On Thursday, the value of the U.S. dollar in Cuba's unofficial market saw a slight uptick, reaching 363 CUP, marking an increase of one peso from the previous day, as reported by the independent outlet elTOQUE. Meanwhile, the euro, which had dramatically surged by five units in a single day on Wednesday, remains steady at 375 CUP as of April 17.
The Freely Convertible Currency (MLC) continues to be valued at 260 CUP. The median exchange rate over the past 24 hours has positioned the dollar at 365 CUP for the third consecutive day, suggesting a potential upward trend for the U.S. currency.
Current Exchange Rates as of April 17, 2025 - 7:18 a.m. in Cuba
According to elTOQUE, the exchange rate for the U.S. dollar is 363 CUP. The euro stands at 375 CUP, and the MLC is at 260 CUP.
Currency Conversion for Available Notes
Here are the conversions for U.S. dollars to Cuban pesos (CUP) based on today's rates:
- 1 USD = 363 CUP
- 5 USD = 1,815 CUP
- 10 USD = 3,630 CUP
- 20 USD = 7,260 CUP
- 50 USD = 18,150 CUP
- 100 USD = 36,300 CUP
For euros (EUR), the conversion is as follows:
- 1 EUR = 375 CUP
- 5 EUR = 1,875 CUP
- 10 EUR = 3,750 CUP
- 20 EUR = 7,500 CUP
- 50 EUR = 18,750 CUP
- 100 EUR = 37,500 CUP
- 200 EUR = 75,000 CUP
- 500 EUR = 187,500 CUP
Informal Market Outlook for April
According to elTOQUE's Observatory of Currencies and Finance of Cuba (OMFi), forecasts for the remainder of the month predict a valuation increase for both the dollar and the euro of between 2.5% and 4.8%. Meanwhile, the MLC might continue its decline, falling to levels between 262 and 255 CUP per 1 MLC.
Projections suggest the dollar could range from 364 to 372 CUP, and the euro might hover between 370 and 377 CUP. These predictions highlight the growing strain on the MLC, whose purchasing power is crumbling under inflation and the market's preference for stable currencies.
In Cuba, citizens are keenly aware of the informal exchange rates for the dollar, euro, and MLC, as these rates directly influence their true purchasing power amidst an economy plagued by shortages and inflation.
The erratic nature of exchange rates in Cuba drives residents to closely monitor the black market's fluctuations, seeking strategies to safeguard their purchasing power against the national currency's depreciation.
FAQs on Cuba's Currency Market
Why is the black market exchange rate important in Cuba?
The black market exchange rate is crucial in Cuba because it more accurately reflects the real value of foreign currencies, directly impacting the purchasing power of residents in a highly inflationary economy.
What influences the exchange rates in Cuba's informal market?
Factors such as inflation, government monetary policies, and the demand for stable currencies like the dollar and euro influence the exchange rates in Cuba's informal market.
How could exchange rate fluctuations affect everyday Cubans?
Fluctuations in exchange rates can significantly alter the cost of living for Cubans, as these rates determine the real value of their income and savings in a market where imported goods are vital.