The US dollar and the euro have once again surged on this Friday in Cuba's informal currency market. This day is characterized by fresh hikes in both currencies against the Cuban peso and a continued significant gap from the official exchange rate.
Based on the benchmark values from Cuba's informal market exchange rate, the US dollar has reached 828 Cuban pesos (CUP), whereas the euro stands at 916 CUP. Meanwhile, the Freely Convertible Currency (MLC) is listed at a guideline value of 581 CUP.
The dollar has increased by five pesos from the previous reference of 823 CUP, maintaining the upward trend observed in recent days.
Compared to a week ago, when it was valued at 798 CUP, the US currency has gained 30 Cuban pesos, marking an approximate increase of 3.8%.
This rise places the dollar at its highest value in the past 30 days, according to consulted reference series. However, it has yet to reach an all-time high.
Euro Outpaces Dollar in Informal Market
The euro is trading at 916 CUP this Friday, three pesos above the previous reference of 913 CUP.
Over the last seven days, the euro has jumped from 895 to 916 Cuban pesos, representing an increase of 21 CUP, roughly 2.3%.
With these rates, the euro outpaces the dollar by 88 Cuban pesos, remaining the most expensive of the two foreign currencies in the informal market.
MLC Experiences Significant Drop
The MLC currently shows a guideline value of 581 CUP, a notable drop from the previous reference of 684 CUP.
The informal market exchange rates for this Friday, October 23, at 10:00 a.m., are as follows:
- US Dollar (USD): 828 CUP
- Euro (EUR): 916 CUP
- Freely Convertible Currency (MLC): 581 CUP
The informal exchange rates remain well above the official references set by Segment III of the Central Bank of Cuba's exchange market, which are 738 CUP per dollar and 827 CUP per euro for this day.
The gap between the two references is 90 pesos per dollar and 89 pesos per euro.
Although the official mechanism has recorded upward adjustments in recent weeks, informal quotes continue to show higher values, highlighting the disparity between the various exchange rate references available in the country.
The values are periodically updated and do not represent an official rate nor guarantee that all buy-sell transactions will occur precisely at these prices.
Currency Conversion: USD and EUR to CUP
Conversion of US dollar (USD) bills to Cuban peso (CUP) based on today's exchange rate:
- 1 USD = 828 CUP
- 5 USD = 4,140 CUP
- 10 USD = 8,280 CUP
- 20 USD = 16,560 CUP
- 50 USD = 41,400 CUP
- 100 USD = 82,800 CUP
Conversion of euro (EUR) bills to Cuban peso (CUP) based on today's exchange rate:
- 1 EUR = 916 CUP
- 5 EUR = 4,580 CUP
- 10 EUR = 9,160 CUP
- 20 EUR = 18,320 CUP
- 50 EUR = 45,800 CUP
- 100 EUR = 91,600 CUP
- 200 EUR = 183,200 CUP
Understanding Exchange Rate Fluctuations in Cuba
Why are the informal market rates higher than the official rates?
The informal market rates in Cuba are higher due to the scarcity of foreign currency and the demand exceeding supply, which drives the prices up compared to the official rates.
How often are the exchange rates updated?
Exchange rates in Cuba's informal market are updated periodically, reflecting ongoing changes in supply, demand, and economic conditions.
What factors influence the fluctuation of the US dollar and euro against the Cuban peso?
The fluctuation is influenced by factors such as economic policies, currency availability, inflation, and demand for foreign currency in the market.