Abrupt rise in currency in Cuba's informal market portends greater instability

Bad news in its day for Cuban workers, who see how their family economy is becoming precarious, their savings are disappearing and the hole in their pockets is widening, while the "continuity" government continues to fail to put a stop to inflation.

01/05/2024 - 7:37am (GMT-5) |

Cargando — Dollars and euro (Reference image) Foto © Shutterstock

Dólares y euro (Imagen de referencia) © Shutterstock — Dollars and euro (Reference image) Foto © Shutterstock

The abrupt rise experienced by the dollar and the euro in the informal currency market in Cuba in the last 24 hours portends greater instability in the economic panorama of the Island, while it continues to devalue the national currency and make the family economy of Cubans precarious.

A new jump of five points places the US currency in a worrying price of 380 Cuban pesos (CUP). If the day before the dollar fluctuated in the purchasing preferences expressed by Cubans around 375 CUP, this Wednesday it consolidates at a value that makes your hair stand on end.

Something similar happened with the European currency. If the day before it was quoted in the informal market at 385 CUP, this Wednesday May 1st It stands at 390 Cuban pesos. The MLC remains still at base, contemplating the play.

Bad news in its day for Cuban workers, who see how their family economy is becoming precarious, their savings are disappearing and the hole in their pockets is widening, while the “continuity” government of Miguel Díaz-Canel continues to fail to put a stop to it. to inflation and undertake the necessary reforms that correct economic imbalances and lift millions of Cubans out of the extreme poverty in which they live.

Exchange rate today 05/01/2024 - 6:24am in Cuba:

Exchange rate from USD to CUP according to elTOQUE: 380 CUP
Euro exchange rate EUR to CUP according to elTOQUE: 390 CUP
Exchange rate from MLC to CUP according to elTOQUE: 295 CUP

Alternative exchange rate from other platforms:

Dollar (USD) exchange rate: Buy 376 CUP, Sell 377 CUP
Euro (EUR) exchange rate: Buy 386 CUP, Sell 385 CUP
MLC exchange rate: Buy 293 CUP, Sell 293 CUP

With the updated exchange rates for the Cuban peso (CUP), the costs of each US dollar (USD) and euro (EUR) bill are as follows:

Dollar (USD) to CUP:

$1 USD = 380 CUP
$5 USD = 1900 CUP
$10 USD = 3800 CUP
$20 USD = 7600 CUP
$50 USD = 19000 CUP
$100 USD = 38000 CUP

Euro (EUR) and CUP:

€1 EUR = 390 CUP
€5 EUR = 1950 CUP
€10 EUR = 3900 CUP
€20 EUR = 7800 CUP
€50 EUR = 19500 CUP
€100 EUR = 39000 CUP

These values reflect the amount of Cuban pesos that corresponds to each of the dollar and euro bills in circulation, facilitating monetary transactions and conversions in Cuba. They are reference values and may vary in the informal market, depending on the dynamics of supply and demand.

This situation is an example of how the devaluation of the Cuban peso is progressing, in an inflationary crisis accentuated by its low use for daily transactions, such as the purchase of gasoline or basic necessities.