The US dollar and euro are showing no signs of slowing down in Cuba's informal currency market. On Monday, both foreign currencies gained ground against the Cuban peso, closing the day at higher values than they opened with, extending a rising trend that continues to pressure the national currency.
By 8:00 p.m. local time, CiberCuba's exchange rate indicated the US dollar was at 813 Cuban pesos (CUP), while the euro had reached 905 CUP, according to the informal market's benchmark rates.
Both currencies ended the day above their initial quotes, a particularly noteworthy development since the dollar had already hit its highest value in the past 30 days that morning.
Initially, at the start of Monday, the dollar was trading at 812 CUP and the euro at 903 CUP. While the US bill maintained its upward trajectory, the European currency saw a slight decline compared to Sunday.
However, as the day progressed, the scenario shifted.
The dollar gained another peso between its 10:00 a.m. opening and the 8:00 p.m. close, while the euro rebounded, adding two pesos to its starting rate.
In just 12 hours, both currencies rose again against the Cuban peso.
The dollar's progression is particularly notable when compared to Sunday's close of 808 CUP. With the current rate of 813 CUP, the American currency has increased by five pesos in a single day.
On a weekly basis, the dollar has seen a rise of 25 pesos, climbing from 788 CUP a week ago, marking an approximate 3.2% variation.
This trend is even more pronounced over the past month.
Thirty days ago, the dollar's informal reference was around 709 CUP. With its current rate, the difference stands at 104 Cuban pesos.
Regardless, the dollar concluded Monday at a higher level than recorded in the morning, continuing its upward path over the last week.
The euro also showed no mercy to the Cuban peso. Starting Monday at 903 CUP, it ended the day at 905 CUP, regaining its early losses.
This figure marks an increase of two pesos over Sunday's closing value, which was also at 903 CUP. Daily statistical references indicate an approximate variation of 2.5 pesos due to underlying index values.
Over the past week, the euro has surged by 20 pesos, up from 885 CUP seven days ago, equating to an approximate 2.3% increase.
Monthly comparisons also highlight a significant gain: from 805 CUP 30 days ago to the current 905 CUP, a 100 peso difference.
The euro maintains its status as the most expensive of the main informal market references in Cuba, with a 92 peso difference compared to the US dollar.
While both cash currencies advanced, the Freely Convertible Currency (MLC) exhibited a different trend.
Its indicative value closed Monday at 593 CUP, below the 637 CUP it marked earlier in the day.
The reference rates at the close of this Monday, October 19, are as follows:
- US Dollar (USD): 813 CUP
- Euro (EUR): 905 CUP
- MLC: 593 CUP
US Dollar to Cuban Peso Equivalent at Monday's Close:
- 1 USD = 813 CUP
- 5 USD = 4,065 CUP
- 10 USD = 8,130 CUP
- 20 USD = 16,260 CUP
- 50 USD = 40,650 CUP
- 100 USD = 81,300 CUP
Euro to Cuban Peso Equivalent at Monday's Close:
- 1 EUR = 905 CUP
- 5 EUR = 4,525 CUP
- 10 EUR = 9,050 CUP
- 20 EUR = 18,100 CUP
- 50 EUR = 45,250 CUP
- 100 EUR = 90,500 CUP
- 200 EUR = 181,000 CUP
Frequently Asked Questions about Currency Exchange in Cuba
Why are the dollar and euro rising in Cuba's informal market?
The increase in the dollar and euro in Cuba's informal market can be attributed to various economic pressures and limited foreign currency supply, causing these currencies to appreciate against the Cuban peso.
What is the impact of rising foreign currencies on the Cuban economy?
Rising foreign currencies can lead to increased costs for imports, affecting the price of goods and services in Cuba, and placing additional strain on an already struggling economy.
How is the Freely Convertible Currency (MLC) performing compared to the dollar and euro?
The MLC has shown a different trend, with its value decreasing to 593 CUP at the close of the market, diverging from the upward movement of the dollar and euro.