Cuban peso continues to narrow the gap in the informal currency market.

In the midst of an uncertain economic context and a volatile monetary environment, the Cuban peso continues to recover against benchmark currencies in the informal market.

Faced with the uncertainty and questions raised by economists and the general population about the behavior of this informal foreign exchange market, the Cuban peso continues to narrow the gap with dollars and euros.

This Saturday, both currencies are trading lower again due to the sudden and sharp increase in the value of the national currency (CUP). In less than 24 hours, the US dollar fell five points and placed its trading at 290 CUP.

The spectacular decline experienced by the US currency in recent weeks brings its value back to levels it had before Saturday, February 10, when the dollar reached the historic milestone of 300 CUP.

On the other hand, the euro also dropped five points and is quoted this Saturday at 300 pesos in the informal foreign exchange market. Not wanting to be left behind this time, the freely convertible currency (MLC) also fell five points like the other two currencies, leaving its quotation at 260 CUP.

Exchange rate today 01/06/2024 - 7:19am in Cuba:

• Dollar exchange rateUSD to CUPaccording toelTOQUETranslate the following text to English:290 CUP
• Euro exchange rate.EUR to CUPaccording toelTOQUETranslate the following text to English:300 Cuban pesos
• Exchange rate ofMLC to CUPaccording totheTOUCHTranslate the following text to English:260 CUP

Alternative exchange rate from other platforms:

• Dollar exchange rate (USD): Buy 280 CUP, Sell 293 CUP
• Euro exchange rate (EUR): Buying 291 CUP, Selling 302 CUP
• MLC exchange rate: Buying 258 CUP, Selling 262 CUP

The informal exchange rate of Cuba offered here is not officially recognized or supported 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 do not also decrease, something they eagerly anticipate.

However, sources from CiberCuba on the island and reports on social networks assure that certain MSMEs would have already started to lower some prices.

Meanwhile, those who are fortunate enough to have access to the reference currencies in the country 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.

The Cuban government has not spoken out since mid-May when the price of foreign currencies began to drop in the informal market.