For the second day in a row, the price of one of the three main currencies in Cuba's informal market has seen a slight shift. The Freely Convertible Currency (MLC) has regained the two pesos it lost the previous day, returning to 275 CUP, a value it had consistently held since August 9th before this brief dip.
Meanwhile, the US dollar and the euro remain unchanged today: the US dollar is still valued at 320 CUP, and the euro holds steady at 330 CUP. The unusual price stability of currencies in the informal market over the past four weeks has caught many Cubans by surprise, prompting them to seek explanations for this phenomenon. However, elToque has yet to comment on the matter.
Current Exchange Rates as of September 10, 2024 - 07:22 AM in Cuba:
According to elToque, the exchange rates are as follows:
- USD to CUP: 320 CUP
- EUR to CUP: 330 CUP
- MLC to CUP: 275 CUP
The median buy and sell values published this Tuesday by the independent outlet confirm that the average selling price for the three currencies remains at 275 (MLC), 330 (euros), and 320 (dollars). The only change in the acquisition of currencies is that the average purchase price of the dollar has dropped to 318 pesos today.
The US dollar reached 320 CUP on August 3rd, and since then, monitoring of classified ads that average its value in the black market has shown no movement, according to elToque. Similarly, the euro reached 330 CUP on August 5th and has also seen no change in its average selling price since then.
The price stability in recent weeks contrasts sharply with the significant fluctuations of the first seven months of 2024, which were marked by volatile and abrupt price changes.
Currency Equivalents in Cuban Pesos (CUP)
The following are the equivalents of each available note of euros and US dollars in Cuban pesos (CUP) according to the exchange rates as of September 10th:
US 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
FAQs About Currency Exchange in Cuba's Informal Market
Given the recent minor movements in the exchange rates of major currencies in Cuba's informal market, here are some frequently asked questions to provide further insights.
Why has the Freely Convertible Currency (MLC) regained its value?
The MLC has regained its value due to minor fluctuations in demand and supply within the informal market. Specific reasons for these changes are not always clear without official commentary.
What causes the unusual stability in currency prices?
The stability could be attributed to a temporary balance between supply and demand, external economic influences, or internal market regulations. However, without official statements, these remain speculative.
How often do these exchange rates change?
Exchange rates in the informal market can change daily, often influenced by market demand, economic policies, and external factors. Monitoring platforms like elToque provide updated rates regularly.