On Tuesday morning, the U.S. dollar surprised the Cuban black market by increasing in value for the first time since April 4. The dollar's rate jumped from 360 to 362 CUP, a two-peso increase from its recent steady value. Meanwhile, the euro and the Freely Convertible Currency (MLC) have maintained their rates since Friday, with the euro at 370 and the MLC at 260 CUP.
The independent outlet elToque reports that the median value for buying and selling dollars over the past 24 hours suggests the U.S. currency might continue its upward trend, currently standing at 365 CUP. As of the morning of April 15, 2025, the exchange rate updates are as follows:
Exchange Rates as of April 15, 2025 - 7:03 a.m. in Cuba:
USD to CUP according to elTOQUE: 362 CUP.
EUR to CUP according to elTOQUE: 370 CUP.
MLC to CUP according to elTOQUE: 260 CUP.
Currency Conversion for Available U.S. Dollars and Euros to Cuban Pesos (CUP):
U.S. Dollar (USD) to Cuban Peso (CUP), based on April 15 rates:
1 USD = 362 CUP.
5 USD = 1,810 CUP.
10 USD = 3,620 CUP.
20 USD = 7,240 CUP.
50 USD = 18,100 CUP.
100 USD = 36,200 CUP.
Euros (EUR):
1 EUR = 370 CUP.
5 EUR = 1,850 CUP.
10 EUR = 3,700 CUP.
20 EUR = 7,400 CUP.
50 EUR = 18,500 CUP.
100 EUR = 37,000 CUP.
200 EUR = 74,000 CUP.
500 EUR = 185,000 CUP.
Cubans closely monitor the informal exchange rates for the dollar, euro, and MLC because these rates significantly influence their purchasing power in an economy plagued by scarcity and inflation. The volatility of exchange rates in Cuba drives many island residents to keep a close eye on the black market, seeking ways to safeguard their financial stability against the devaluation of the national currency.
Understanding Exchange Rate Volatility in Cuba
Why did the dollar's exchange rate increase in Cuba?
The increase in the dollar's exchange rate in Cuba's black market is due to fluctuations in demand and supply, as well as the ongoing economic challenges the island faces, including scarcity and inflation.
How do exchange rates affect the purchasing power of Cubans?
Exchange rates directly impact the purchasing power of Cubans as they determine the value of their currency against foreign currencies, influencing the cost of imported goods and overall financial stability.
What is the significance of the informal exchange market in Cuba?
The informal exchange market is crucial in Cuba as it offers more realistic rates compared to official ones, allowing citizens to better manage their finances amidst the country's economic challenges.