The value of the U.S. Dollar (USD) surged once again on Monday in Cuba's informal market, hitting 715 Cuban Pesos (CUP)—the highest rate seen in the past month.
By 10:00 a.m. local time, CiberCuba's exchange rate indicated that the U.S. currency was two pesos higher than the previous day's rate of 713 CUP.
The increase is even more pronounced when compared to the rate a week ago, when the dollar was exchanged for 694 CUP. This marks a gain of 21 pesos, roughly a 3% rise in just seven days.
Over the past 30 days, the USD has climbed 52.50 pesos from 663 CUP, although some of this change might be due to adjustments in the index's methodology.
The Monday rate of 715 CUP matches the peak recorded during this period.
Euro and MLC Exchange Rates
The Euro is also experiencing significant upward pressure, trading at 818 CUP on Monday, with a buying price of 815 pesos and a selling price of 820.
The European currency has risen by six pesos compared to the previous day, when it was at 812 CUP, reaching its highest level in the past 30 days.
In a week's time, the euro has increased by 24.50 pesos from 793 CUP, reflecting an advance of nearly 3.1%. Compared to the 746 CUP rate 30 days ago, it has gained 72 pesos, although some of this could be attributed to methodological adjustments in the index.
Meanwhile, the Freely Convertible Currency (MLC) is around 496 CUP, with a buying reference of 459 pesos and a selling reference of 533.
Compared to the previous day, the MLC has fallen by 19.50 pesos from 516 CUP, marking an approximate 3.8% decrease. However, it still shows a weekly gain of 14 pesos compared to the 482 CUP rate from seven days ago.
Informal Market Exchange Summary
The informal market exchange rates are as follows: USD to CUP at 715, EUR to CUP at 818, and MLC to CUP at 496. The official exchange rate from the Central Bank of Cuba for Segment III is set at 669 CUP per dollar and 767 CUP per euro, which remain below the informal market rates.
Currently, there's a gap of 46 pesos for the dollar and 51 pesos for the euro when comparing official and informal rates.
Currency Conversion Rates
Here are the conversion rates from U.S. Dollars to Cuban Pesos based on Monday's rates:
- 1 USD = 715 CUP
- 5 USD = 3,575 CUP
- 10 USD = 7,150 CUP
- 20 USD = 14,300 CUP
- 50 USD = 35,750 CUP
- 100 USD = 71,500 CUP
And the conversion rates from Euros to Cuban Pesos:
- 1 EUR = 818 CUP
- 5 EUR = 4,090 CUP
- 10 EUR = 8,180 CUP
- 20 EUR = 16,360 CUP
- 50 EUR = 40,900 CUP
- 100 EUR = 81,800 CUP
- 200 EUR = 163,600 CUP
FAQ on Currency Exchange in Cuba
Why is the U.S. Dollar increasing in value in Cuba?
The increase in the U.S. Dollar's value in Cuba is attributed to economic instability and lack of confidence in the local currency, leading people to seek more stable foreign currencies.
How does the informal market in Cuba affect exchange rates?
The informal market often reflects real demand and supply dynamics, leading to exchange rates that can significantly differ from official rates set by the government.
What is the gap between official and informal exchange rates?
As of the latest data, the gap is 46 pesos for the dollar and 51 pesos for the euro, highlighting the disparity between government-set rates and market-driven rates.