On Sunday morning, the U.S. dollar showed no signs of weakening in Cuba's informal market, while the euro saw another increase and the Freely Convertible Currency (MLC) also made gains.
As of 10:00 a.m. on Sunday, the U.S. dollar was trading at 693 Cuban pesos (CUP), maintaining the same rate as the previous day.
Meanwhile, the euro made further strides, reaching 788 CUP, which is one peso more than Saturday's rate of 787 CUP.
The European currency remains the most expensive among the major foreign currencies circulating in the informal market, surpassing the dollar by 95 pesos.
The MLC also began the day on a positive note, with a reference value of 464 CUP, which is five pesos higher than the previous day.
U.S. Dollar: 693 CUP.Euro: 788 CUP.MLC: 464 CUP. The recent movements highlight the ongoing pressure on Cubans to obtain foreign currency. Just a week ago, the dollar stood at 683 CUP and the euro at 775 CUP.
Meanwhile, the official exchange rate set by the Central Bank of Cuba for Segment III remains at 655 CUP per dollar and 760 CUP per euro, still below the informal market rates.
Amidst inflation, low wages, and the increasing dollarization of the economy, the price of foreign currencies continues to be a crucial reference for Cubans. It affects their purchasing power, savings, importation of goods, and financing of overseas trips.
Dollar to Cuban Peso Conversion
1 USD = 693 CUP
5 USD = 3,465 CUP
10 USD = 6,930 CUP
20 USD = 13,860 CUP
50 USD = 34,650 CUP
100 USD = 69,300 CUP
Euro to Cuban Peso Conversion
1 EUR = 788 CUP
5 EUR = 3,940 CUP
10 EUR = 7,880 CUP
20 EUR = 15,760 CUP
50 EUR = 39,400 CUP
100 EUR = 78,800 CUP
200 EUR = 157,600 CUP
Understanding Currency Trends in Cuba's Informal Market
Why is the euro more expensive than the dollar in Cuba's informal market?
The euro is more expensive due to its higher demand among Cubans who use it for various transactions, savings, and as a hedge against the declining value of the local currency.
What factors influence the exchange rates in Cuba's informal market?
Exchange rates in the informal market are influenced by supply and demand dynamics, economic conditions, inflation, and government policies regarding currency controls.
How does the official exchange rate compare to the informal market rate?
The official exchange rate set by the Central Bank of Cuba is generally lower than the rates found in the informal market, reflecting controlled pricing compared to market-driven fluctuations.