The dollar and the Freely Convertible Currency (MLC) woke up this Monday with a new setback in their average selling value in the Cuban informal market.
At 7:00 a.m. (local time) on this July 8, the US dollar is being sold at 340 CUP, three pesos less compared to the price of the previous day.
According to the current average value of the dollar, 5 USD exchanged would be 1,700 CUP, and 10 USD would be equivalent to 3,500 CUP.
The MLC also drops, in this case by five units. The Freely Convertible Currency falls below the threshold of 300 and is now at 295 CUP.
The euro remains fixed at 350 CUP, the value it reached this weekend.
Exchange rate today 08/07/2024 - 7:00 a.m. in Cuba:
Exchange rate of the USD to CUP according to elTOQUE: 340 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 350 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 295 CUP.
The informal exchange rate of Cuba offered here is not officially recognized or endorsed by any financial or governmental entity.
Equivalent values 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 Monday, July 8th.
1 USD: 340 CUP.
5 USD: 1,700 CUP.
10 USD: 3,400 CUP.
20 USD: 6,800 CUP.
50 USD: 17,000 CUP.
100 USD: 34,000 CUP.
Euros (EUR)
1 EUR: 350 CUP.
5 EUR: 1,750 CUP.
10 EUR: 3,500 CUP.
20 EUR: 7,000 CUP.
50 EUR: 17,500 CUP.
100 EUR: 35,000 CUP.
200 EUR: 70,000 CUP.
The new drop in the value of the dollar and the Freely Convertible Currency takes place in the midst of the conflict between micro, small, and medium-sized enterprises and the government, following the latter's decision to cap the prices of essential products sold in the retail sector. This measure has caused immense discontent in the private sector of the Cuban economy.
According to the previous announcement, the centralized price system will start with chicken, oil, powdered milk, pasta, sausages, and powdered detergent, with the intention of containing the rampant inflation that is squeezing Cubans.
“If they want essential products to keep coming in, this is not the way,” warned an entrepreneur about the decision to cap the prices of six basic products sold by the private sector.
In March, Miguel Díaz-Canel promised a package of economic measures to "correct distortions and reinvigorate the economy." He said that prices would continue to be high, but that "abusive or speculative prices" would not be allowed.
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