The informal currency market in Cuba opened this Thursday with both the U.S. dollar and the euro experiencing further increases, while the Cuban peso continues to lose ground against major foreign currencies.
As of 10:00 a.m. local Cuban time, the U.S. dollar was trading at 688 Cuban pesos (CUP), the euro reached 781 CUP, and the MLC (Freely Convertible Currency) hovered around 466 CUP.
Compared to the previous day, the dollar has risen by 1 peso, climbing from 687 CUP. Although the daily change is minor, the upward trend has persisted over recent weeks.
A week ago, the U.S. currency was valued at 678 CUP, marking a 10-peso increase within a week. Compared to 30 days ago, when it was at 668 CUP, the dollar has gained 20 pesos.
In the past month, the dollar has fluctuated between a low of 663 CUP and the current high of 688 CUP, edging closer to the 700 pesos mark.
European Currency Shows Stronger Gains
This Thursday, the euro has shown a more significant movement. The European currency now stands at 781 CUP, approximately 3.5 pesos higher than the previous day's 778 CUP.
Over the past week, the euro has increased by 8 pesos from 773 CUP, while over the last 30 days, it has risen by 13.5 pesos. During this period, the euro has varied between a low of 746 CUP and the current level of 781 CUP.
Although 781 CUP is the highest value for the euro in the last 30 days, it does not represent a historic peak. The euro remains significantly above the dollar, with a current difference of 93 pesos.
MLC's Volatile Behavior
The MLC is trading around 466 CUP, about 4.5 pesos more than the previous day when it was at 462 CUP.
However, the MLC's behavior remains considerably more unstable. A week ago, it was at 479 CUP, and in the last 30 days, it has fluctuated between 408 and 529 CUP.
U.S. Dollar (USD): 688 CUP. Euro (EUR): 781 CUP. MLC (Freely Convertible Currency): 466 CUP. The official rates from the Central Bank of Cuba for Segment III have also risen but remain below those of the informal market.
This Thursday, the official rate for the dollar is 651 CUP, compared to 688 CUP in the informal market, a difference of 37 pesos. For the euro, the official rate is 758 CUP, 23 pesos below the informal market rate of 781 CUP.
A month ago, the official dollar rate was 624 CUP, and the euro was at 721 CUP. Since then, they have increased to 651 and 758 CUP, respectively, but still lag behind informal market rates.
U.S. Dollar to Cuban Peso (CUP) Conversion: 1 USD = 688 CUP 5 USD = 3,440 CUP 10 USD = 6,880 CUP 20 USD = 13,760 CUP 50 USD = 34,400 CUP 100 USD = 68,800 CUP
Euro to Cuban Peso (CUP) Conversion: 1 EUR = 781 CUP 5 EUR = 3,905 CUP 10 EUR = 7,810 CUP 20 EUR = 15,620 CUP 50 EUR = 39,050 CUP 100 EUR = 78,100 CUP 200 EUR = 156,200 CUP
FAQs on Currency Fluctuations in Cuba
What is the current exchange rate for the U.S. dollar in Cuba's informal market?
As of this Thursday, the U.S. dollar is trading at 688 Cuban pesos in the informal market.
How does the euro's value compare to the dollar in Cuba?
The euro remains significantly higher than the dollar in Cuba, with a current value of 781 CUP compared to 688 CUP for the dollar.
Why is the MLC's behavior considered unstable?
The MLC is considered unstable due to its wide fluctuation range, having moved between 408 and 529 CUP over the last 30 days.
Are official exchange rates different from the informal market rates?
Yes, the official exchange rates are lower than those in the informal market. The official rate for the dollar is 651 CUP, while the euro is at 758 CUP.