What is happening with foreign currencies in the Cuban informal market?

Foreign currencies keep Cubans on edge on the island.

Current events
CiberCuba Editorial Team

26/09/2024 - 7:48am (GMT-5) |

The cause is not clear, elToque has not commented on it, but the truth is that the exchange rate on the street continues to show signs of stability, a fact that some consider positive and others not so much.

For the third consecutive day this Thursday, after a brief increase that lasted only one day, the dollar is valued at 320 pesos in the informal Cuban market, a price it has maintained since August 3, except for one day.

Those who were excited by the rise to 322 CUP that the US dollar registered on Monday -which broke a streak of 52 days at 320 CUP- were left wanting for the sudden increase to set a trend.

The euro and the Freely Convertible Currency (MLC) also remain unchanged on this September 26: the European currency is valued at 330 and the virtual currency used by the Cuban government is at 270, a price that the MLC has maintained since September 14.

The median of values for today, however, reveals some movements.

Median of buying and selling values of the three reference currencies in the Cuban informal market (elToque)

Exchange rate today 09/26/2024 - 7:55 a.m. in Cuba:

Exchange rate of the USD Dollar to CUP according to elTOQUE: 320 CUP.

Exchange rate of the Euro EUR to CUP according to elTOQUE: 330 CUP.

Exchange rate of MLC to CUP according to TOQUE: 270 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 of this September 26:

1 USD = 320 CUP.

5 USD = 1,600 CUP.

10 USD = 3,200 CUP.

20 USD = 6,400 CUP.

50 USD = 16,000 CUP.

100 USD = 32,000 CUP.

Euros (EUR):

1 EUR: 330 CUP.

5 EUR = 1,650 CUP.

10 EUR = 3,300 CUP.

20 EUR = 6,600 CUP.

50 EUR = 16,500 CUP.

100 EUR = 33,000 CUP.

200 EUR = 66,000 CUP.

500 EUR = 165,000 CUP.

Despite the stability in the informal foreign exchange market over the past two months, prices remain high for the population and indicators of the economic crisis that Cuba is experiencing, where inflation and the scarcity of foreign currency impact the purchasing power of citizens.

The price stability in recent weeks contrasts with the strong changes in the first seven months of 2024, characterized by abrupt fluctuations both in price increases and decreases.