The euro recorded a slight increase in the informal foreign exchange market in Cuba, reaching 343 Cuban pesos (CUP), according to the exchange rate values published this Sunday.
This movement interrupts the stability that the European currency had maintained in recent weeks, when its value had equaled that of the US dollar, which stood at 340 CUP.
Exchange rate in Cuba Sunday, February 9, 2025 - 05:00
Exchange rate of the dollar (USD) to Cuban pesos CUP: 340 CUP
Exchange rate of the euro (EUR) to Cuban pesos CUP: 343 CUP
Exchange Rate Evolution
Exchange rate of (MLC) to Cuban pesos CUP: 240 CUP
The slight increase generates expectations among currency buyers and sellers in the country, who are cautiously observing the evolution of the informal market. Until a few days ago, the euro had remained unchanged for an extended period, reflecting the same exchange rate as the dollar.
This slight increase in the European currency could be linked to various economic and commercial factors, such as the announced opening of 50 new exchange shops, which could be generating greater interest in acquiring these foreign currencies, particularly the euro, used by many Cubans with relatives in Europe.
On the other hand, the Freely Convertible Currency (MLC) remains at 240 CUP, showing no fluctuations in recent days. The stability of this currency suggests that the demand for MLC remains largely unchanged.
The rise of the euro, albeit modest, could signal the beginning of a potential adjustment in Cuba's informal currency market, which may be influenced in the coming weeks by factors such as increased demand for foreign currency and the economic policies implemented on the island.
Frequently asked questions about the informal currency market in Cuba
Why has the euro risen in the informal Cuban market?
The euro has risen in the informal Cuban market due to economic and commercial factors, such as the opening of new stores accepting foreign currency, which has generated greater interest in acquiring foreign coins. The increasing demand for foreign currency from the population, seeking to protect themselves from the devaluation of the Cuban peso and meet basic needs, also contributes to this rise.
What is the current value of the euro and the dollar in the informal market in Cuba?
Currently, the euro is traded at 343 Cuban pesos (CUP) and the dollar at 340 CUP in Cuba's unofficial market. These rates reflect the latest reported values and show a slight difference between the two currencies, which typically have similar values.
What impact does the increase of the euro have on the Cuban economy?
The rise of the euro in the informal Cuban market directly impacts the purchasing power of citizens, increasing the cost of living in an economy already marked by product shortages and inflation. The need to access foreign currency to purchase basic goods and meet daily needs is reflected in the growing economic pressure faced by Cubans.
What is the Freely Convertible Currency (MLC) and how does it behave in the informal market?
The Freely Convertible Currency (MLC) is a virtual currency used in state-run stores for the purchase of products in Cuba. In the informal market, the MLC is currently valued at 240 CUP, without experiencing significant fluctuations recently. However, its relevance has diminished in light of the preference for the dollar and the euro, which are regarded as more stable currencies for transactions.
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