In the last few hours, for the second time in a few days, the dollar registered a strong increase of five pesos in informal sales in Cuba, according to what the independent media reported this Tuesday.elToque in itsbowl prepared from the analysis of purchase and sale offers on social networks.
The US currency shot up in a single day from 360 to 365 pesos, which activated ainstability alert in the informal USD exchange market, according to the aforementioned source.
The euro and the Freely Convertible Currency (MLC), for their part, remain at their same values as the previous day:at 370 CUP the European currency and at 290 the MLC
Exchange rate today 04/23/2024 - 8:29 a.m. in Cuba:
Exchange rate from USD to CUP according to elTOQUE: 365 CUP.
Euro exchange rate EUR to CUP according toelTOQUE: 370 CUP.
MLC to CUP exchange rate according toelTOQUE: 290 CUP.
Starting this Tuesday we will share with our readers anotheralternative exchange rate calculated by other platforms.
Alternative exchange rate from other platforms:
Dollar (USD) exchange rate: Buy 362 CUP; sale 363 CUP.
Euro (EUR) exchange rate: buy 371 CUP; sale 370 CUP.
MLC exchange rate: purchase 288 CUP; sale 291 CUP.
Here you have the equivalence of each dollar and euro bill to Cuban pesos (CUP) according to current exchange rates:
US Dollar (USD) to CUP (365 CUP per USD)
- 1 USD: 365 CUP
- 5 USD: 1,825 CUP
- 10 USD: 3,650 CUP
- 20 USD: 7,300 CUP
- 50 USD: 18,250 CUP
- 100 USD: 36,500 CUP
Euro (EUR) and CUP (370 CUP per EUR)
- 5 EUR: 1,850 CUP
- 10 EUR: 3,700 CUP
- 20 EUR: 7,400 CUP
- 50 EUR: 18,500 CUP
- 100 EUR: 37,000 CUP
- 200 EUR: 74,000 CUP
- 500 EUR: 185,000 CUP
These equivalences are useful to calculate the conversion of bills of each currency into Cuban pesos using the exchange rates mentioned.
Whether peso by peso or sudden increases of several units in a single day, the reality is that the price of currencies shows no signs of slowing down. in their sales values in the informal market, which makes the economic outlook in Cuba even more delicate.
ElToque reiterated a few days ago in aarticle published on their websiteThe increase in the value of reference currencies in the informal market is simply the result of the balance between supply and demand.
He also pointed out that the devaluation of the Cuban peso is also due to the fact that Cuban pesos are not required to carry out some daily life operations, including the purchase of gasoline or products in stores that operate in freely convertible currency (MLC).
According to the considerations of several economists, "the only viable alternative is for the Cuban peso to be the only currency used in domestic transactions and for there to be a transparent legal market," warns the aforementioned analysis.
"The exchange rate is a reflection of the uncertainty that the island is experiencing", economist Pavel Vidal concluded in one of the many debates on the subject held among economists based outside the island.
Although the Cuban government is aware of the important problem it has with the informal currency market, it continues without providing solutions orconcrete proposals to determine the exchange rate and apply measures that manage to re-boost the economy.
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