Dollars and euros once again experienced another significant drop in the average selling value in the informal Cuban market this Tuesday.
At 7 a.m. on this 21st of May (Cuban local time), the dollar is priced at 370 pesos, five pesos less than the previous day.
In the last hours, the selling price of the dollar has fallen for the sixth consecutive day.
The US dollar reached 395 pesos on May 9 and remained at that stable value for a week. However, between the 16th and the 21st of May, it has dropped a total of 25 pesos in just six days.
Regarding the euro, it also drops five pesos and stands at 380 CUP today.
In the case of the European currency, it reached its all-time high on May 10, climbing to 402.5, dropped the next day to 400 (May 11), and remained at that average price until May 18 when it fell to 395.
The Freely Convertible Currency (MLC) remains at 300 today.
Exchange rate today 21/05/2024 - 7:26 a.m. in Cuba:
Exchange rate of the USD to CUP according to elTOQUE: 370 CUP.
Exchange rate of the euro EUR to CUP according to ELTOQUE: 380 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 300 CUP.
Alternative exchange rate from other platforms:
Dollar exchange rate (USD): Buying 362 CUP, Selling 373 CUP.
Euro exchange rate (EUR): Buying 374 CUP, Selling 384 CUP.
Exchange rate of the MLC: Purchase 292 CUP, Sale 299 CUP.
The informal exchange rate of Cuba offered here is not officially recognized or endorsed by any financial or governmental entity.
Why has the informal selling price of currencies in Cuba plummeted in recent days?
The Cuban economist Emilio Morales stated in an interview with CiberCuba on Monday that it is "impossible" for the Cuban peso to have revalued on its own, gaining ground against the dollar, as has happened in recent days. He attributed the drop in the informal exchange rate of currencies to maneuvers by cyberforces from the UCI (University of Computer Sciences) on the island.
According to Emilio Morales, the only news that can alone revalue the currency is "the fall of the government", because this would finally open hope for a change in the system.
Morales also ruled out that the drop in the price of dollars, euros, and MLC in Cuba is due to a supposed injection of foreign currency into the informal market.
"Where are they going to get the foreign currency from if they have power outages every day because they don't have enough to buy oil? It would have to be a multimillion-dollar injection, and they don't have it," he questioned.
When asked if there could be any mechanism other than the intervention of clownfish to control inflation this week, the economist responded emphatically.
That's a lie. Cuba does not produce. Where is the productive support for that to happen? It will probably get back on track and exceed the barrier of 400 pesos," he asserted.
Emilio Morales also rejected the claim that ElToque is responsible for the inflation the country is experiencing by publishing the evolution of the currency in the informal market, as the government has repeatedly insisted.
Below are the equivalences of each available euro and US dollar bill to Cuban pesos (CUP), according to the exchange rates of this Tuesday, May 21.
United States Dollar (USD) to Cuban Peso (CUP):
1 USD = 370 CUP
5 USD = 1850 CUP
10 USD = 3700 CUP
20 USD = 7400 CUP
50 USD = 18500 CUP
100 USD = 37000 CUP
Euro (EUR) to Cuban Peso (CUP):
5 EUR = 1900 CUP
10 EUR = 3800 CUP
20 EUR = 7600 CUP
50 EUR = 19000 CUP
100 EUR = 38000 CUP
200 EUR = 76,000 CUP.
500 EUR = 190000 CUP
This information can be useful for calculating the cost in Cuban pesos of any amount of dollars or euros. These conversions are based on the provided rates of 370 CUP for each dollar and 380 CUP for each euro.
In recent days, the average sale of the three reference currencies in the informal Cuban market showed signs of slowing down, and in the last hours, the path they have taken is one of abrupt retreat.
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, something that has not ended up happening.
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