One month ago, the relative stability of Cuba’s informal currency market was disrupted, and the prices of foreign currencies have since been experiencing significant changes, sometimes occurring within hours. This is particularly evident with the U.S. dollar (USD), which was valued at 385 Cuban pesos (CUP) on Tuesday morning and dropped by five units to 380 CUP in less than six hours.
The freely convertible currency (MLC) and the euro have maintained the same values following a halt in currency fluctuations observed on Monday, during which none of the three major currencies showed any movement. After five days of rapid increases where the euro, dollar, and MLC nearly regained their values from before the May dip, the informal market is again showing signs of a decline in currency prices.
Today’s Exchange Rates: June 11, 2024 – 12:04 PM in Cuba
Exchange rates according to elTOQUE:
USD to CUP: 380 CUP
EUR to CUP: 400 CUP
MLC to CUP: 300 CUP
Alternative exchange rates from other platforms:
USD: Buy at 343 CUP, Sell at 386 CUP
EUR: Buy at 337 CUP, Sell at 396 CUP
MLC: Buy at 293 CUP, Sell at 303 CUP
Understanding Cuba’s Informal Currency Market
Given the rapid changes in the informal currency market in Cuba, here are some frequently asked questions to help you understand the current situation:
Why is the value of the U.S. dollar fluctuating so rapidly in Cuba?
The informal currency market in Cuba is highly volatile due to economic instability, government policies, and market speculation. These factors can cause sudden and unpredictable changes in currency values.
What is causing the halt in fluctuations for the euro and MLC?
The halt in fluctuations for the euro and MLC may be due to temporary market corrections or interventions aimed at stabilizing these currencies. However, this stability is often short-lived in the informal market.
How reliable are the exchange rates provided by different platforms?
Exchange rates can vary significantly between platforms due to differences in data sources and market influences. It’s essential to check multiple sources to get a comprehensive understanding of the current rates.
