The Freely Convertible Currency (MLC) has been the first to respond in Cuba's black market with a decline in value following a massive blackout that left Cubans in an unprecedented situation due to the national electrical system's collapse. By Wednesday morning, the MLC—a virtual currency used by the government in designated stores—had decreased to 262.5 CUP. This marks a 2.5 pesos drop from its value on October 9th, where it had already plummeted by five pesos.
Meanwhile, the U.S. dollar and the euro have maintained their rates from previous days, standing at 325 CUP and 340 CUP respectively as of October 23rd. The reliance on MLC highlights a stark issue: "Without electricity, you can't buy even a can of sardines. Quite an achievement for the MLC!" remarked a Facebook user, pointing out the challenges of a currency tied entirely to the virtual realm, given its lack of physical form.
In practical terms, "if you don't have cash, you don't exist," as someone put it. This is particularly problematic during power outages, when those holding only MLC cannot procure basic necessities like food from street vendors.
Current Exchange Rates as of October 23, 2024 - 7:15 a.m. in Cuba
According to elTOQUE, the exchange rate for the U.S. dollar (USD) to Cuban Peso (CUP) is 325 CUP. The euro (EUR) trades at 340 CUP, while the MLC stands at 262.5 CUP.
Currency Conversion: Dollars and Euros to Cuban Pesos
Based on the exchange rates for October 23rd, the conversion for U.S. dollars to Cuban pesos is as follows:
1 USD = 325 CUP
5 USD = 1,625 CUP
10 USD = 3,250 CUP
20 USD = 6,500 CUP
50 USD = 16,250 CUP
100 USD = 32,500 CUP
For the euro:
1 EUR = 340 CUP
5 EUR = 1,700 CUP
10 EUR = 3,400 CUP
20 EUR = 6,800 CUP
50 EUR = 17,000 CUP
100 EUR = 34,000 CUP