The prices of dollars and euros have continued their stagnation this Saturday in Cuba's informal market. As of 7:00 a.m. local time on August 10, the U.S. dollar is still valued on average at 320 pesos, while the euro remains at 330 CUP, maintaining a ten-peso difference between the two currencies.
Interestingly, the dollar has remained at the same price for eight consecutive days. The U.S. dollar reached 320 CUP on August 3, and since then, monitoring of classified ads that average its price in the informal market shows no movement, according to elToque.
The euro, on the other hand, has stayed at 330 CUP for six days without any change. The European currency hit 330 CUP on August 5 and has maintained that value ever since.
In recent days, only the Freely Convertible Currency (MLC) has shown fluctuations in its average selling price, experiencing two consecutive days of decline. However, this Saturday, it also stabilized, being valued at 275 CUP, the same price it reached the previous day.
Government Warnings and Market Stability
The recent stability in the informal market comes after an article published in Granma last week threatened Cubans with up to five years in prison for engaging in street currency trading.
"These actions are punishable by imprisonment for two to five years, or a fine of 500 to 1,000 quotas, or both," the official source pointed out. Additionally, it noted that any transaction involving the sale, transfer, or acquisition of foreign currency is "illegal and constitutes a crime."
Exchange rates as of 7:22 a.m. on August 10, 2024, in Cuba:
- USD to CUP according to elToque: 320 CUP.
- EUR to CUP according to elToque: 330 CUP.
- MLC to CUP according to elToque: 275 CUP.
Equivalents of available euro and U.S. dollar bills to Cuban pesos (CUP) as of August 10:
- 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 equivalents:
- 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.
Frequently Asked Questions about Currency Stability in Cuba
Given the recent developments in the currency market in Cuba, many readers may have questions about the causes and implications of the current stability. Below are some frequently asked questions to provide further insights.
Why have the dollar and euro prices remained stable in Cuba?
The stability in the prices of the dollar and euro in Cuba's informal market is partly due to government warnings and threats of legal action against street currency trading, causing a decrease in market activity.
What are the legal consequences for trading foreign currency on the street in Cuba?
Engaging in street currency trading in Cuba can result in imprisonment for two to five years, fines ranging from 500 to 1,000 quotas, or both, as stated by the official publication Granma.
How often do exchange rates fluctuate in Cuba's informal market?
Exchange rates in Cuba's informal market can fluctuate daily, but recent government actions have led to a period of unusual stability, particularly for the dollar and euro.