Dollars and euros are registering new declines in their average selling price in the informal Cuban market at dawn this Wednesday.
In the case of the dollar, which on Tuesday experienced movements that led to more than one drop during the day, at seven o'clock in the morning on Wednesday it stands at 370 pesos, ten units less than it was in the afternoon of June 11th.
Yesterday, the euro, which remained unchanged, is also falling today, in this case from 400 to 390, ten pesos less than the previous day.
Only the Freely Convertible Currency (MLC) remains stable at 300 CUP.
Even though the US dollar was just five pesos away from reaching its record high of 395 that it hit at the beginning of May, in the last 48 hours it has dropped by 20 pesos, opening a new chapter of the exchange rate instability that has characterized the past few weeks and raising many unanswered questions about how this story will continue.
Despite a week that started with a flat Monday where none of the three currencies rose or fell, the last 48 hours have seen a strong downward movement, following five days of rapid increase where euros, dollars, and MLC (freely convertible currency) recovered and even surpassed their values prior to the drop in May.
Pure chaos... a roller coaster intensified by the lack of measures by the Cuban government to reverse the crisis.
The volatility of the informal Cuban currency market in recent weeks has once again confirmed the drift of the Cuban economy, as well as the uncertainty of the citizens about the possible course of events and the growing gap in their pockets that this implies.
Exchange rate today 12/06/2024 - 7:10 a.m. in Cuba:
Exchange rate of the USD dollar to CUP according to elTOQUE: 370 CUP.
Exchange rate of the euro EUR to CUP according to ELTOQUE: 390 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 300 CUP.
The informal exchange rate of Cuba offered here is not officially recognized or backed by any financial or governmental entity.
Equivalent values of each available Euro and United States dollar bill to Cuban pesos (CUP)
United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates for this Wednesday, June 12th.
$1 USD: 370 CUP.
$5 USD: 1,850 CUP.
$10 USD: 3,700 CUP.
$20 USD: 7,400 CUP.
$50 USD: 18,500 CUP.
$100 USD: 37,000 CUP.
Euros (EUR) to Cuban Pesos (CUP)
€1 EUR: 370 CUP.
€5 EUR: 1,950 CUP.
€10 EUR: 3,900 CUP.
€20 EUR: 7,800 CUP.
€50 EUR: 19,500 CUP.
€100 EUR: 39,000 CUP.
€200 EUR: 78,000 CUP.
€500 EUR: 195,000 CUP.
Neither the new Minister of Economy nor other authorities on the island have publicly commented, neither on the sharp drop in the price of currencies in the second half of May, nor on the rapid resurgence of buying and selling values.
In that context of marked governmental inaction, in recent days the independent media outlet elToque announced that it has strengthened controls to calculate the representative rate in the face of growing suspicion of attempts to inflate or plummet values with false announcements.
El Toque referenced a campaign by "government actors associated with State Security and with propagandist spokespersons from the Communist Party" who since April have tried to discredit that media outlet and the methodology they use to calculate the rate.
Campaign to which -they pointed out- "private sector actors have joined, who claim to have the ability to coordinate to promote the appreciation of the Cuban peso."
ElToque said to have "evidence of actions aimed at flooding virtual spaces for currency exchange with false offers in order to influence the algorithm" used to calculate the rate.
The independent media outlet states that from the beginning they have been "transparent" and that they are aware of the limitations of their method, limitations that are fundamentally based on not knowing which of the documented buying and selling advertisements actually materialize. However, they argue that the calculated rate reflects the central movements of the informal market, although they admit that "it is a speculative market by nature."
Neither the informal exchange market nor a service that makes it visible are the cause of the problems; instead, they are a reflection of the imbalances and inflation that affect the Cuban economy. The solution lies in the hands of the State and those who govern the country, who are the only ones with institutional capacity to implement economic-fiscal and monetary policy in the form of a macroeconomic stabilization program that includes structural reforms," they concluded.
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