As the informal Cuban market opens this Wednesday, there are moderate shifts in currency values: the dollar remains stable at 678 pesos, unchanged from the previous day, whereas the euro has climbed to 770 pesos. The MLC (Freely Convertible Currency) is approximately 464 pesos.
The dollar has maintained its position without significant fluctuations for several days, yet it remains at a high level. A week ago, it was trading at 668 pesos, marking a 10-peso increase, roughly a 1.5% rise. Compared to 30 days ago, when it was at 673 pesos, it has gained 5 pesos, or 0.7%.
Euro's Recent Movement
On the other hand, the euro is on the rise once more. This Wednesday, it stands at 770 pesos, up from 768 pesos the day before. A week ago, it hovered around 758 pesos, showing an increase of about 1.7%. Nonetheless, compared to 30 days ago, it is still 17 pesos lower, a decrease of 2.2%.
The MLC begins the day around 464 pesos, down from 467 pesos yesterday and 471 pesos a week ago. A month ago, it was at 480 pesos, showing a 16-peso decline.
Currency Fluctuations Observed
Over the past month, the dollar has fluctuated between a low of 663 and a high of 678 pesos, placing its current value at the peak of this range. The euro has varied from 746 to 788 pesos, while the MLC has shown more considerable volatility, ranging from 408 to 529 pesos.
For context, the official rate applicable this Wednesday for the general public, according to Segment III of the Central Bank of Cuba, sets the dollar at 638 pesos and the euro at 739 pesos. These rates are still lower than those seen in the informal market.
Midweek Exchange Rates
Here are some equivalencies based on this Wednesday's average values:
Dollar:
- 1 dollar = 678 CUP
- 5 dollars = 3,388 CUP
- 10 dollars = 6,775 CUP
- 20 dollars = 13,550 CUP
- 50 dollars = 33,875 CUP
- 100 dollars = 67,750 CUP
Euro:
- 1 euro = 770 CUP
- 5 euros = 3,850 CUP
- 10 euros = 7,700 CUP
- 20 euros = 15,400 CUP
- 50 euros = 38,500 CUP
- 100 euros = 77,000 CUP
- 200 euros = 154,000 CUP
- 500 euros = 385,000 CUP
Understanding Cuba's Currency Market
Why is the euro rising in Cuba?
The euro's increase could be attributed to various economic factors, including fluctuations in global markets and local supply-demand dynamics in Cuba's informal market.
How does the Central Bank of Cuba's rate impact the informal market?
The Central Bank's official rates typically serve as a baseline for formal transactions, but the informal market often reflects real-time demand and supply, leading to differences in exchange rates.
What is MLC and why is it important?
MLC, or Freely Convertible Currency, is a mechanism used in Cuba for transactions involving foreign currencies, crucial for purchasing goods not available in local currency stores.