This Tuesday, the USD, EUR, and MLC continue their trend of stability in Cuba's informal market. As of September 3, it has been a month since the U.S. dollar reached 320 CUP. The dollar hit this mark on August 3, dropping five pesos from the previous day, and has since held steady, according to elToque.
The euro also reached a stable point at 330 CUP on August 5 and has not fluctuated since. The last currency to show any movement was the Freely Convertible Currency (MLC), which saw two consecutive days of decline on August 8 and 9. However, it has remained at 275 CUP for over three weeks now.
Exchange rates as of September 3, 2024, 13:00 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.
What's Happening with Currencies in Cuba?
Many Cubans are closely watching this period of stability in currency values, which contrasts with the volatile fluctuations experienced in the first half of the year. Some are optimistic, hoping this stability might curb inflation and prices, while others are less enthusiastic. A third group remains indifferent, as they have no access to these currencies.
Interestingly, elToque has yet to provide an analysis of Cuba's exchange rate landscape during this period of stagnation. The median values for buying and selling posted by this independent outlet also do not indicate any imminent changes for these three key currencies.
As of September 3, the average selling rates are 330 CUP for euros, 320 CUP for dollars, and 275 CUP for MLC. On the buying side, the averages have decreased slightly, with dollars at 318 CUP and MLC at 270.
Current conversion rates for USD and EUR to CUP (as of September 3):
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) to Cuban Peso (CUP):
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 Currency Stagnation
Here, we address some common questions about the current state of currency values in Cuba.
Why have the USD, EUR, and MLC rates remained stable in Cuba?
Various factors could contribute to this stability, including market conditions, government interventions, and economic policies. However, the exact reasons are still under analysis by experts.
How does currency stability impact inflation in Cuba?
Stable currency rates can help control inflation, as they create predictable conditions for pricing goods and services. However, other factors like supply chain issues and government policies also play significant roles.
What is the role of elToque in monitoring Cuba's currency market?
elToque is an independent media outlet that provides updates and insights into Cuba's informal currency market, helping the public stay informed about exchange rates and economic trends.