On Friday, October 9, Cuba's informal currency exchange market witnessed a rise in the value of both the dollar and the euro, compared to the previous day.
By 10:00 a.m. local time, the U.S. dollar climbed to 775 Cuban pesos, while the euro reached 870 pesos.
The Freely Convertible Currency (MLC) showed limited data at this hour, indicating an estimated value of 580 pesos, experiencing a slight drop from the previous day.
Currency Rates Overview
USD to CUP: The U.S. dollar is trading at 775 Cuban pesos (CUP) in the informal market, with buying rates around 770 CUP and selling rates near 780 CUP. This marks a 7.5-peso increase from the previous session, where the average stood at 768 CUP, translating to a 1% rise in a single day.
Weekly, the dollar remains relatively stable, with a minor change from the previous week's 774 CUP, reflecting just a +0.1% variation. Over the past 30 days, there has been an 88.5-peso jump from the 687 CUP recorded in early September, although this might partially reflect methodological adjustments. The highest point in the last 30 days was 785 CUP, with the lowest at 687 CUP.
Euro's Performance
EUR to CUP: The euro opened at 870 Cuban pesos (CUP), with buying and selling rates at 860 CUP and 879 CUP, respectively. Compared to the previous day, the euro increased by 9.5 pesos, or 1.1%. Over the past week, the euro dipped slightly; it was 875 CUP seven days ago, marking a 5.5-peso drop (-0.6%).
Over a 30-day span, the euro saw a 92-peso increase from the 778 CUP a month ago, though this data might also include index adjustments. The highest value in the last 30 days was 885 CUP, while the lowest was 778 CUP. The euro trades 95 pesos higher than the dollar, reinforcing its leading position in Cuba's parallel market.
Freely Convertible Currency (MLC) Trends
On Friday, the MLC's estimated value stood at 580 Cuban pesos (CUP), with buying and selling rates around 498 CUP and 661 CUP, respectively. It's important to note the limited data available during this timeframe, so these figures should be considered cautiously.
Compared to the prior session, the MLC decreased by 5.5 pesos (-0.9%). Weekly, the MLC saw a substantial rise from 504 CUP seven days ago, showing a 76-peso increase (+15.1%). Over 30 days, there was a 118-peso gain from 462 CUP, although this might also reflect methodological adjustments. The highest value in the last 30 days was 603 CUP, with the lowest at 446 CUP.
Disparity Between Official and Informal Rates
The official exchange rate from Cuba's Central Bank (Segment III) remains significantly below the informal market rates, with the dollar at 698 CUP and the euro at 782 CUP. The gap between official and informal rates is 77 pesos for the dollar and 88 pesos for the euro.
In the past month, the official dollar rate increased from 649 to 698 CUP, and the euro rate from 754 to 782 CUP, yet these changes haven't closed the gap with the parallel market.
Currency Equivalence
According to Friday's exchange rates:
- 1 USD = 775 CUP
- 5 USD = 3,875 CUP
- 10 USD = 7,750 CUP
- 20 USD = 15,500 CUP
- 50 USD = 38,750 CUP
- 100 USD = 77,500 CUP
For the euro:
- 1 EUR = 870 CUP
- 5 EUR = 4,350 CUP
- 10 EUR = 8,700 CUP
- 20 EUR = 17,400 CUP
- 50 EUR = 43,500 CUP
- 100 EUR = 87,000 CUP
Methodology
The CiberCuba Exchange Rate is an index of the Cuban informal market created through automated analysis of thousands of currency exchange posts on Telegram and Facebook groups. This calculation excludes atypical offers and spam, weights each operation based on its age, and consolidates a representative value updated several times a day.
Understanding Cuba's Currency Market Dynamics
Why are informal market rates higher than official rates in Cuba?
The informal market rates are higher because they better reflect the scarcity of foreign currency and the high demand within the Cuban economy, which the official rates do not account for.
What impacts the daily fluctuation of the USD and EUR in Cuba's informal market?
Currency fluctuations are influenced by factors such as demand and supply dynamics, economic policies, and external economic conditions affecting Cuba.
How does the Freely Convertible Currency (MLC) operate in Cuba?
The MLC operates as a virtual currency used for transactions in Cuban stores that sell imported goods, and its value is influenced by informal market dynamics and policies.