The three reference currencies in the Cuban informal market are experiencing a halt in their usual fluctuations for the second consecutive day this Monday.
In the last 48 hours, neither dollars nor euros nor the freely convertible currency (MLC) have changed their average selling value.
At 7:00 a.m. (local time) on this July 22, the dollar remains stable at the threshold of 300 pesos, while the euro continues to be valued at 315 CUP.
In the case of the MLC, the virtual currency with which the Cuban government operates stands at 270 CUP for the second day.
In recent days, the three reference currencies have shown a downward trend, although at a slow pace and far from the abrupt drops of 20 and even 30 pesos in a single day recorded in the second half of May and the beginning of June.
In a response that many consider surprising, so far the reaction to the wave of economic measures announced by the Cuban government last week, including the return to cash management of foreign currencies in Cuba, has been a decrease in the informal exchange rates for buying and selling dollars, euros, and MLC.
Exchange rate today 07/22/2024 - 7:10 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 300 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 315 CUP.
Exchange rate of MLC to CUP according to TOQUE: 270 CUP.
The unofficial exchange rate of Cuba offered here is not officially recognized or endorsed by any financial or governmental entity.
Equivalences 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 22.
1 USD: 300 CUP.
5 USD: 1,500 CUP.
10 USD: 3,000 CUP.
20 USD: 6,000 CUP.
50 USD: 15,000 CUP.
100 USD: 30,000 CUP.
Euros (EUR)
1 EUR: 315 CUP.
5 EUR: 1,575 CUP.
10 EUR: 3,150 CUP.
20 EUR: 6,300 CUP.
50 EUR: 15,750 CUP.
100 EUR: 31,500 CUP
200 EUR: 63,000 CUP.
500 EUR: 157,500 CUP.
These rates and equivalents are useful for understanding the relationship between these currencies and the Cuban peso in the current market.
The Cuban government does not plan to establish a new official exchange rate in the short term.
In the midst of desperation over an economy that is sinking at full speed, Prime Minister Manuel Marrero Cruz said last week that they cannot establish a new exchange rate "overnight."
The high-ranking Cuban official argued that a new official exchange rate "would bring about a devaluation of the peso and an undesired impact on inflation, prices, and low wages," as if that weren't already the current reality.
He indicated that there will be a new resizing of the exchange market, but warned that it is complex under the current economic conditions, and said it will be implemented "very gradually and with utmost care."
The regime admitted the failure of the official exchange rate of 1x120 imposed in August 2022 as part of the economic reorganization, but it has yet to find a way to determine a rate that eliminates the informal foreign exchange market.
Manuel Marrero Cruz did not miss the opportunity to reiterate his rejection of what he called the "illegal foreign exchange market," which he said must come to an end.
In an argument he has used on other occasions, he indicated that it is not possible for "from a foreign country and from a computer, to project what the exchange rate should be in the country," this being a veiled reference to the independent media outlet elToque.
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