On September 29, 2024, the euro continues to strengthen in Cuba's informal market, now trading at 335 Cuban pesos (CUP) for 1 euro (EUR). This information comes from the independent outlet, elTOQUE, highlighting a consistent trend of euro appreciation in recent months.
According to elTOQUE's social media update, this exchange rate was set at 7:00 AM, Cuban time. The data also indicates that 1 euro is equivalent to 1.24 MLC (Moneda Libremente Convertible), reflecting the impact on digital transactions within Cuba's economy.
Here is a table illustrating the conversion of common euro banknotes to Cuban pesos at the current rate of 1 EUR = 335 CUP:
Banknote (EUR) Equivalent in Cuban Pesos (CUP)
1 EUR - 335 CUP
5 EUR - 1,675 CUP
10 EUR - 3,350 CUP
20 EUR - 6,700 CUP
50 EUR - 16,750 CUP
100 EUR - 33,500 CUP
Euro's Demand and Market Dynamics
The euro remains one of the most sought-after currencies in Cuba's informal market due to its stability and the preference for it among citizens for purchases and transactions. This demand is driven by the restrictions and challenges Cubans face when trying to access other currencies through official channels.
Since early September 2024, the euro has shown stability, hovering around 330 CUP. The first significant increase occurred at the end of September, when it jumped from 330 to 335 CUP after over seven weeks without changes. This rise was notable as there hadn't been significant fluctuations since August 5. ElTOQUE's reports confirm that this upward trend coincided with a slight increase in the dollar, reflecting the typical volatility of Cuba's black market.
Comparative Strength of the Euro
Throughout the month, the euro has been the most valuable currency in the country, surpassing the US dollar, which has remained steady at 320 CUP. Even during times of volatility, such as when the Moneda Libremente Convertible (MLC) saw declines, the euro maintained its value, showcasing its strength compared to other currencies. While this stability provides temporary relief, the high exchange rates continue to burden Cubans, who face exorbitant prices amid an ongoing economic crisis.
For more insights into the euro's performance over the month, refer to the daily exchange rate comparisons that closely track the informal market in Cuba.
Historical Fluctuations and Economic Impact
In previous months, Cuba's informal market has seen significant fluctuations in the euro's value, mirroring the country's economic instability. In mid-April 2024, the euro hit a record high of 370 CUP, marking a substantial difference from the dollar, which held at 360 CUP. Despite having climbed to 365 CUP days earlier, the euro continued its upward trend, surpassing 370 CUP again. By the end of April, the euro solidified its position as the highest-valued currency in the exchange market, reaching 385 CUP.