Although Saturday morning hinted at another day of stability for the prices of key foreign currencies, by noon, a drop in the euro exchange rate rattled Cuba’s informal currency market. The price of the U.S. dollar (USD) remained steady this Sunday, similar to previous days, experiencing only minor fluctuations to maintain a relative stability around 360 Cuban pesos (CUP).
The freely convertible currency (MLC), which had also shown stability around 300 CUP for several weeks, held its value from Thursday and is trading at 305 CUP this Sunday.
It is the European currency, the euro, that saw significant movement throughout the day, dropping by five units to trade at 370 CUP in Cuba’s black market.
Current Exchange Rates as of June 29, 2024 – 1:38 PM in Cuba:
USD to CUP exchange rate according to elTOQUE: 360 CUP
EUR to CUP exchange rate according to elTOQUE: 370 CUP
MLC to CUP exchange rate according to elTOQUE: 305 CUP
These exchange rates and conversions are based on the current rates provided by elTOQUE.
Understanding the Fluctuations in Cuba’s Informal Currency Market
This section addresses common questions regarding the recent changes in the exchange rates within Cuba’s informal currency market, particularly focusing on the stability of the USD and the recent drop in the euro.
Why did the euro see a significant drop in the informal market?
The euro’s significant drop is likely due to a combination of supply and demand dynamics within the informal market, as well as external economic factors affecting the currency’s value globally.
How stable is the USD in Cuba’s informal market?
The USD has shown relative stability, maintaining a rate around 360 CUP with only minor fluctuations, indicating a balanced supply and demand in the informal market.
What is the role of MLC in Cuba’s currency exchange?
The MLC, or freely convertible currency, is another key player in the market, with its value remaining fairly stable around 305 CUP, reflecting its importance in daily transactions.
