For the second consecutive day, the dollar and the euro wake up with new record sales figures in the Cuban informal market.
The US currency rises three pesos and reaches 390 CUP.
Strong increase also for the euro, which rises to 395 after also rising three pesos, as announced on May 6 by the independent media elToque, which monitors the ups and downs of currencies in street-level trading.
The Freely Convertible Currency (MLC), for its part, This Monday it remains at 390 CUP, a price it reached last Saturday.
He sustained increase in the price of the American and European currency In recent weeks it is predicted that in a few days they will presumably surpass the 400 CUP barrier.
"How long and how far, gentleman?" many ask, but reality indicates that at the moment the currencies do not show serious signs of slowing down their price in the Cuban informal market.
Exchange rate today 05/06/2024 - 7:30 a.m. in Cuba:
Exchange rate from USD to CUP according to elTOQUE: 390 CUP.
Euro exchange rate EUR to CUP according to elTOQUE: 395 CUP.
MLC to CUP exchange rate according to elTOQUE: 300 CUP.
Alternative exchange rate from other platforms:
Dollar (USD) exchange rate: Buy 384 CUP, Sell 387 CUP.
Euro exchange rate (EUR): Buy 391 CUP, Sell 393 CUP.
MLC exchange rate: Buy 297 CUP, Sell 300 CUP.
Below are the equivalents of each available banknote from euros and US dollars to Cuban pesos (CUP) according to the exchange rates of this May 6, 2024:
US Dollar (USD) to Cuban Peso (CUP):
1 USD = 390 CUP
5 USD = 1,950 CUP
10 USD = 3,900 CUP
20 USD = 7,800 CUP
50 USD = 19,500 CUP
100 USD = 39,000 CUP
Euro (EUR) to Cuban Peso (CUP):
1 EUR = 395 CUP
5 EUR = 1,975 CUP
10 EUR = 3,950 CUP
20 EUR = 7,900 CUP
50 EUR = 19,750 CUP
100 EUR = 39,500 CUP
These rates are applied according to the current values of the informal market in Cuba.
Uncontrolled inflation
While the informal price of foreign currency remains without a ceiling in Cuba, inflation also continues uncontrolled, leaving a bleak panorama in which Cubans see how they lose their purchasing power day after day.
In the midst of this scenario, the Cuban regime seems to find itself in a dead end, unable to offer economic solutions to the problem and opting to blame the devaluation of the CUP on elToque.
At the end of January Miguel Diaz-Canel, through his then Minister of Economy and Planning, the defenestrated Alejandro Gil Fernandez, announced that he was prepared to the intervention of the informal foreign exchange market in February.
Although no details of the interventionist plan were offered, the Presidency of Cuba indicated that the government would advance “in the presentation of proposals to resize the exchange market, the intervention of the informal sector and the control of the exchange rate in the country.”
In this sense, they indicated that the actions to be developed included “the determination of the exchange rate and the formation of prices.” However, after the dismissal of Gil Fernández, the issue of intervention in the informal currency market has ghostly appearances in official rhetoric, without taking shape in reality.
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