The value of foreign currencies remains unchanged this Thursday in the Cuban informal market, according to monitoring conducted by the independent outlet elToque.
The U.S. dollar continues to be valued at 320 CUP, the euro at 330, and the Freely Convertible Currency (MLC) at 270, a price the virtual currency reached on September 14th.
Current Exchange Rates as of September 19, 2024 - 7:22 a.m. in Cuba:
USD to CUP exchange rate according to elToque: 320 CUP.
EUR to CUP exchange rate according to elToque: 330 CUP.
MLC to CUP exchange rate according to elToque: 270 CUP.
However, the median values for buying and selling published this Thursday by the independent outlet reveal an increase of five pesos in the average selling price of the dollar over the last 24 hours. The average sale price of the U.S. currency has risen from 330 to 335, which could indicate a potential price hike for the dollar soon.
Despite stability in the informal market, the high prices remain a burden for the population and are indicative of the severe economic crisis gripping the island, where inflation and a shortage of foreign currencies significantly impact the purchasing power of citizens.
Recently, some individuals have taken to social media to express dissatisfaction with the stagnant currency rates. Others see it as a positive sign, while a third group remains indifferent since they lack access to these currencies altogether.
The U.S. dollar reached 320 CUP on August 3rd, and since then, classified ads monitoring its value in the black market have shown no movement, according to elToque. Similarly, the euro reached 330 CUP on August 5th and has also remained stable in its average selling price.
The price stability in recent weeks contrasts sharply with the volatile fluctuations of the first seven months of 2024, characterized by rapid and abrupt changes in prices. The unusual stability in the informal market over the past four weeks has surprised many Cubans, who are trying to understand the reasons behind this phenomenon, a topic on which elToque has yet to comment.
Conversion Rates for Available Dollar and Euro Banknotes to Cuban Pesos (CUP)
U.S. Dollar (USD) to Cuban Peso (CUP), according to the exchange rates as of September 19:
- 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
FAQs on Current Exchange Rates in Cuba
Given the ongoing economic situation in Cuba, many are curious about the current exchange rates and their implications. Below are some frequently asked questions and answers regarding this topic.
Why have the exchange rates remained stable recently?
The recent stability in exchange rates is unusual and contrasts with the volatile fluctuations seen earlier in the year. While the reasons behind this phenomenon are not entirely clear, it could be attributed to various economic factors and market conditions.
How do the current exchange rates affect the Cuban population?
High exchange rates significantly impact the purchasing power of Cuban citizens, exacerbating the economic hardships they face due to inflation and a shortage of foreign currencies.
What is the significance of the U.S. dollar reaching 320 CUP?
The U.S. dollar reaching 320 CUP marks a significant point in the exchange rate, as it has remained stable at this value since August 3rd. This stability is notable given the frequent fluctuations in previous months.