The collapse of currencies in Cuba's informal market is confirmed.

The informal currency market in Cuba is experiencing a collapse in the price of U.S. and European currencies after several consecutive days of abrupt drops in their value.

This Monday, the US dollar and the euro fell five points compared to the previous day's exchange rate, calculated by the independent outlet elTOQUE based on the analysis of the median of prices published in foreign currency buying and selling ads on social networks and Cuban classified ad sites.

In less than 24 hours, the U.S. dollar fell by five more pesos and is at 375 Cuban pesos (CUP) on Monday. Likewise, the euro experienced a similar fall, with its exchange rate at 385 CUP.

The Freely Convertible Currency (MLC) is the only reference currency that does not undergo changes this Monday and remains at 300 CUP.

Exchange rate today 20/05/2024 - 6:13am in Cuba:

• Dollar exchange rate.USD a CUPaccording toThe TOUCHTranslate the following text to English:375 CUP
• Euro exchange rate.EUR to CUPaccording toelTOQUEI can certainly help with that.385 CUP
• Exchange rate ofMLC to CUPaccording toelTOQUETranslate the following text to English:300 Cuban pesos

Alternative exchange rate from other platforms:

• Dollar exchange rate (USD): Buying 369 CUP, Selling 378 CUP.
• Euro exchange rate (EUR): Buy 376 CUP, Sell 389 CUP
• Exchange rate of the MLC: Purchase 295 CUP, Sale 300 CUP

In recent days, the average sale of the three reference currencies in the Cuban informal market showed signs of stagnation. However, in the last 72 hours, the trend confirms a sharp decline in their quotations.

In an article published by elTOQUE at the beginning of the month, the independent media outlet warned that the models of the Observatory of Currencies and Finances of Cuba (OMFi) anticipated that the trend towards the depreciation of the peso could continue in May.

However, the forecast by the media - accused by the Cuban regime of causing "induced inflation" - has not been fulfilled, and what is observed is a rapid and sudden revaluation of the CUP.

The sudden drop experienced in recent days is catching the attention of economic analysts, who cannot explain this sudden revaluation of the Cuban peso except for a higher supply of foreign currency in the black market.

Waiting for more data to confirm this behavior, many are beginning to suspect a hypothetical and sudden "injection" of foreign currency into the informal Cuban market.

Without improvement in food production, without energy, and in a context of overwhelming blackouts and social discontent, many wonder where the unexpected purchasing power of the peso comes from, which - in a matter of days and without signs of improvement in an economy marked by high inflation - has started to gain ground against the price of foreign currencies in Cuba.