The dollar rises in price in the Cuban informal market this Wednesday for the second consecutive day, reversing what had been its trend for almost a month, during which values of the U.S. currency remained low, with brief periods of stability.
At 7:00 a.m. (local time) on this July 24, the dollar is selling for an average of 310 CUP, which marks an increase of five units compared to the previous day.
The euro and the Freely Convertible Currency (MLC), for their part, maintain their prices from yesterday: the European currency at 315 CUP and the MLC valued at 270.
Until now, the reaction to the wave of economic measures announced by the Cuban government this month, including the return of cash management for foreign currencies in Cuba, had been a decrease in the informal values of the buying and selling of dollars, euros, and MLC.
Exchange rate today 07/24/2024 - 7:10 a.m. in Cuba:
Exchange rate of the USD to CUP according to elTOQUE: 310 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 315 CUP.
Exchange rate from MLC to CUP according to el TOQUE: 270 CUP.
The informal exchange rate of Cuba offered here is not officially recognized or endorsed by any financial or governmental entity.
Equivalencies 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 Wednesday, July 24.
1 USD = 310 CUP.
5 USD = 1,550 CUP.
10 USD = 3,100 CUP.
20 USD = 6,200 CUP.
50 USD = 15,500 CUP.
100 USD = 31,000 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.
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.
The Cuban Prime Minister, Manuel Marrero Cruz, said last week that they cannot establish a new exchange rate "overnight."
The senior official argued that a new official exchange rate "would bring a devaluation of the peso and an undesirable impact on inflation, prices, and low wages."
He indicated that there will be a new resizing of the foreign exchange market at some point, but warned that it is complex to do so under the current economic conditions, and stated that it will be implemented in a "very gradual and careful manner."
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 would eliminate the informal currency market.
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