On Monday, the U.S. dollar reached a value of 745 Cuban pesos (CUP) on Cuba's informal exchange market, just five pesos shy of the 750 mark, marking its highest level in the past 30 days.
As of 8:00 PM local Cuban time, CiberCuba's Exchange Rate also placed the euro at 850 CUP, while the MLC (Freely Convertible Currency) recorded an indicative value of 488 CUP.
The dollar experienced a five-peso increase within just 24 hours, having closed at 740 CUP on Sunday.
Upward Trend in Currency Exchange Rates
Over the past week, the trajectory has been decidedly upward: a week ago, the dollar was trading at 718 CUP, resulting in a 27-peso gain, roughly 3.8%.
When looking at a 30-day period, the increase is even more pronounced. The American currency has climbed from 675 to 745 CUP, a 70-peso increase or an approximate 10.4% rise. Monday's value represents the peak recorded in this timeframe.
The euro is following a similar path, closing at 850 CUP, up three pesos from Sunday's 847. A week ago, it stood at 818 CUP, reflecting a 32-peso increase, roughly 3.9%.
European Currency Outpaces Others
Over the last month, the euro has jumped from 763 to 850 CUP, an 87-peso increase representing an approximate 11.4% rise. With this closing figure, the euro remains the most expensive currency on Cuba's informal market, exceeding the dollar by 105 pesos.
Conversely, the MLC is valued at an indicative average of 488 CUP on Monday.
Compared to the previous day's 542 CUP, this marks a 54-peso drop, nearly 10%. It also fell from the 504 CUP recorded a week ago. Over the past month, its peak was 547 CUP, and its lowest was 415 CUP.
Persistent Gap with Official Exchange Rates
U.S. Dollar (USD): 745 CUP. Euro (EUR): 850 CUP. MLC: 488 CUP. The gap between these figures and the official exchange rate set by the Central Bank of Cuba for Segment III remains significant. With the official dollar at 681 CUP and the euro at 776 CUP, the disparity with the informal market currently stands at 64 pesos for the dollar and 74 pesos for the euro.
Monday's closing leaves the dollar just five pesos away from reaching 750 CUP, while both the American and European currencies hit their highest levels in the last month.
Equivalence of U.S. dollar (USD) to Cuban peso (CUP):
- 1 USD = 745 CUP
- 5 USD = 3,725 CUP
- 10 USD = 7,450 CUP
- 20 USD = 14,900 CUP
- 50 USD = 37,250 CUP
- 100 USD = 74,500 CUP
Equivalence of euro (EUR) to Cuban peso (CUP):
- 1 EUR = 850 CUP
- 5 EUR = 4,250 CUP
- 10 EUR = 8,500 CUP
- 20 EUR = 17,000 CUP
- 50 EUR = 42,500 CUP
- 100 EUR = 85,000 CUP
- 200 EUR = 170,000 CUP
Understanding Currency Exchange in Cuba's Informal Market
Why is the U.S. dollar increasing in value on the Cuban informal market?
The rise in the U.S. dollar's value on Cuba's informal market can be attributed to economic instability, high demand for foreign currency, and limited availability of dollars within the official banking system.
How does the gap between the official and informal exchange rates affect Cubans?
The disparity between official and informal exchange rates leads to increased costs for imported goods and creates challenges for Cubans who rely on remittances or need to purchase foreign currency for travel or business.
What factors are influencing the euro's price increase?
The euro's price increase is driven by similar factors as the dollar, including economic uncertainty, high demand, and limited access to foreign currency through official channels.