Informal foreign exchange market in Cuba in a "miraculous stalemate"

After a week of minor fluctuations and relative stability, the price of currencies in the informal market in Cuba is stable this Saturday in a "miraculous static" compared to the quotes from the previous day.

Nothing has changed in the last 24 hours. If on Friday the Euro added another five Cuban pesos to its selling price, this Saturday it maintains its selling price at 375 Cuban pesos (CUP).

After a Thursday with no changes in the prices of the main reference currencies, the dollar and the freely convertible currency (MLC) remain unchanged and are quoted at 360 and 300 Cuban pesos, respectively.

This "miraculous standstill" is keeping Cubans on edge, who in recent times have been experiencing the volatility of the informal currency market and the inaction of a government unable to bring order to economic and monetary policies, as well as to establish an official exchange rate that would allow citizens to access foreign currencies.

Cycles of increases and decreases in the informal exchange rate occur cyclically, but increasingly pronounced, indicating a growing instability and uncertainty among the "new actors of the economy", the recipients of remittances, and the operators of the black market.

Exchange rate today 06/22/2024 - 10:03am in Cuba:

• Dollar exchange rateUSD to CUPaccording toelTOQUETranslate the following text to English.360 CUP
• Euro exchange rateEUR to CUPaccording totheTOUCHTranslate the following text to English:375 CUP
• Exchange rate ofMLC to CUPaccording totheTOQUETranslate the following text to English:300 CUP

These values provide a quick reference for converting US dollars and euros to Cuban pesos, based on the current informal exchange rate.