Dollars, Euros, and MLC are showing signs of stability this Tuesday, with no significant price fluctuations in the informal market in Cuba.
As of 7:00 a.m. local time on August 13, the U.S. dollar remains at an average rate of 320 pesos, while the Euro continues to hold steady at 330 CUP. The dollar has been stable for 11 days without any change in price.
The U.S. dollar reached 320 CUP on August 3, and since then, classified ads monitoring its price in the informal market have shown no movement, as reported by elToque. Similarly, the Euro has been stable for nine days, holding at 330 CUP since August 5.
In recent days, only the Moneda Libremente Convertible (MLC) has shown any variation in its average selling price, experiencing two consecutive days of drops on August 8 and 9. However, since August 10, it has also joined the "stability" trend, maintaining a rate of 275 CUP for four days.
Current Exchange Rates in Cuba
Exchange rates as of 7:45 a.m. on August 13, 2024, according to elToque are:
USD to CUP: 320 CUP
EUR to CUP: 330 CUP
MLC to CUP: 275 CUP
Many Cubans are closely watching this unexpected pause in currency fluctuations, which previously showed abrupt changes during the first half of the year. Some are pleased with the stability, believing it may help curb inflation and product prices, while others are indifferent, arguing they have no access to these currencies anyway.
Recently, some Cubans have attributed the stability to a lack of flights to Nicaragua, which previously drove up demand for hard currency. Others believe that those holding dollars and euros are simply hoarding them, waiting to see what happens next. Notably, this stabilization comes after the regime's threats of imprisonment or heavy fines for street currency trading, as mentioned in a July article in the Granma newspaper.
So far, elToque has not commented on the recent "stability" of these currencies.
Currency Equivalencies
Here are the current equivalences for each denomination of Euros and U.S. dollars to Cuban pesos (CUP) as of August 13:
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
Understanding the Stability of Foreign Currencies in Cuba
To help our readers better understand the current situation, we've compiled some frequently asked questions and their answers about the stability of foreign currencies in Cuba.
Why have the exchange rates for dollars and euros been stable recently in Cuba?
The stability is likely due to a combination of factors, including fewer flights to Nicaragua and people hoarding hard currencies in anticipation of future changes.
What impact does the stability of these currencies have on the Cuban economy?
Some believe that stable exchange rates may help control inflation and product prices, while others argue that it doesn't affect them due to limited access to these currencies.
What are the legal consequences of trading currencies on the street in Cuba?
According to a July article in Granma, those caught trading currencies on the street could face up to five years in prison, fines ranging from 500 to 1,000 quotas, or both.