As of Monday morning, the average selling price of the euro in Cuba saw a drop of five pesos compared to its value the previous day. The European currency fell from 335 to 330 Cuban Pesos (CUP).
Meanwhile, the U.S. dollar and the Freely Convertible Currency (MLC) have remained stable, holding their Sunday values: the American currency at 320 CUP and the MLC at 280 CUP, a rate it has maintained for several days.
Last week, an article published in Granma warned that Cubans who turn to the informal market for buying and selling foreign currencies could face up to five years in prison. The article emphasized that such street-level transactions "affect the country's economic system."
"These actions are punishable by imprisonment for two to five years, or a fine of five hundred to one thousand quotas, or both," the state-run source stated, adding that any transaction involving the sale, cession, transfer, or acquisition of foreign currency "is illegal and constitutes a crime."
Current Exchange Rates as of August 5, 2024 - 7:13 a.m. in Cuba:
Exchange rates according to elTOQUE:
USD to CUP: 320 CUP
EUR to CUP: 330 CUP
MLC to CUP: 280 CUP
Equivalents for each available note in euros and U.S. dollars to Cuban pesos (CUP):
U.S. Dollar (USD) to Cuban Peso (CUP):
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
Euros (EUR):
1 EUR = 330 CUP
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
200 EUR = 66,000 CUP
500 EUR = 165,000 CUP
FAQs on Currency Exchange in Cuba
Here are some frequently asked questions and answers regarding currency exchange rates and regulations in Cuba.
Why did the euro's value drop in Cuba?
The euro's value dropped due to fluctuations in the foreign exchange market, which can be influenced by various economic factors and policies.
What are the legal consequences of trading currencies on the informal market in Cuba?
Engaging in informal currency trading in Cuba can result in imprisonment for two to five years, fines ranging from five hundred to one thousand quotas, or both.