Slight decline in the euro opens a parenthesis in the devaluation of the Cuban peso

The informal currency market in Cuba remains unstable and with signs that predict greater inflation, but this Saturday it stops its scandalous trend of recent days.

11/05/2024 - 9:08am (GMT-5) |

Cargando — Cuban pesos and euros (reference image) Photo © CiberCuba

Pesos cubanos y euros (imagen de referencia) © CiberCuba — Cuban pesos and euros (reference image) Photo © CiberCuba

The slight decrease in the euro detected this Saturday in the informal currency market in Cuba opens a parenthesis in the depreciation of the Cuban peso, but for the moment it does not manage to dispel the population's fears of increased inflation.

If the day before, the currency of the European Union reached a price of 402.5 Cuban pesos (CUP), this Saturday drops two and a half points, and It stands at 400 CUP, reached since last Wednesday.

Regarding the US currency, the preferences expressed by Cubans on social networks and analyzed by the independent media elTOQUE They point to momentary stability that leaves the dollar at 395 CUP the day before.

The freely convertible currency (MLC) does not undergo any changes either, which maintains its value in the informal market of 305 CUP.

Exchange rate today 05/11/2024 - 8:33am in Cuba:

Dollar exchange rate USD a CUP according to elTOQUE: 395 CUP
Euro exchange rate EUR a CUP according to elTOQUE: 400 CUP
Exchange rate of MLC and CUP according to elTOQUE: 305 CUP

Alternative exchange rate from other platforms:

Dollar (USD) exchange rate: Buy 394 CUP, Sell 395 CUP
Euro (EUR) exchange rate: Buy 401 CUP, Sell 403 CUP
MLC exchange rate: Buy 302 CUP, Sell 304 CUP

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

A detailed article published by the aforementioned media details what it describes as "strong turbulence" experienced by the exchange market in Cuba in April.

"April 2024 marked a high point in the devaluation of the Cuban peso," he stated. elTOQUE, which noted that the escalation in informal exchange rates last month represents the largest monthly depreciation of the Cuban peso so far this year.

The government of the “continuity” of Miguel Diaz-Canel It still fails to stop inflation and undertake the necessary reforms to correct economic imbalances and lift millions of Cubans out of the extreme poverty in which they live.

Instead, the Cuban regime seems to find itself in a dead end, unable to offer economic solutions to the problem and choosing to blame the devaluation of the CUP on the independent media.