The informal currency market in Cuba closed this Monday with new declines in the US dollar and the euro, which have accumulated two consecutive days of drops.
The European currency recorded the most significant drop of the day and moved further away from the barrier of 1,000 Cuban pesos.
According to , at 8:00 PM local Cuban time, the dollar was priced at 914 Cuban pesos (CUP), seven less than on Sunday, when it closed at 921 CUP.
The euro finished the day at 975 CUP, down 22 pesos from the 997 CUP of the previous day.
The behavior of both currencies extends the movement recorded during the closing on Sunday, when the dollar lost 12 pesos and the euro fell by 13.
Exchange Rate Evolution
The declines occur after several weeks of rising foreign currency prices against the Cuban peso.
The dollar started Monday at around 920 CUP and ended six pesos below that rate. Despite recent losses, it still remains above the 903 CUP recorded seven days ago, with an approximate weekly gain of 11 pesos.
In the last month, the US dollar has been quoted at up to 940 CUP, while its minimum was around 783 CUP. The monthly comparison shows that, despite the recent decline, the dollar remains significantly more expensive than it was 30 days ago.
The euro also began to decline on Monday morning, with a rate of 988 CUP. By close, it lost another 13 pesos, ending at 975 CUP.
The European currency has accumulated a weekly loss of approximately 11 pesos compared to the 986 CUP from a week ago. However, it remains above its value from a month ago, when it was around 877 CUP.
The euro also maintains a difference of 61 pesos against the dollar, although both currencies have lost ground in the last 48 hours. These movements still do not allow for confirming a sustained change in trend in the informal market.
Meanwhile, the MLC (Freely Convertible Currency) closed at around 691 CUP, eight pesos above the 683 recorded on Sunday.
During the last week, its indicative value increased by 79 pesos from 612 CUP, an approximate rise of 12.9%.
The MLC does not circulate physically like the dollar or the euro. It is used through electronic balances in certain state-run establishments, which means its buying and selling conditions differ from those of cash currencies.
In contrast, the official rate of the Central Bank of Cuba for Segment III remains this Monday at 800 CUP per dollar and 892.04 CUP per euro, below the values of the informal market.
The difference reaches 114 pesos in the case of the dollar and approximately 83 pesos in the case of the euro, reflecting the gap between official exchange rates and the buying and selling offers of currencies outside the banking system.
Equivalence of United States Dollar (USD) bills to Cuban Peso (CUP), according to the exchange rates from this Monday
- 1 USD = 914 CUP
- 5 USD = 4,570 CUP
- 10 USD = 9,140 CUP
- 20 USD = 18,280 CUP
- 50 USD = 45,700 CUP
- 100 USD = 91,400 CUP
Equivalence of Euro (EUR) to Cuban Peso (CUP), according to the exchange rates on this Monday
- 1 EUR = 975 CUP
- 5 EUR = 4.875 CUP
- 10 EUR = 9,750 CUP
- 20 EUR = 19,500 CUP
- 50 EUR = 48,750 CUP
- 100 EUR = 97,500 CUP
- 200 EUR = 195,000 CUP
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