The announcement this Monday of the implementation of a price cap on six high-demand basic products in Cuba has not had an impact on the informal exchange rate of currencies, which remain unchanged in their average sale this Tuesday, as revealed by the independent media outlet elToque.
The dollar, the euro, and the Freely Convertible Currency (MLC) maintain their prices from the previous day.
At 7:00 a.m. (local time) on July 9, the dollar remains priced at 340 pesos, the euro at 350, and the MLC at 295 CUP.
Exchange rate today 09/07/2024 - 7:10 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 backed by any financial or governmental entity.
The Cuban government sets prices for six products.
The Cuban government announced on Monday the implementation of price caps on six basic high-demand products through a resolution published in the Official Gazette of Cuba.
Resolution 225/2024 of the Ministry of Finance and Prices establishes that the products that now have maximum retail prices are as follows: boneless chicken (680 pesos per kg); edible oils except olive oil (990 pesos per liter); powdered milk (1,675 pesos per kg); pasta (835 pesos per kg); sausages (1,045 pesos per kg); and powdered detergent (630 pesos per kg).
The Cuban government presented the resolution as an effort to mitigate the impact of inflation on consumers, for which it eliminated customs duties on the importation of those products by the private sector.
The regime stated that these prices take into account acquisition costs, marketing, traders' profit, and sales tax. However, SMEs and some economists have spoken out against the measure.
Equivalences of each available euro and United States dollar bill to Cuban pesos (CUP).
United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates for this Tuesday, July 9th.
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.
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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