After almost a month of successive price drops, the dollar starts this Tuesday with an increase in its value in the Cuban informal market.
At 7:00 a.m. (local time) on this July 23, the dollar was priced at an average of 305 CUP, which represents an increase of five pesos compared to the previous day.
The price of the US dollar had not increased since June 25, when it reached 365 CUP in the informal market, according to reports from the independent media elToque.
Since then, it has only decreased, in a slow but constant course, barely interrupted by some days when it remained stable at a value.
This Tuesday, the euro and the freely convertible currency maintain their prices from yesterday: the European currency at 315 CUP and the MLC priced at 270.
Will the rise of the dollar this Tuesday mark a change in the trend observed over the last month? It is the question that many will ask today.
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 the buying and selling of dollars, euros, and MLC.
Exchange rate today 07/23/2024 - 7:10 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 305 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 315 CUP.
Exchange rate of MLC to CUP according to the TOQUE: 270 CUP.
The informal exchange rate of Cuba offered here is not officially recognized or supported by any financial or government 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 Tuesday, July 23.
1 USD: 305 CUP.
5 USD: 1,525 CUP.
10 USD: 3,050 CUP.
20 USD: 6,100 CUP.
50 USD: 15,250 CUP.
100 USD: 30,500 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.
These rates and equivalencies 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 a rapidly collapsing economy, 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 a devaluation of the peso and an undesired impact on inflation, prices, and low wages.”
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 that it will be implemented "very gradually and with the utmost care."
The regime admitted the failure of the official exchange rate of 1x120 imposed in August 2022 as part of the economic restructuring, but has yet to find a way to establish a rate that eliminates the informal foreign exchange market.
What do you think?
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