At dawn this Tuesday, dollars and euros continue their upward trend in the informal Cuban market. At 8:00 a.m. (local time), the U.S. dollar is being sold on average at 227 CUP, two pesos more compared to its value the previous day.
Even stronger is the rise of the euro, the European currency reaches 335 CUP, marking a sharp increase of ten units, distancing it from the dollar. This Tuesday, the freely convertible currency (MLC) remains at 250 CUP, maintaining a significant difference compared to other currencies, and reflecting the uncertainty looming over the Cuban government's virtual currency, which seems destined to disappear after the “partial dollarization” undertaken by the regime.
Exchange rate today 1/7/2025 - 8:50 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 327 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 335 CUP.
Exchange rate from MLC to CUP according to elTOQUE: 250 CUP.
Evolution of the exchange rate
Factors behind the rise
The volatility in currency prices in Cuba is directly related to several economic and social factors. Among the most recent causes is the opening of a new supermarket in the Cuban capital, exclusively for payments in foreign currencies such as dollars and euros, a development that has marked a milestone in the dollarization process announced by the Cuban regime.
This phenomenon has intensified the demand for hard currency, as an increasing number of basic goods are only available in stores that operate in foreign currency and do not accept MLC, according to various social media reports.
Moreover, the dollarization of the Cuban economy has created uncertainty once again, as a large portion of essential transactions and purchases require foreign currency, leaving the CUP and MLC as marginalized currencies that are losing purchasing power.
The constant rise in exchange rates directly impacts the purchasing power of Cubans, who largely rely on the informal market to access dollars, euros, or MLC, whether to buy food, medicine, or basic supplies.
In the midst of this situation, many families survive thanks to remittances sent from abroad, which have surged in value in CUP these days.
The Cuban economy is facing structural challenges that exacerbate the currency crisis. The combination of inflation, shortages, and the lack of a functional official currency market is leaving citizens in a state of extreme vulnerability.
Equivalences of each available banknote in euros and US dollars to Cuban pesos (CUP)
United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on this January 7: 1 USD: 327 CUP.
5 USD: 1,635 CUP.
10 USD: 3,270 CUP.
20 USD: 6,540 CUP.
50 USD: 16,350 CUP.
100 USD: 32,700 CUP.
Euros (335 CUP per euro):
1 EUR: 335 CUP.
5 EUR: 1,675 CUP.
10 EUR: 3,350 CUP.
20 EUR: 6,700 CUP.
50 EUR: 16,750 CUP.
100 EUR: 33,500 CUP.
Frequently asked questions about the rise in prices of the dollar and euro in the Cuban black market
What is the current exchange rate of the dollar in the Cuban informal market?
The US dollar is quoted at 327 Cuban pesos (CUP) in the informal market in Cuba. This value reflects an upward trend, evidencing the depreciation of the Cuban peso against foreign currencies.
How is the euro being quoted in the Cuban black market?
The euro is quoted at 335 Cuban pesos (CUP) in the informal market, marking a notable difference from the dollar and reflecting a growing demand for the European currency in Cuba.
What factors are driving the increase in exchange rates in Cuba?
The increase in exchange rates in Cuba is influenced by several factors, including inflation, the partial dollarization of the economy, and the opening of stores that only accept foreign currencies. The high demand for foreign currencies to access basic products in these exclusive stores is a key driver behind this rise in prices.
What is the situation of the MLC in the Cuban informal market?
The Freely Convertible Currency (MLC) is currently quoted at 250 Cuban pesos (CUP). This currency shows a notable difference compared to the dollar and the euro, reflecting uncertainty about its future due to partial dollarization and lack of acceptance in the new foreign currency stores.
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