For the third consecutive day this Thursday, the dollar is rising in price in the informal Cuban market, consolidating what seems to be a new streak of increases after having maintained a downward trend for almost a month.
At 7:00 a.m. (local time) on this July 25, the US dollar is trading at an average of 315 CUP in street currency exchanges in Cuba, which represents an increase of five units compared to the previous day.
The euro also wakes up this Thursday, which after remaining at 315 CUP for several days, suddenly rises by 10 pesos and is now at 325 CUP.
Only the Freely Convertible Currency (MLC) remains unchanged, which is still valued at 270 pesos.
On social media, numerous Cubans are linking the shift in the informal market this week to the economic measures announced by the Cuban government this month, including the return to cash payments in foreign currency for some services in Cuba.
The new increases, which are part of the eternal dance of the informal currency market on the island, come after a sustained streak of decline of the three currencies.
Exchange rate today 07/25/2024 - 7:15 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 315 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 325 CUP.
Exchange rate of the MLC to CUP according to elTOQUE: 270 CUP.
The informal exchange rate of Cuba offered here is not officially recognized or backed by any financial or government 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 this Thursday, July 25.
1 USD: 315 CUP.
5 USD: 1,575 CUP.
10 USD: 3,150 CUP.
20 USD: 6,300 CUP.
50 USD: 15,750 CUP.
100 USD: 31,500 CUP.
Euros (EUR)
1 EUR: 325 CUP.
5 EUR: 1,625 CUP.
10 EUR: 3,250 CUP.
20 EUR: 6,500 CUP.
50 EUR: 16,250 CUP.
100 EUR: 32,500 CUP.
These rates and equivalencies are useful for understanding the relationship between these currencies and the Cuban peso in the current market.
There will be no new official exchange rate in Cuba in the short term.
The Cuban prime minister, Manuel Marrero Cruz, said last week that they cannot establish a new exchange rate "overnight." The high-ranking 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."
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 said 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 eliminates the informal currency market.
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