Recession in the fluctuation of currencies in Cuba.

Will this mean a new turn in the turbulent path of foreign currency in Cuba?

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CiberCuba Drafting

16/06/2024 - 7:20 am (GMT-5)

After chaining five days of successive falls, the reference currencies in Cuba wake up this Sunday stable, at the same values they recorded the previous day.

At seven in the morning on June 16th, the European currency remains valued at 360 CUP.

The dollar, on the other hand, remains stable at 350 pesos, and the Freely Convertible Currency (MLC) also remains unchanged, still pegged at 300 pesos.

The last two times in the past few weeks that the three currencies have taken a break, it has been to change the course of their evolution, either to rise or to fall.

So it happened on June 4 and then on the 10th. The first slowdown served as a prelude to new increases and the second, the one on Monday of this same week, as a pause to new falls.

That decrease that started on June 10 came after five days last week of a dizzying increase in which euros, dollars, and MLC almost recovered the values prior to the drop in May.

In any case, the volatility of the informal Cuban currency market confirms time and again the drift of the Cuban economy.

Exchange rate today 16/06/2024 - 7:06 a.m. in Cuba:

Exchange rate of USD to CUP according to elTOQUE: 350 CUP.

Euro exchange rate EUR to CUP according to elTOQUE: 360 CUP.

Exchange rate of MLC to CUP according to elTOQUE: 300 CUP.

The informal exchange rate of Cuba offered here is not officially recognized or endorsed by any financial or governmental entity.

The Cuban government has yet to speak out in economic terms about the direction of currency, but instead has dedicated a new chapter in recent days to the personal battle it maintains with the independent media outlet elToque.

In recent days, the independent media has responded by increasing the explanations about the methodology it uses to calculate the rate.