Currency values decline in Cuba: The dollar and euro fall

The currencies continue their downward trend, but at a moderate pace.

Current Affairs
By the Editorial Team of CiberCuba

Wednesday, July 17, 2024 - 07:21

Cargando — Dollar and euro banknotes (Reference image)Photo © Shutterstock

Billetes de dólares y euros (Imagen de referencia) © Shutterstock — Dollar and euro banknotes (Reference image)Photo © Shutterstock

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The price of foreign currencies in the Cuban informal market continues to show a downward trend, as confirmed this Wednesday with a new decline in the value of the dollar and the euro.

At 7:00 a.m. (local time) on July 17, the dollar is valued at 310 CUP. This figure represents a decline of four pesos compared to the previous day.

Even more significant is the decline of the euro, which in the last 24 hours dropped from 330 to 320 CUP.

Only the Moneda Libremente Convertible (MLC) remains unchanged this Wednesday, with its average sale price in the informal market staying at 280 CUP.

Since July 8, when the Cuban government imposed a price cap on six essential goods in high demand through a resolution published in the Official Gazette, foreign currency has maintained a moderate downward trend in the informal market.

In the last nine days, the dollar has decreased from 340 to 310 CUP, while the euro has dropped from 350 to 320 CUP. Both the U.S. and European currencies have seen a decline of 30 pesos within this period.

The fall of the Freely Convertible Currency has been 15 pesos, from 295 to 280 CUP.

For months, the Cuban government has not commented on the fluctuations in currency prices in the informal market, aside from occasional attacks on the independent media outlet elToque for reporting on the movements of the three reference currencies in street trading.