This Tuesday, two out of the three reference currencies in the informal Cuban market wake up with a drop in the average selling prices.
The dollar falls five pesos and drops from 390 to 385 CUP, according to the values recorded at seven in the morning (local Cuban time) on June 11th.
Even though the US dollar was just five pesos away from equaling its sales record of 395 reached at the beginning of May, the dollar takes a step back in a new chapter of the exchange rate instability that has characterized the last few weeks.
In another section of the "roller coaster" of currencies in Cuba, the Freely Convertible Currency (MLC) also falls back today, in this case from 310 to 300, ten pesos less than the previous day.
The euro does remain stable this Tuesday, valued at 400 CUP.
The new halt in foreign currencies in Cuba takes place after a calm Monday, in which none of the three reference currencies went down or went up, following five days of dizzying increases in which euros, dollars, and MLC recovered and even surpassed their previous values before the drop in May, especially the virtual currency.
Pure chaos...
The volatility of the Cuban informal currency market in recent weeks has once again confirmed the drift of the Cuban economy, as well as the uncertainty of the citizens about the possible course of events and the growing gap in their pockets that this implies.
Exchange rate today 11/06/2024 - 7:10 a.m. in Cuba:
Exchange rate of the USD to CUP according to elTOQUE: 385 CUP.
Exchange rate from the euro EUR to CUP according to ELTOQUE: 400 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 300 CUP.
Alternative exchange rate from other platforms:
Exchange rate of the dollar (USD): Buying 345 CUP, Selling 387 CUP.
Euro exchange rate (EUR): Buy 364 CUP, Sell 398 CUP.
Exchange rate for the MLC: Buy 298 CUP, Sell 304 CUP.
The informal exchange rate of Cuba offered here is not officially recognized or supported by any financial or governmental entity.
Equivalents of each available Euro and US Dollar bill to Cuban Pesos (CUP)
US Dollar (USD) to Cuban Peso (CUP), according to the exchange rates for this Tuesday, June 11.
1 USD: 385 CUP.
5 USD: 1,925 CUP.
10 USD: 3,850 CUP.
20 USD: 7,700 CUP.
50 USD: 19,250 CUP.
100 USD: 38,500 CUP.
Euros (EUR) to Cuban Pesos (CUP)
1 EUR: 400.
5 EUR: 2,000 CUP.
10 EUR: 4,000 CUP.
20 EUR: 8,000 CUP.
50 EUR: 20,000 CUP.
100 EUR: 40,000 CUP.
200 EUR: 80,000 CUP.
500 EUR: 200,000 CUP.
And what is the Cuban government doing in the meantime? Nothing.
Neither the new minister of economy nor other authorities on the island have publicly spoken, neither about the sharp decrease in the price of currencies in the second half of May, nor now about the rapid resurgence of buying and selling values.
Movement has indeed been perceived on social media, where numerous SMEs have started a war against elToque.
In that context, last Friday, the independent media announced that they have strengthened controls to calculate the representative rate due to the growing suspicion of attempts to inflate or plummet values with false announcements.
The independent media outlet referred to a campaign by "government actors associated with State Security and with propaganda spokespeople from the Communist Party" who have been attempting to discredit that media outlet and the methodology they use to calculate the rate since April.
Campaign in which -according to them- "private sector actors have joined, who claim to have the ability to coordinate to boost the appreciation of the Cuban peso."
ElToque said to have "evidence of actions aimed at flooding virtual currency exchange spaces with false offers in order to influence the algorithm" they use to calculate the rate.
The independent media outlet states that from the beginning they have been "transparent" and they are aware of the limitations of their method, limitations that are primarily due to not knowing which of the documented buying and selling advertisements are actually finalized. Nevertheless, they argue that the calculated rate reflects the central movements of the informal market, although they acknowledge that "it is a speculative market by nature."
Neither the informal exchange market nor a service that makes it visible are the cause of the problems; in any case, they are a reflection of the imbalances and inflation affecting the Cuban economy. The solution lies in the hands of the State and those governing the country, who are the only ones with the institutional capacity to implement economic-fiscal and monetary policy in the form of a macroeconomic stabilization program that includes structural reforms," they concluded.
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