The euro opened this Tuesday for the third consecutive day with a price increase in the informal Cuban market.
The European currency rose to 345 CUP on July 30, five pesos more compared to the previous day, but still far from the 402.5 pesos that on May 10 became the record informal selling price of the euro in Cuba.
At 7:00 a.m. (Cuban local time), the dollar and the freely convertible currency (MLC) show no changes compared to the previous day: the USD remains valued at 335 and the virtual currency used by the Cuban government at 280.
After a prolonged decline that lasted nearly a month, in mid-July the three reference currencies in Cuba marked a new turn in their selling values.
On social media, numerous Cubans linked that reaction to the economic measures announced by the Cuban government this month, including the return to cash payments in foreign currency in some services.
The Cuban Prime Minister, Manuel Marrero Cruz, said a few days ago that they cannot establish a new official exchange rate because it "would bring about a devaluation of the peso and an unwanted impact on inflation, prices, and low wages."
He stated that it is complex to do it under the current conditions of the economy, and he assured that at some point another informal rate will be implemented in a "very gradual and extremely careful" manner.
Exchange rate today 30/07/2024 - 7:17 a.m. in Cuba:
Dollar USD exchange rate to CUP according to elTOQUE: 335 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 345 CUP.
Exchange rate of MLC to CUP according to TOQUE: 280 CUP.
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 this Tuesday, July 30.
1 USD: 335 CUP.
5 USD: 1,675 CUP.
10 USD: 3,350 CUP.
20 USD: 6,700 CUP.
50 USD: 16,750 CUP.
100 USD: 33,500 CUP.
Euros (EUR)
1 EUR: 345 CUP.
5 EUR: 1,725 CUP.
10 EUR: 3,450 CUP.
20 EUR: 6,900 CUP.
50 EUR: 17,250 CUP.
100 EUR: 34,500 CUP.
The regime has acknowledged the failure of the official exchange rate of 1x120 imposed in August 2022 as part of the economic regulation, but has yet to find a way to establish a rate that eliminates the informal currency market.
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