The informal currency market in Cuba saw no fluctuations over the past day, as exchange rates remained stable on Monday following a period of volatility. This momentary calm occurs amidst an economic landscape defined by inflation and a shortage of foreign currency. The current rates are: the U.S. dollar (USD) stands at 365 CUP; the euro is at 375 CUP; and the Freely Convertible Currency (MLC) is valued at 265 CUP.
Cubans are keeping a watchful eye on these rates, given their direct impact on purchasing power and decisions related to savings and consumption.
Current Informal Market Exchange Rates
U.S. Dollar (USD): 365 CUP
Euro (EUR): 375 CUP
MLC (Freely Convertible Currency): 265 CUP
Currency Equivalents by Bills
U.S. Dollars (USD):
5 USD = 1,825 CUP
10 USD = 3,650 CUP
20 USD = 7,300 CUP
50 USD = 18,250 CUP
100 USD = 36,500 CUP
Euros (EUR):
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
Forecast: Slight Increase Expected for USD and EUR, Decline for MLC
According to the latest analysis from Cuba's Currency and Finance Observatory (OMFi) featured on elTOQUE, forecasts suggest that by the end of April, the dollar could range between 364 and 372 CUP, while the euro might reach between 370 and 377 CUP. Conversely, the MLC is anticipated to decrease to between 262 and 255 CUP.
Constant Economic Strain
In a nation plagued by inflation, scarcity, and the devaluation of the Cuban peso, millions turn daily to the informal currency market as a crucial tool to safeguard their purchasing power. This market's volatility—operating outside the state banking system—has made platforms like elTOQUE essential for price calculations, purchasing decisions, and everyday economic planning.
Understanding Cuba's Informal Currency Market
Why is the informal currency market important for Cubans?
The informal currency market is crucial for Cubans as it provides a means to protect purchasing power in an economy marked by inflation and peso devaluation, outside the state-controlled banking system.
What are the current exchange rates for USD and EUR in the informal market?
As of the latest data, the U.S. dollar is valued at 365 CUP and the euro at 375 CUP in Cuba's informal market.
What is the expected trend for USD and EUR in the near future?
Experts predict a slight increase in the USD and EUR rates, while the MLC is expected to decline in value in the coming weeks.