This Sunday, Cuba's informal currency exchange market sees the US dollar maintaining its value at 673 Cuban pesos (CUP), while the euro experiences another decline, now valued at 778 CUP. Meanwhile, the Freely Convertible Currency (MLC) is trading around 450 CUP.
According to CiberCuba's rate, the dollar remains unchanged at 673 CUP, the euro decreases from 782 to 778 CUP, and the MLC experiences a minor increase from 449 to 450 CUP.
The dollar's stability is also reflected in a weekly comparison, as it stood at 673 CUP a week ago. Compared to 30 days ago, when it was at 668 CUP, the dollar has gained 5 pesos, representing a 0.7% increase.
The euro is on a different path. Besides the 4.5 peso drop (-0.6%) compared to the day before, it is 7.5 pesos (-1%) lower than its value seven days ago, when it was around 785 CUP. Over a 30-day period, the euro is still 20 pesos higher, a 2.6% increase from the 758 CUP it recorded back then.
The MLC currently sits 24 pesos (-5.1%) below the 474 CUP noted a week ago. Compared to the 449 CUP from 30 days prior, the change indicated by the index is merely one peso (+0.2%).
Over the past month, the dollar has fluctuated between a low of 655 and a high of 675 CUP. The euro has varied between 745 and 790 CUP, while the MLC has ranged from 425 to 496 CUP.
For reference, the official rate available to the public in Segment III of the Central Bank of Cuba lists the dollar at 621 CUP and the euro at 717 CUP this Sunday. There is no comparable official rate for the MLC.
At Sunday's average rate in the informal market, the main dollar denominations are equivalent to:
1 USD = 673 CUP
5 USD = 3,363 CUP
10 USD = 6,725 CUP
20 USD = 13,450 CUP
50 USD = 33,625 CUP
100 USD = 67,250 CUP
In the case of the euro, the equivalents are:
1 EUR = 778 CUP
5 EUR = 3,888 CUP
10 EUR = 7,775 CUP
20 EUR = 15,550 CUP
50 EUR = 38,875 CUP
100 EUR = 77,750 CUP
200 EUR = 155,500 CUP
500 EUR = 388,750 CUP
Understanding Cuba's Informal Currency Market
Why does the informal currency market exist in Cuba?
The informal currency market in Cuba exists due to government-imposed restrictions on currency exchange, leading citizens to seek alternative means to trade foreign currencies at rates that they find more favorable.
How does the Freely Convertible Currency (MLC) work in Cuba?
The Freely Convertible Currency (MLC) is a currency used in specific stores in Cuba where goods are priced in foreign currency equivalents. It allows for the purchase of imported goods, but it's not officially recognized for exchange like the dollar or euro.