This Monday, the informal currency market in Cuba does not report any changes in relation to the price reached in the previous session.
At 7:00 a.m. (local time) on July 15th, the US dollar is priced at 320 CUP and the euro at 335 CUP.
The Freely Convertible Currency (MLC) remains valued at 285 pesos on average.
For months, the Cuban government has not commented on the price fluctuations of currencies in the informal market. However, in recent weeks, the regime has focused on "correcting" what it describes as "distortions" in non-state management, something that does affect the informal market.
In recent days, the Council of Ministers approved six decree-laws that update the legal provisions for micro, small and medium-sized businesses (MSMEs), self-employed workers, and private sector enterprises in Cuba.
"Unlike what the enemies of the Revolution say, this is not a crusade against micro, small, and medium-sized enterprises or against non-state management. These are policies approved in the Communist Party Congress," said Manuel Marrero about the new decrees.
Exchange rate today 15/07/2024 - 13:10 a.m. in Cuba:
Exchange rate of the USD to CUP according to elTOQUE: 320 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 335 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 285 CUP.
The unofficial exchange rate for Cuba offered here is not officially recognized or backed by any financial or governmental entity.
Equivalent 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 of this Monday, July 15th.
1 USD = 320 CUP.
5 USD = 1,600 CUP.
10 USD = 3,200 CUP.
20 USD = 6,400 CUP.
50 USD = 16,000 CUP.
100 USD = 32,000 CUP.
Euros (EUR)
1 EUR = 335 CUP.
5 EUR = 1,675 CUP.
10 EUR = 3,350 CUP.
20 EUR = 6,700 CUP.
50 EUR = 16,750 CUP.
100 EUR = 33,500 CUP.
Last week, the Cuban government imposed a price cap on six essential high-demand products through a resolution published in the Official Gazette.
Resolution 225/2024 from the Ministry of Finance and Prices establishes that the capped products are the following: chopped chicken (680 pesos per kg); edible oils except for 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 regime presented the resolution as an effort to mitigate the impact of inflation on consumers, for which it also eliminated the payment of customs duties on the importation of those products by the private sector.
They indicated that this cap takes into account the costs of acquisition, commercialization, merchants' profit, and sales tax. However, small and medium-sized businesses as well as some economists have spoken out against the announcement.
The measure has been mainly criticized by entrepreneurs and economists, who warn about the negative consequences of price caps and suggest that the market should be regulated through supply.
Despite the criticism, the Ministry of Finance and Prices defends what it calls a "temporary regulation," under the argument that it is a measure to contain price increases and inflation, without mentioning the possible shortages that could result from this policy.
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