The three main currencies in the Cuban informal market have remained stagnant for the second straight day. Over the past 48 hours, neither the U.S. dollar, the euro, nor the Moneda Libremente Convertible (MLC) have seen changes in their average selling prices. As of 7:00 a.m. local time on July 22, the dollar stands firm at 300 pesos, while the euro is valued at 315 CUP. The MLC, the virtual currency used by the Cuban government, holds steady at 270 CUP for the second consecutive day.
In recent days, these three reference currencies have shown a downward trend, albeit at a slow pace, far from the drastic drops of 20 to 30 pesos in a single day observed in the second half of May and early June. In a reaction that many find surprising, the response to the slew of economic measures announced by the Cuban government last week, including the return to cash management of foreign currencies in Cuba, has been a decrease in the informal values of dollars, euros, and MLC.
Exchange Rates as of July 22, 2024 – 7:10 a.m. in Cuba
Exchange Rate for the U.S. dollar (USD) to Cuban Peso (CUP) according to elTOQUE: 300 CUP.
Exchange Rate for the euro (EUR) to CUP according to elTOQUE: 315 CUP.
Exchange Rate for MLC to CUP according to elTOQUE: 270 CUP.
The informal exchange rates in Cuba provided here are not officially recognized or backed by any financial or governmental entity.
Equivalents of USD and EUR Bills to Cuban Pesos (CUP)
U.S. Dollar (USD) to Cuban Peso (CUP), based on the exchange rates of Monday, July 22:
- 1 USD: 300 CUP
- 5 USD: 1,500 CUP
- 10 USD: 3,000 CUP
- 20 USD: 6,000 CUP
- 50 USD: 15,000 CUP
- 100 USD: 30,000 CUP
Euros (EUR) to Cuban Peso (CUP):
- 1 EUR: 315 CUP
- 5 EUR: 1,575 CUP
- 10 EUR: 3,150 CUP
- 20 EUR: 6,300 CUP
- 50 EUR: 15,750 CUP
- 100 EUR: 31,500 CUP
- 200 EUR: 63,000 CUP
- 500 EUR: 157,500 CUP
These rates and equivalents are useful for understanding the relationship between these currencies and the Cuban peso in the current market.
Government’s Stance on Official Exchange Rate
In the midst of a rapidly deteriorating economy, Prime Minister Manuel Marrero Cruz stated last week that establishing a new official exchange rate “overnight” is not feasible. The high-ranking Cuban official argued that a new official exchange rate “would lead to a peso devaluation and an unwanted impact on inflation, prices, and low wages,” as if that isn’t already the present reality.
He indicated that there will be a new restructuring of the exchange market but warned that it is complex under the current economic conditions and will be implemented “very gradually and with extreme caution.”
The regime acknowledged the failure of the official exchange rate of 1×120 imposed in August 2022 as part of the economic restructuring, but still struggles to find a way to establish a rate that would eliminate the informal foreign exchange market.
Manuel Marrero Cruz did not miss the opportunity to reiterate his opposition to what he called the “illegal foreign exchange market,” which he said must be eradicated. In a veiled reference to the independent media outlet elTOQUE, he argued that it is unacceptable for “a foreign country and a computer to project the exchange rate that should govern in the country.”
FAQs on Cuba’s Informal Currency Market
To help our readers understand the complexities of Cuba’s informal currency market and the government’s recent economic measures, we have compiled some frequently asked questions and answers.
Why have the exchange rates for USD, EUR, and MLC remained stable?
The exchange rates have remained stable due to recent economic measures announced by the Cuban government, including the return to cash management of foreign currencies. This has led to a temporary decrease in the informal values of these currencies.
What is the current exchange rate for USD to Cuban Peso?
As of July 22, 2024, the exchange rate for USD to Cuban Peso is 300 CUP according to elTOQUE.
Will the Cuban government establish a new official exchange rate soon?
Prime Minister Manuel Marrero Cruz has stated that establishing a new official exchange rate “overnight” is not feasible and that any new rate would be implemented gradually and with caution.
