The price of the Freely Convertible Currency (MLC) continues to drop in Cuba's informal exchange market, while the U.S. dollar and the euro remain stable. As of 7:20 a.m. local time this Friday, the exchange rate for the MLC was set at 275 CUP, three pesos less than the previous day.
The U.S. dollar is trading at 320 CUP in the island's irregular market, a value that has remained stable for four days. The same is true for the euro, which is holding at 330 CUP, making it the strongest currency in Cuba's informal exchange market.
Current Exchange Rates as of 09/08/2024 - 7:20 a.m. in Cuba
The exchange rates according to elTOQUE are as follows:
U.S. Dollar (USD) to CUP: 320 CUP
Euro (EUR) to CUP: 330 CUP
MLC to CUP: 275 CUP
Available Bill Conversion
Here is the conversion for available bills:
U.S. Dollar (USD):
- $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
Euro (EUR):
- €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
The recent stability observed in the informal market in recent days follows the government's threat to impose sanctions of up to five years in prison for Cubans who engage in the buying and selling of foreign currency in public places.
The official press highlighted that these activities are punishable by imprisonment for two to five years, or fines ranging from five hundred to one thousand quotas, or both. They also emphasized that any sale, transfer, or acquisition of foreign currency is considered illegal and constitutes a crime.
Impact of Government Threats on Cuba's Informal Currency Market
The Cuban government's recent threats have had a noticeable impact on the informal currency market. Below are some frequently asked questions and answers to help understand the situation better.
Why is the MLC price dropping in Cuba's informal market?
The MLC price is dropping due to various factors, including the government's recent threats of imprisonment and fines for those engaging in public currency transactions, leading to decreased demand and increased caution among traders.
What are the penalties for trading foreign currency in public in Cuba?
Penalties include imprisonment for two to five years, fines ranging from five hundred to one thousand quotas, or both. Any sale, transfer, or acquisition of foreign currency in public is considered illegal and constitutes a crime.
Which currency is currently the strongest in Cuba's informal market?
The euro is currently the strongest currency in Cuba's informal market, trading at 330 CUP.