After 48 hours without changes, the price of reference currencies in the informal market of Cuba increased again on Tuesday, in a move that once more stirs uncertainty among the population.
The volatility of the informal market, combined with the passivity of the Cuban regime -inert in economic and monetary policy- reinforces the feeling of insecurity among entrepreneurs, recipients of remittances, and currency operators in Cuba, for whom the prevailing exchange rate uncontrol is an obstacle.
Since mid-May, when falls began to be recorded in the quotations of the US dollar (USD), the euro, and the freely convertible currency (MLC), the rollercoaster of the black market experienced abrupt drops and steep rises, with brief periods of stability marking the reversal of the trend.
After dawn without changes, at 11 in the morning on this Tuesday, June 18, the US dollar shows an increase of five Cuban pesos (CUP) compared to its price from the previous day, and is quoted at 355 CUP.
The European currency (euro) also saw an increase, exchanging at an average price of 365 CUP, while the MLC continues to be quoted at 300 pesos, the same price it has held since June 11th.
The volatility of the Cuban informal market confirms the drift of the Cuban economy and the incapacity of the "continuity" government to implement an effective monetary policy that establishes a stable official exchange rate for a population whose basic needs find partial relief in stores that accept foreign currency.
Exchange rate today 06/18/2024 - 10:55am in Cuba:
- Exchange rate of the dollarUSD to CUPaccording toelTOQUETranslate the following text to English:355 CUP
- Euro exchange rateEUR to CUPaccording toelTOQUETranslate the following text to English:365 CUP
- Exchange rate ofMLC to CUPaccording toelTOQUETranslate the following text to English:300 CUP
The informal exchange rate of Cuba offered here is not officially recognized or backed by any financial or governmental entity.
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