The drop in foreign currencies in Cuba is halted.

After 19 days of continuous decline in the informal market, the dollar pauses its fall this Tuesday.

Current events
CiberCuba editorial

04/06/2024 - 7:13am (GMT-5)

After completing yesterday, Monday, 19 consecutive days of falls, this Tuesday the price of the dollar does not decrease in the average sale in the informal Cuban market.

At seven in the morning (local time) on this June 4th, the dollar remains pegged at 280 pesos, the same value it reached in the previous session.

The halt also comes for the euro and the Freely Convertible Currency (MLC), which for the second consecutive day remain stable: at 295 pesos for the European currency and at 260 CUP for the MLC.

After an unprecedented decline in which the most notable aspect was the dizzying pace at which currencies fell in the last two weeks, the informal market is showing a slight sign of slowing down the fall today.

The dollar dropped by 115 pesos in 19 days, in some cases falling by 10 to 20 pesos in a single day. The euro experienced a similar downturn, dropping from 402.50 to 295 CUP in just two weeks.

Faced with this scenario, the question that many will ask today is whether the pause on this June 4 marks a turning point and a path to recovery, or if it is just a temporary relief in the midst of the decline.

As a curious fact, it is noted that in the alternative exchange rate of other platforms, the dollar even slightly increases in price today.

According to those sources, the US currency goes from 276 to 279 for buying and from 286 to 288 pesos for selling.

Exchange rate today 04/06/2024 - 7:00 a.m. in Cuba:

Exchange rate of the USD to CUP according to elTOQUE: 280 CUP.

Exchange rate of the euro EUR to CUP according to elTOQUE: 295 CUP.

The exchange rate from MLC to CUP according to elTOQUE is 260 CUP.

Alternative exchange rate from other platforms:

Dollar exchange rate (USD): Buy 279 CUP, Sell 288 CUP.

Exchange rate of the Euro (EUR): Purchase 288 CUP, Sale 298 CUP.

Exchange rate of the MLC: Buying 253 CUP, Selling 259 CUP.

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

Although many Cubans have considered positive the fall in the informal price of currencies in Cuba, most have wondered why the prices of consumer goods have not contracted at the same rate, even though there have been reports of price decreases in some small and medium-sized enterprises.

Meanwhile, those who are lucky enough to have access to the reference currencies in the country have recommended 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. Has that moment arrived?

Throughout this process over the last two weeks, the Cuban government has not officially commented on the issue.