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Prices of Major Currencies Plummet in Cuba's Informal Market

Saturday, May 18, 2024 by Ethan Navarro

Prices of Major Currencies Plummet in Cuba's Informal Market

The US dollar, euro, and MLC woke up to steep price drops this Saturday in the Cuban informal market. In the past few hours, the selling price of the dollar fell for the third consecutive day, now standing at 385 CUP, five pesos less than its value on Friday.

The dollar has decreased by a total of 10 pesos over a span of 72 hours. Both the euro and the Moneda Libremente Convertible (MLC) saw a sharp drop of five pesos today as well. As of 7 a.m. local Cuban time on May 18, the euro is valued at 395 pesos and the MLC at 300 pesos, each five units less than the previous day.

Current Exchange Rates in Cuba

Exchange Rates for May 18, 2024, 7:05 a.m. in Cuba:

  • USD to CUP according to elTOQUE: 385 CUP.
  • EUR to CUP according to elTOQUE: 395 CUP.
  • MLC to CUP according to elTOQUE: 300 CUP.

Alternative exchange rates from other platforms:

  • USD: Buy at 381 CUP, Sell at 387 CUP.
  • EUR: Buy at 389 CUP, Sell at 397 CUP.
  • MLC: Buy at 300 CUP, Sell at 303 CUP.

The informal exchange rates in Cuba mentioned here are not officially recognized or supported by any financial or governmental entity.

Here are the currency conversions for each available bill of euros and US dollars to Cuban pesos (CUP), based on the exchange rates of May 18:

  • US Dollar (USD) to Cuban Peso (CUP):
    • 1 USD: 385 CUP
    • 5 USD: 1,925 CUP
    • 10 USD: 3,850 CUP
    • 20 USD: 7,700 CUP
    • 50 USD: 19,250 CUP
    • 100 USD: 38,500 CUP
  • Euro (EUR) to Cuban Peso (CUP):
    • 1 EUR: 395 CUP
    • 5 EUR: 1,975 CUP
    • 10 EUR: 3,950 CUP
    • 20 EUR: 7,900 CUP
    • 50 EUR: 19,750 CUP
    • 100 EUR: 39,500 CUP
    • 200 EUR: 79,000 CUP
    • 500 EUR: 197,500 CUP

This information can be useful for calculating the cost in Cuban pesos of any amount of dollars or euros. These conversions are based on the rates provided of 385 CUP per dollar and 390 CUP per euro.

In recent days, the average sale of the three reference currencies in the Cuban informal market showed signs of deceleration, and in the past few hours, they have taken a steep downturn. An article published by elTOQUE earlier this month warned that the models from the Observatorio de Monedas y Finanzas de Cuba (OMFi) anticipated that the trend of peso depreciation might continue in May.

They predicted that the informal exchange rate could sit around 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, however, that a slowdown in the rate of peso devaluation could be expected in the coming months.

Understanding Currency Trends in Cuba

For those interested in the recent changes in currency values in Cuba’s informal market, here are some questions and answers that may help clarify the situation:

Why have the prices of the US dollar, euro, and MLC dropped in the Cuban informal market?

The decline in prices is attributed to market dynamics and the anticipated trend of peso depreciation as forecasted by the Observatorio de Monedas y Finanzas de Cuba (OMFi).

How often do exchange rates change in the Cuban informal market?

Exchange rates in the Cuban informal market can fluctuate daily based on supply and demand and other economic factors.

Are the informal exchange rates officially recognized in Cuba?

No, the informal exchange rates are not officially recognized or supported by any financial or government entity in Cuba.

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