This Wednesday, the exchange rates of key foreign currencies in Cuba remain unchanged in the informal market, signaling a temporary halt in a recovery that some anticipated would be relentless.
As of 7:00 a.m. (local Cuban time), the U.S. dollar stands at 335 CUP for the third consecutive day. Similarly, the euro holds steady at 345 CUP, maintaining a value ten units higher than the U.S. dollar. Lastly, the Freely Convertible Currency (MLC)—the economic tool introduced by the government in 2021—also shows no change from the previous day, remaining at 280 CUP for the third day in a row, just like the dollar.
Following a nearly month-long stretch of consistent decline, mid-July saw a shift in the exchange rates of the three key currencies in Cuba, with values climbing almost always by increments of five, at a slower pace compared to April and early May, when daily increases of 20 and even 30 pesos became the norm.
On social media, numerous Cubans have linked the recent recovery in the informal value of the three currencies to the economic measures announced by the Cuban government this month, including the reintroduction of cash payments in foreign currencies for certain services.
Exchange Rates as of July 31, 2024 - 7:33 a.m.
Exchange rate of the U.S. dollar (USD) to CUP according to elTOQUE: 335 CUP.
Exchange rate of the euro (EUR) to CUP according to elTOQUE: 345 CUP.
Exchange rate of the MLC to CUP according to elTOQUE: 280 CUP.
Conversion Rates for U.S. Dollars and Euros to Cuban Pesos (CUP)
U.S. Dollar (USD) to Cuban Peso (CUP) based on exchange rates as of Wednesday, July 31:
1 USD: 335 CUP
5 USD: 1,675 CUP
10 USD: 3,350 CUP
20 USD: 6,700 CUP
50 USD: 16,750 CUP
100 USD: 33,500 CUP
Euro (EUR) to Cuban Peso (CUP):
1 EUR: 345 CUP
5 EUR: 1,725 CUP
10 EUR: 3,450 CUP
20 EUR: 6,900 CUP
50 EUR: 17,250 CUP
100 EUR: 34,500 CUP
Understanding the Stagnation of Currency Exchange Rates in Cuba
Given the current situation with the exchange rates in Cuba, here are some frequently asked questions that might help clarify the context and implications.
Why have the exchange rates in Cuba remained unchanged?
The exchange rates have remained unchanged due to a temporary halt in market fluctuations, influenced by recent economic measures announced by the Cuban government.
What are the current exchange rates for USD, EUR, and MLC in Cuba?
As of July 31, 2024, the USD is at 335 CUP, the EUR is at 345 CUP, and the MLC is at 280 CUP.
How have social media reactions influenced perceptions of these rates?
Social media users in Cuba have linked the recent recovery in exchange rates to the Cuban government's new economic measures, including the reintroduction of cash payments in foreign currencies.