After two days of stability in the values of the three key currencies in Cuba's informal market, the Freely Convertible Currency (MLC) saw a slight decline this Thursday, following ten days at the same value.
At 7:00 a.m. local time on August 8th, the virtual currency used by the Cuban government dropped by two pesos, going from 280 to 278 CUP. The Freely Convertible Currency had shown signs of stability, maintaining a rate of 280 CUP since July 29th.
Meanwhile, both the dollar and the euro remain unchanged for the third consecutive day: the dollar is valued at 320 pesos and the euro at 330 pesos. This relative stability in the informal market comes after an article published in Granma last week warned of up to five years in prison for Cubans engaging in currency trading on the street.
"These actions are punishable by imprisonment for two to five years, or a fine of five hundred to one thousand quotas, or both," stated the official source. It also noted that any transaction involving the sale, transfer, or acquisition of foreign currency "is illegal and constitutes a crime."
Exchange Rates as of August 8, 2024 - 7:22 a.m. in Cuba:
- Exchange rate of the USD to CUP according to elTOQUE: 320 CUP.
- Exchange rate of the EUR to CUP according to elTOQUE: 330 CUP.
- Exchange rate of the MLC to CUP according to elTOQUE: 278 CUP.
Equivalent Values of Available Euro and U.S. Dollar Bills to Cuban Pesos (CUP)
U.S. Dollar (USD) to Cuban Peso (CUP), based on the exchange rates of August 8:
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.
Understanding Cuba's Informal Currency Market
The following questions and answers aim to provide clarity on the current state of Cuba's informal currency market and its implications for residents.
What is the Freely Convertible Currency (MLC) in Cuba?
The Freely Convertible Currency (MLC) is a virtual currency used by the Cuban government for certain transactions, particularly in state-run stores.
Why did the MLC value drop in the informal market?
The value of the MLC dropped due to market fluctuations and possibly due to recent governmental threats of imprisonment for illegal currency trading.
What are the penalties for illegal currency trading in Cuba?
Penalties for illegal currency trading in Cuba include imprisonment for two to five years, or fines ranging from five hundred to one thousand quotas, or both.