The price of foreign currencies in Cuba’s informal market continues its downward trend, confirmed this Wednesday with a new drop in the U.S. dollar and the euro. As of 7:00 a.m. (local time) on July 17th, the dollar is valued at 310 CUP. This represents a decline of four pesos compared to the previous day. Even more significant is the fall in the value of the euro, which has dropped from 330 to 320 CUP in the last 24 hours.
The only currency that remains unchanged this Wednesday is the Freely Convertible Currency (MLC), whose average selling price in the informal market remains at 280 CUP.
For months, the Cuban government has remained silent on the price fluctuations of currencies in the informal market, aside from occasional attacks on the independent outlet elToque for reporting on currency movements.
In recent weeks, the regime has focused on “correcting” what it calls “distortions” in the non-state sector. Since July 8th, when the government imposed a price cap on six high-demand basic products through a resolution published in the Official Gazette, currencies have shown a moderate downward trend in the informal market. Over the past nine days, the dollar has decreased from 340 to 310 CUP, while the euro has fallen from 350 to 320 CUP. Both the U.S. dollar and the euro have experienced a 30-peso drop in nine days. Meanwhile, the decline in the Freely Convertible Currency has been only 15 pesos, from 295 to 280 CUP.
Exchange rates as of 07/17/2024 – 7:00 a.m. in Cuba:
- USD to CUP exchange rate according to elToque: 310 CUP.
- EUR to CUP exchange rate according to elToque: 320 CUP.
- MLC to CUP exchange rate according to elToque: 280 CUP.
The informal exchange rate in Cuba provided here is not officially recognized or backed by any financial or governmental entity. Equivalencies of each available bill of euros and U.S. dollars to Cuban pesos (CUP) are as follows:
U.S. Dollar (USD) to Cuban Peso (CUP), according to the exchange rates of this Wednesday, July 17th:
- 1 USD = 310 CUP.
- 5 USD = 1,550 CUP.
- 10 USD = 3,100 CUP.
- 20 USD = 6,200 CUP.
- 50 USD = 15,500 CUP.
- 100 USD = 31,000 CUP.
Euros (EUR):
- 1 EUR = 320 CUP.
- 5 EUR = 1,600 CUP.
- 10 EUR = 3,200 CUP.
- 20 EUR = 6,400 CUP.
- 50 EUR = 16,000 CUP.
- 100 EUR = 32,000 CUP.
FAQs on Currency Exchange in Cuba
Here are some frequently asked questions and answers about the current state of currency exchange in Cuba, particularly focusing on the informal market and its implications.
Why are the dollar and euro falling in Cuba’s informal market?
The decline is partly due to recent government interventions, including price caps on essential goods, which have affected currency demand and valuation in the informal market.
Is the informal exchange rate officially recognized?
No, the informal exchange rate is not officially recognized or backed by any financial or governmental entity in Cuba.
What are the current exchange rates for USD and EUR in the informal market?
As of July 17th, the exchange rate for USD is 310 CUP, and for EUR, it is 320 CUP.
