After a sudden increase of five pesos on Tuesday, the average sale price of the Freely Convertible Currency (MLC) dropped by five units on Wednesday, returning to 305 CUP in the Cuban informal market.
Meanwhile, the U.S. dollar and the euro remained stable on May 15, holding steady at 395 CUP for the American currency and 400 CUP for the European currency, according to today's report from elToque, which tracks daily price fluctuations of foreign currencies in the informal market.
In recent days, the average sale price of these three key currencies in the Cuban informal market appears to have slowed down. The MLC's decline on Wednesday adds to the slight drop that the euro experienced over the past weekend.
However, an article published by elToque earlier this month warned that models from the Cuban Currency and Finance Observatory (OMFi) predicted the peso's depreciation trend might continue in May. They forecasted that the informal exchange rate could range between 417-427 CUP per dollar, 422-433 CUP per euro, and 316-324 CUP per MLC by the end of the month. They also suggested that the rate of the peso's devaluation might slow down in the coming months.
Exchange Rates as of May 15, 2024 - 6:59 a.m. in Cuba
Exchange rates according to elToque:
- USD to CUP: 395 CUP
- EUR to CUP: 400 CUP
- MLC to CUP: 305 CUP
Alternative exchange rates from other platforms:
- USD: Buy 389 CUP, Sell 394 CUP
- EUR: Buy 398 CUP, Sell 401 CUP
- MLC: Buy 304 CUP, Sell 304 CUP
The informal exchange rate in Cuba provided here is not officially recognized or backed by any financial or governmental entity.
Here are the conversions for each available bill in euros and U.S. dollars to Cuban pesos (CUP), based on the exchange rates of May 15:
U.S. Dollar (USD) to Cuban Peso (CUP):
- 1 USD = 395 CUP
- 5 USD = 1,975 CUP
- 10 USD = 3,950 CUP
- 20 USD = 7,900 CUP
- 50 USD = 19,750 CUP
- 100 USD = 39,500 CUP
Euro (EUR) to Cuban Peso (CUP):
- 1 EUR = 400 CUP
- 5 EUR = 2,000 CUP
- 10 EUR = 4,000 CUP
- 20 EUR = 8,000 CUP
- 50 EUR = 20,000 CUP
- 100 EUR = 40,000 CUP
This information can be useful for calculating the cost in Cuban pesos for any amount in dollars or euros. These conversions are based on the rates of 395 CUP per dollar and 400 CUP per euro.
Recently, the independent portal elToque shared an editorial defending itself against accusations from the Cuban government, which blames it for the current devaluation of the national currency.
In recent weeks, the regime has intensified a campaign in its media outlets and on social media accounts of its supporters aimed at discrediting the platform, which publishes daily price fluctuations of foreign currencies in the informal market. According to elToque, this is merely an attempt by the Communist Party to make the website another scapegoat to justify its failure, rather than acknowledging its responsibility for the crisis plaguing the country.
As the informal price of foreign currencies remains unchecked in Cuba, so does inflation, leaving a bleak outlook where Cubans see their purchasing power erode day by day.
Understanding the Depreciation of the Cuban Peso
In light of the recent fluctuations in the Cuban informal market, here are some frequently asked questions and answers regarding the depreciation of the Cuban Peso.
Why did the Freely Convertible Currency (MLC) drop in value?
The MLC dropped by five units due to market adjustments, bringing it back to 305 CUP. Such fluctuations are common in informal markets where supply and demand can change rapidly.
What are the current exchange rates for USD and EUR in Cuba?
As of May 15, 2024, the exchange rate for USD is 395 CUP, and for EUR, it is 400 CUP in the Cuban informal market.
Is the informal exchange rate officially recognized?
No, the informal exchange rate in Cuba is not officially recognized or backed by any financial or governmental entity.
Why is the Cuban government blaming elToque for the currency devaluation?
The Cuban government has accused elToque of causing the currency devaluation as part of a campaign to discredit the platform. elToque argues that this is an attempt by the Communist Party to find a scapegoat for its own failures.