For the third consecutive day, the price of foreign currencies in Cuba is falling.

The informal exchange market in Cuba continues to show signs of significant instability, as confirmed by this Thursday's average selling values of the reference currencies on the island.

At seven in the morning on this June 13th, the dollar is priced at 360 CUP, which is ten pesos less than the previous day.

The US currency has had three consecutive days of decreases, which have resulted in a drop of 30 pesos in 72 hours.

Today the euro also falls back to 380, ten units less than the highest value it reached in its recent recovery days.

The Freely Convertible Currency (MLC) is the only one that remains unchanged, valued at 300 pesos.

Despite a start of the week marked by a Monday session in which none of the three currencies rose or fell, the last 72 hours have shown strong downward movement.

That decline came after five days of rapid increase in which euros, dollars, and MLC almost recovered values prior to the drop in May.

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 regarding the possible direction of events and the increasing gap in their pockets that this implies.

Exchange rate today 12/06/2024 - 7:10 a.m. in Cuba:

Exchange rate of the USD to CUP according to elTOQUE: 360 CUP.

Euro (EUR) exchange rate to CUP according to elTOQUE: 380 CUP.

Exchange rate of MLC to CUP according to elTOQUE: 300 CUP.

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

New chapter in the war against elToque.

The Cuban government continues not to pronounce itself in economic terms regarding the course of the currencies, but it has dedicated a new chapter to the personal war it maintains with the independent media elToque.

In the article titled "Beyond the price of the dollar," published on June 11 in the Granma newspaper, Jorge Enrique Jerez Belisario accused elToque of being "part of the package of a Fourth Generation warfare" that would combine "actions in the media-virtual and real scenarios, to open gaps that foster confrontations and contradictions that undermine the unity of people-Government-Party."

With a dizzying verbiage where the economy does not appear anywhere, Jerez Belisario considers elToque "as part of the unconventional warfare strategy of the United States government against Cuba," a common place for all national misfortunes.

Knowing this, it is too naive to believe in supposed algorithms that they themselves have not been able to clarify, because they have the manifest purpose of intensifying the economic war and then blaming the Cuban Government for inefficiency, that is the disloyal war of elToque. What they are seeking, beyond the alleged price of the dollar, is to destabilize the country and destroy the Revolution," concludes the columnist.

The economy continues to drift in Cuba, but once again what matters most remains the political battle.

Equivalent value 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 for this Wednesday, June 13th.

1 USD = 360 CUP.

5 USD = 1,800 CUP.

10 USD = 3,600 CUP.

20 USD = 7,200 CUP.

50 USD = 18,000 CUP.

100 USD = 36,000 CUP.

Euros (EUR) to Cuban Pesos (CUP)

1 EUR = 380 CUP.

5 EUR = 1,900 CUP.

10 EUR = 3,800 CUP.

20 EUR = 7,600 CUP.

50 EUR = 19,000 CUP.

100 EUR = 38,000 CUP.

In a context of marked government inaction, in recent days, elToque announced that it has reinforced controls to calculate the representative rate due to the growing suspicion of attempts to inflate or plummet values with false announcements.

ElToque alluded to a campaign by “government actors associated with State Security and with propagandistic spokespeople of the Communist Party” who since April have tried to delegitimize that media outlet and the methodology they use to calculate the rate.

Campaign to which -according to reports- "private sector actors have joined, who claim to have the capacity to coordinate to promote the appreciation of the Cuban peso".

ElToque claimed to have "evidence of actions aimed at flooding virtual currency trading spaces with fake offers in order to influence the algorithm they use to calculate the rate."

The independent media outlet says that from the beginning they have been "transparent" and that they are aware of the limitations of their method, limitations that are mainly related to not knowing which of the documented buying and selling ads are actually completed. Nevertheless, they argue that the calculated rate reflects the central movements of the informal market, although they admit 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, they are rather 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.