Plummeting Value: Euros and Dollars Continue to Decline in Cuba's Informal Market

Thursday, May 23, 2024 by Ernesto Alvarez

Plummeting Value: Euros and Dollars Continue to Decline in Cuba's Informal Market
Euros and dollars (Reference image) - Image © Pixabay

This Thursday, both the euro and the dollar experienced another significant drop in their average selling value in Cuba's informal market, solidifying the downward trend that both currencies have been showing since mid-month. Particularly noteworthy is the 8-peso decline in the informal exchange rate of the euro, which, as of 7 a.m. local Cuban time on May 23, has a mean selling price of 370 CUP—eight pesos lower than its value at the same time the previous day.

The euro has been consistently dropping by five pesos each day since May 16, falling from 365 to 360 CUP. Meanwhile, the dollar has decreased by 35 pesos over the past eight days. The Freely Convertible Currency (MLC), however, remains relatively stable, continuing to be valued at 300 pesos, a rate it has maintained for several days.

Current Exchange Rates in Cuba

As of 7:03 a.m. on May 23, 2024, the exchange rates are as follows:

elTOQUE reported rates:

  • Dollar (USD) to CUP: 360 CUP
  • Euro (EUR) to CUP: 370 CUP
  • MLC to CUP: 300 CUP

Alternative platform rates:

  • Dollar (USD): Buying at 353 CUP, Selling at 362 CUP
  • Euro (EUR): Buying at 365 CUP, Selling at 374 CUP
  • MLC: Buying at 293 CUP, Selling at 299 CUP

Please note that the informal exchange rates in Cuba presented here are not officially recognized or backed by any financial or governmental entity.

Currency Conversion

Below are the conversions of each available bill of euros and U.S. dollars to Cuban pesos (CUP), based on the exchange rates provided for this Thursday, May 23:

U.S. Dollar (USD) to Cuban Peso (CUP):

  • 1 USD = 360 CUP
  • 5 USD = 1800 CUP
  • 10 USD = 3600 CUP
  • 20 USD = 7200 CUP
  • 50 USD = 18000 CUP
  • 100 USD = 36000 CUP

Euro (EUR) to Cuban Peso (CUP):

  • 1 EUR = 370 CUP
  • 5 EUR = 1850 CUP
  • 10 EUR = 3700 CUP
  • 20 EUR = 7400 CUP
  • 50 EUR = 18500 CUP
  • 100 EUR = 37000 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 exchange rates of 360 CUP per dollar and 370 CUP per euro.

FAQs on Currency Exchange Rates in Cuba

Below are some frequently asked questions and answers regarding the current exchange rates and trends in Cuba's informal market.

Why are the euro and dollar declining in value in the informal market?

The decline in the value of the euro and dollar in the informal market can be attributed to various economic factors, including supply and demand dynamics and the overall economic situation in Cuba.

What are the current exchange rates for the euro and dollar in Cuba?

As of May 23, 2024, the exchange rate for the dollar is 360 CUP, and for the euro, it is 370 CUP according to elTOQUE.

Is the Freely Convertible Currency (MLC) stable?

Yes, the MLC has shown relative stability and continues to be valued at 300 pesos.

© CubaHeadlines 2024

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