For the second consecutive day this Wednesday, foreign currencies indicate stability in the Cuban informal market, showing no changes in value since Monday. As of 7:00 a.m. (local time) on August 7, the U.S. dollar remains at 320 CUP, and the euro is valued at 330 CUP. Meanwhile, the Freely Convertible Currency (MLC) continues to be priced at an average of 280 CUP.
Could the threat of imprisonment be effective, pushing currency transactions from classified ads to more private and discreet forums? This is the question many are asking today, as it has been uncommon in recent months for foreign currencies to report two consecutive days without any change in value for at least one of the reference currencies.
It is worth recalling that last week, an article published in Granma threatened up to five years in prison for Cubans who turn to the informal market for currency transactions, emphasizing that such street-level operations "affect the country's economic system."
"These actions are punishable by imprisonment of two to five years, or a fine of five hundred to one thousand quotas, or both," the official source stated, adding that any transaction involving the sale, transfer, or acquisition of foreign currency "is illegal and constitutes a crime."
Exchange Rates as of August 7, 2024 - 7:22 a.m. in Cuba
USD to CUP Exchange Rate according to elTOQUE: 320 CUP.
EUR to CUP Exchange Rate according to elTOQUE: 330 CUP.
MLC to CUP Exchange Rate according to elTOQUE: 280 CUP.
Currency Equivalents in Cuban Pesos (CUP)
U.S. Dollar (USD) to Cuban Peso (CUP), according to exchange rates on August 7:
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.
Impact of Currency Stability and Government Threats in Cuba
To provide a deeper understanding of the recent currency stability and the government's threats against informal market transactions, we answer some pressing questions.
Why have currency rates remained stable in Cuba for two consecutive days?
The stability may be due to recent government threats of imprisonment and fines for those participating in the informal market, pushing transactions to more private forums.
What are the penalties for engaging in informal currency transactions in Cuba?
Penalties include imprisonment for two to five years, fines ranging from five hundred to one thousand quotas, or both.
How does the Cuban government view informal currency transactions?
The Cuban government deems informal currency transactions illegal and damaging to the country's economic system.