In recent hours, Cuba's informal currency market has been bustling with activity: a fresh decline in the value of the dollar and euro, while the Freely Convertible Currency (MLC) surprisingly rises.
As dawn broke this Saturday, the dollar's value fell in Cuba's informal market for the fourth consecutive day, according to a report released on November 1 by the independent outlet elTOQUE.
The American currency dropped to 460 CUP per unit, marking a decrease of 10 pesos compared to the previous day, which also experienced a ten-unit drop.
Similarly, the euro saw a decline today, albeit a smaller one, lowering its value to 525 CUP, five pesos less than the day before.
On the other hand, the MLC, a virtual currency utilized by the regime, increased by five pesos, reaching 205 CUP. Prior to this sudden rise, the Freely Convertible Currency had been stable at 200 CUP for several weeks.
Exchange rates as of 11/01/2025 - 6:44 a.m. in Cuba:
Exchange rate for the US dollar (USD) to CUP according to elTOQUE: 460 CUP.
Exchange rate for the euro (EUR) to CUP according to elTOQUE: 525 CUP.
Exchange rate for the MLC to CUP according to elTOQUE: 205 CUP.
US Dollar (USD) to Cuban Peso (CUP) Conversion:
1 USD = 460 CUP.
5 USD = 2,300 CUP.
10 USD = 4,600 CUP.
20 USD = 9,200 CUP.
50 USD = 23,000 CUP.
100 USD = 46,000 CUP.
Euro (EUR) to Cuban Peso (CUP) Conversion:
1 EUR = 525 CUP.
5 EUR = 2,625 CUP.
10 EUR = 5,250 CUP.
20 EUR = 10,500 CUP.
50 EUR = 26,250 CUP.
100 EUR = 52,500 CUP.
200 EUR = 105,000 CUP.
500 EUR = 262,500 CUP.
Meanwhile, the fate of the "floating rate" remains unknown, which was announced by Prime Minister Manuel Marrero in late 2024, aiming to bridge the gap between official and informal currency values.
Understanding Cuba's Currency Fluctuations
What is causing the decline in the value of the dollar and euro in Cuba?
The decline in the dollar and euro value in Cuba's informal market reflects fluctuations in supply and demand, influenced by economic conditions and currency availability in the country.
Why did the MLC see an increase in value?
The increase in the MLC value could be attributed to shifts in its demand within the Cuban economy, possibly influenced by changes in governmental currency policies or market conditions.
What is the significance of the "floating rate" announced by Manuel Marrero?
The "floating rate" was intended to align the official and informal exchange rates, thus reducing disparities and stabilizing the currency market in Cuba. However, its implementation remains uncertain.