The collapse of the dollar and the remaining currencies in Cuba is consummated.

This Tuesday, the three reference currencies in the informal Cuban market wake up with new price drops.

The dollar suffers another sharp drop of 10 pesos in the average price and falls to 320 pesos per unit, according to the value recorded at 7 in the morning (Cuban local time) on May 28th.

The US dollar has dropped by 30 pesos in just 72 hours. This adds up to a 75-peso decrease in 13 days since its value started to fall on May 16th.

Today the price of the euro also decreases, experiencing a similar drop of 10 units and standing at 340 CUP.

The Freely Convertible Currency (MLC) also depreciates, valued today at 275 CUP, which is five pesos lower compared to the previous day.

Exchange rate today 28/05/2024 - 7:00 a.m. in Cuba:

Exchange rate of the USD to CUP according to elTOQUE: 320 CUP.

Euro (EUR) exchange rate to CUP according to elTOQUE: 340 CUP.

Exchange rate from MLC to CUP according to TOQUE: 275 CUP.

Alternative exchange rate from other platforms:

Dollar exchange rate (USD): Buying 312 CUP, Selling 326 CUP.

Exchange rate of Euro (EUR): Buying 332 CUP, Selling 342 CUP.

Exchange rate for MLC: Buy 278 CUP, Sell 271 CUP.

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

Although many Cubans consider the drop in the informal price of currencies in Cuba positive, they wonder why consumer goods prices are not also decreasing, something they eagerly await.

On the other end, those who are fortunate enough to have access to reference currencies recommend waiting and not selling because they believe that in the long run, the value of the euro, the dollar, and the MLC will rise again.

And what is the Cuban government doing in the meantime? Remain silent.

"EFE has asked the Cuban government for an official statement, but after a week has not received a response," Spanish journalist Juan Palop wrote in a recent article published by that news agency, which shared different stances from Cuban economists regarding the turmoil that the currencies in the island have faced in the last two weeks.

Among ordinary Cubans, skepticism is spreading. For many, who need to buy foreign currency with their meager pesos to get through their daily lives in an increasingly dollarized economy, the exchange rate is a reflection of the collapse of their purchasing power," Palop stated in his analysis.

José Jasán Nieves, editor-in-chief of elToque, once again denied in statements to EFE any political motivation in the shared tax, and considered that the government has used them as a "scapegoat" to avoid facing the responsibility of the regime in the country's crisis or undertaking the necessary reforms.

elToque explained that with an algorithm, without human intervention, it tracks advertisements for currency exchange in forums and social networks and then filters out anomalous and extreme values.

Nieves admitted that the mechanisms for establishing the exchange rate and the theoretical concepts that support it are complex and that "the rate may not be perfect," although he stressed "that it reflects the strong deterioration of the economy."

EFE consulted five other Cuban economists - not specified in the article - and all considered the method to be reliable, although with limitations, one of them being the collection of offer values and not final transactions, or using the median instead of the mode as the rate.

Two economists believed that the indicator does not influence the market, while the other two said that it does affect expectations.

They agreed that the rate covers an informational gap, and the majority emphasized that the depreciation of the peso is explained by the structural problems in the country.

Equivalents of each available euro and US dollar bill to Cuban pesos (CUP)

United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates of this Tuesday, May 28th.

1 USD = 320 CUP.

5 USD = 1,600 CUP.

10 USD = 3,200 CUP.

20 USD = 6,400 CUP.

50 USD = 16,000 CUP.

100 USD = 32,000 CUP.

Euro (EUR) to Cuban Peso (CUP):

1 EUR = 340.

5 EUR = 1,700 CUP.

10 EUR = 3,400 CUP.

20 EUR = 6,800 CUP.

50 EUR = 17,000 CUP.

100 EUR = 34,000 CUP.

200 EUR = 68,000 CUP.

500 EUR = 170,000 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 320 CUP for every dollar and 340 CUP for every euro.