Related videos:
The price of foreign currencies in the Cuban informal market experienced a drop this Sunday, marking an unprecedented record, as the exchange rate for both the US dollar and the euro plummeted by ten points.
The sharp decline of 10 Cuban pesos (CUP) in less than 24 hours confirms a recovery of the value of the Cuban peso, leaving the population in suspense and sparking speculation among experts, who lament the lack of reliable information to analyze the behavior of the informal market in the past two weeks.
The downward trend in the exchange rate of reference currencies has been confirmed. This Sunday, both the dollar and the euro experienced a drop of 10 Cuban pesos, leaving the U.S. dollar at 340 CUP and the euro at 350 CUP.
The previous day and the day before saw declines of five Cuban pesos in both currencies. Since elTOQUE began compiling the informal exchange rate in Cuba based on the median of online buy and sell offers, there has not been such a dramatic drop in the prices of dollars and euros.
The freely convertible currency (MLC) was also affected by this new sharp decline, but it only dropped five points, bringing its value to 285 CUP, according to the rates recorded at 6 AM on May 25 (Cuban local time).
Exchange rate today 05/26/2024 - 6:16 AM in Cuba:
- Exchange rate of the dollarUSD to CUPThe word "según" translates to "according to" in EnglishelTOQUEIt seems that there is no text provided for translation. Please provide the text you would like to have translated into English340 CUP translates to "340 Cuban Pesos" in English
- Euro exchange rateEUR to CUP"According to"elTOQUEIt appears there is no text provided for translation. Please provide the text you would like translated, and I'll be happy to assist you350 CUP
- Exchange rate of theMLC to CUP"According to"elTOQUEIt seems there was no text provided for translation. Please share the text you'd like translated, and I'll be happy to assist you!285 CUP translates to "285 Cuban Pesos."
Alternative exchange rate from other platforms:
- Dollar (USD) exchange rate: Buy 331 CUP, Sell 344 CUP
- Euro (EUR) exchange rate: Buy 346 CUP, Sell 356 CUP
- MLC exchange rate: Buying at 281 CUP, Selling at 289 CUP
The US dollar has dropped 55 pesos over 10 consecutive days of decline. While Cubans celebrate the increase in purchasing power that this brings, many are wondering why consumer goods prices are not also contracting, and they are voicing their concerns over the profitable stagnation of those prices.
If the dramatic drop in the exchange rate at the end of the trading day is confirmed and the current trend solidifies, it would be reasonable for Cuban authorities to make a statement. They have long attributed the increases in foreign currency on the informal market to maneuvers by independent platforms, particularly elTOQUE.
The banking authorities and those responsible for the country's monetary policy have not made any statements in the last 10 days, missing the opportunity to leverage the dynamics of the informal market to revive their unsuccessful proposals for "official exchange rates" and to circulate dollars in quantities that would help align rates and stabilize the price of foreign currencies.
Filed under: