The U.S. dollar continues its upward trend in Cuba's informal market. As of 9:00 a.m. local time this Friday, the American currency is averaging a sale price of 338 CUP, marking a three-peso increase from its value on Thursday.
The euro, meanwhile, is holding steady at an average of 340 CUP, a price unchanged for the past two days. Similarly, the Freely Convertible Currency (MLC) remains stable at 245 CUP.
After a series of declines in December, largely due to the Cuban government's announcement of implementing a floating official rate in the course of 2025, currencies have experienced a renewed surge since the start of this year. One potential factor is the opening of a new supermarket in Havana that exclusively accepts foreign currencies, which has enhanced the value of cash transactions in these currencies and cast doubt on the future of the MLC.
Exchange Rates as of January 10, 2025 - 9:31 a.m. in Cuba
According to elTOQUE, the exchange rates are as follows:
U.S. Dollar (USD) to Cuban Peso (CUP): 338 CUP.
Euro (EUR) to Cuban Peso (CUP): 340 CUP.
MLC to Cuban Peso (CUP): 245 CUP.
Currency Equivalents in Cuban Pesos
Here are the conversions from the U.S. dollar and euro to Cuban pesos (CUP) based on the exchange rates for January 10:
U.S. Dollar (USD) to Cuban Peso (CUP):
- 1 USD: 338 CUP
- 5 USD: 1,690 CUP
- 10 USD: 3,380 CUP
- 20 USD: 6,760 CUP
- 50 USD: 16,900 CUP
- 100 USD: 33,800 CUP
Euros (EUR) to Cuban Peso (CUP):
- 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
Understanding Currency Dynamics in Cuba
Why is the U.S. dollar increasing in value in Cuba's informal market?
The rise in the U.S. dollar's value is attributed to factors such as new economic policies, including the introduction of a floating exchange rate, and the opening of a new supermarket that exclusively accepts foreign currencies.
What impact does the new supermarket in Havana have on currency demand?
The new supermarket requires payments in foreign currencies, which has increased the demand and value of these currencies in cash transactions, impacting their exchange rates.