As of September 29, 2024, the US dollar (USD) holds steady in Cuba's informal market with an exchange rate of 320 Cuban pesos (CUP) per 1 USD, according to the independent site elTOQUE. This rate highlights the current state of currency exchanges in Cuba, where the dollar remains a heavily traded currency for acquiring essential goods and services.
According to elTOQUE's social media updates, this rate was set at 7:00 AM Cuban time and remains competitive compared to other currencies. Notably, 1 USD equals 1.19 MLC (Freely Convertible Currency), a critical value for shopping in stores that operate in MLC on the island.
Conversion Rates for Common Dollar Bills
Below is a table showing the conversion of common USD bills to Cuban pesos, based on the current rate of 1 USD = 320 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
Dollar Stability and Recent Fluctuations
Since early September 2024, the dollar has remained stable in Cuba's informal market, hovering around 320 CUP. The dollar saw a brief increase at the end of September, rising from 320 to 322 CUP before quickly reverting. This was a notable change, as there hadn't been significant fluctuations since August 3.
ElTOQUE's reports confirm that this slight increase was a temporary shift rather than a lasting trend. Despite the dollar's relative stability in recent weeks, it continues to play a crucial role in Cuba's informal economy, where many transactions are conducted in foreign currencies due to the scarcity of convertible pesos.
The Role of the Dollar in Cuba's Economy
Throughout the month, the dollar has been one of the most stable currencies in the country, holding firm at 320 CUP even as other currencies like the MLC experienced declines. This stability underscores the dollar's strength in the informal Cuban market, where many residents rely on remittances and foreign currency incomes to cope with the ongoing economic crisis.
Despite this apparent stability, high prices and inflation continue to erode the purchasing power of Cubans. For more insights into the dollar's performance over the month, check the daily exchange rate comparisons tracking fluctuations in Cuba's informal market.