The United States Dollar (USD) remains stable in Cuba's unofficial currency market. As of this Friday, its price is 320 CUP.
The Euro and the Moneda Libremente Convertible (MLC) also hold steady in their selling values. The European currency is trading at 330 CUP, and the regime's virtual currency stands at 275 CUP on this September 6th.
Today's Exchange Rates in Cuba (09/06/2024 - 6:26am)
Exchange Rate for the USD to CUP according to elTOQUE: 320 CUP
Exchange Rate for the EUR to CUP according to elTOQUE: 330 CUP
Exchange Rate for the MLC to CUP according to elTOQUE: 275 CUP
Conversion of Bills to Cuban Pesos (CUP)
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):
- 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
Stability in Cuba's Black Market Currency Rates
In recent weeks, exchange rates in Cuba's informal market have shown some stability, although they remain at high levels. Despite this apparent calm in the informal exchange market, its volatility continues to be a concern for citizens due to the high demand for foreign currency against the scarcity of supply in the official market.
The elevated prices of these currencies reflect the lack of confidence in the Cuban peso and the country’s challenging economic situation, exacerbated by inflation and supply shortages.
This scenario continues to negatively impact the purchasing power of the population, which increasingly relies on the informal market to acquire basic goods.
Understanding Cuba's Black Market Exchange Rates
Here are some frequently asked questions to help understand the current state of Cuba's black market exchange rates.
Why are the exchange rates in Cuba's black market so high?
The high exchange rates in Cuba's black market are primarily due to the high demand for foreign currency and the limited supply in the official market. This is exacerbated by economic instability and lack of confidence in the Cuban peso.
How does the stability of exchange rates impact Cuban citizens?
While stable rates might seem positive, the persistently high levels still negatively affect the purchasing power of Cuban citizens, who rely on the black market for essential goods due to shortages in the official market.
What is the Moneda Libremente Convertible (MLC)?
The Moneda Libremente Convertible (MLC) is a virtual currency introduced by the Cuban government, primarily used for purchasing goods in specific stores. It serves as a means to capture foreign currency within the country.