EUR to CUP: 335 CUP
- MLC to CUP: 275 CUP
Conversion equivalents for available euro and US dollar notes to Cuban pesos (CUP) as of Sunday, July 28:
- 1 USD = 330 CUP
- 5 USD = 1,650 CUP
- 10 USD = 3,300 CUP
- 20 USD = 6,600 CUP
- 50 USD = 16,500 CUP
- 100 USD = 33,000 CUP
- 1 EUR: 335 CUP
- €5 EUR = 1,675 CUP
- €10 EUR = 3,350 CUP
- €20 EUR = 6,700 CUP
- €50 EUR = 16,750 CUP
- €100 EUR = 33,500 CUP
- €200 EUR = 67,000 CUP
- €500 EUR = 167,500 CUP
This information can assist those needing to make currency conversions between these currencies and the Cuban peso today.
No New Official Exchange Rate in the Short Term
Last week, Cuban Prime Minister Manuel Marrero Cruz stated that a new exchange rate cannot be established "overnight." He argued that a new official rate would result in a devaluation of the peso, impacting inflation, prices, and low wages. Marrero Cruz mentioned that there would eventually be a new restructuring of the exchange market but cautioned that it is complex to implement under the current economic conditions, and it will be done "very gradually and with great care."
The regime acknowledged the failure of the 1x120 official exchange rate imposed in August 2022 as part of the economic reorganization but has yet to find a way to determine a rate that would eliminate the informal currency market.
Understanding the Currency Fluctuations in Cuba
Given the current volatility in Cuba's informal currency market, here are some frequently asked questions and answers to help clarify the situation.
Why are the dollar, euro, and MLC increasing in value?
The increase in value is largely attributed to recent economic measures announced by the Cuban government, including the return of cash payments in foreign currencies for some services.
What are the current exchange rates for USD, EUR, and MLC?
As of July 28, 2024, the exchange rates are 330 CUP for USD, 335 CUP for EUR, and 275 CUP for MLC.
Will there be a new official exchange rate soon?
No, Cuban Prime Minister Manuel Marrero Cruz has indicated that a new official exchange rate will not be established in the short term due to the complexities of the current economic situation.