USD/CUP Exchange Rate

[El Presidente]

https://www.cubaheadlines.com/articles/282591

The U.S. dollar has started the week with another significant drop, falling by 10 pesos in the informal exchange market in Cuba. As of 7 a.m. local time on May 27, the dollar is valued at 330 CUP. The dollar has plunged by 20 pesos in just 48 hours, accumulating a 65-peso drop in 12 days since it began its decline on May 16.

 

Current Exchange Rates in Cuba (May 27, 2024 - 7:00 a.m.)

According to elTOQUE, the exchange rates are as follows:

• USD to CUP: 330 CUP
• EUR to CUP: 350 CUP
• MLC to CUP: 280 CUP

Alternative platform exchange rates:

• USD: Buy at 326 CUP, Sell at 335 CUP
• EUR: Buy at 335 CUP, Sell at 349 CUP
• MLC: Buy at 280 CUP, Sell at 284 CUP

It's important to note that these informal exchange rates are not officially recognized or backed by any financial or governmental entity.

Currency Conversion Rates

The following are the current conversions for euros and U.S. dollars to Cuban pesos (CUP) as of Monday, May 27:

U.S. Dollar (USD) to Cuban Peso (CUP):

• $1 USD = 330 CUP
• $5 USD = 1,650 CUP
• $10 USD = 3,300 CUP
• $20 USD = 6,600 CUP
• $50 USD = 16,500 CUP
• $100 USD = 33,000 CUP

Euro (EUR) to Cuban Peso (CUP):

• €1 EUR = 350 CUP
• €5 EUR = 1,750 CUP
• €10 EUR = 3,500 CUP
• €20 EUR = 7,000 CUP
• €50 EUR = 17,500 CUP
• €100 EUR = 35,000 CUP
• €200 EUR = 70,000 CUP

[NSXCIGAR]

They're a little behind the curve here. It broke 400 weeks ago. 

[El Presidente]

3 minutes ago, NSXCIGAR said:

They're a little behind the curve here. It broke 400 weeks ago. 

I took it that it has come back 20% from that level in the past 12 days? 

[NSXCIGAR]

4 hours ago, El Presidente said:

I took it that it has come back 20% from that level in the past 12 days? 

It does look like that's the case. It looks like it started to back down from 400 about 10 days ago but bottomed out around 350. Today it looks like about 360.

A solid 10% deflation is quite shocking for the CUP. Very interesting.

Edit: I think I found the answer. Rumor that the official rate was being changed from 125:1 to 375:1 was widely circulating the last 2 wks.

https://havanatimes.org/features/cadeca-denies-its-selling-the-us-dollar-at-375-cuban-pesos/

Of course the government claims the inflation is due to manipulations by El Toque and the capitalist pigs are behind it. 

[JohnnyO]

Dont be surprised if El Toque is the Cuban government. It was 365 when I arrived 5/22, nobody wanted to give you more than 350 that day. It's now at 330. Several ideas are circulating. Western Union is back in but their currency is only MLC and can only be used in the government stores. You can liquidate it into cash at a much lower price on the parallel markets. The Chinese and the Russians are trying to incorporate their currency into the system, thus they will "save the economy". The reality is everyone is now afraid to buy dollars unless they need it short term. The true Jedi-Mind-Trick is those manipulating the currency will make lots of $$$ and the smaller businesses or the MYPIMES that the government wants to get rid of will bankrupt shortly. Gas lines are back in style, even in the MLC gas stations. It's hot as F---, power outages 10am-3pm. It's not so bad until the mosquitos start beating the schpit out of you. Lots of Chinese buying stacks of cigars in Club Havana, TTT Esmeralda 12 count box was $805, more than you can get it online. They say that Diaz Canels wife is under house arrest for some involvement with the Vice Minister of Economy Alejandro Gil that was arrested 3/8/24. AC was out in T3 all around. Nothing but junk cigars in the stores at the airport. But the Dogfish and Cristal on tap was outstanding. John

6 hours ago, NSXCIGAR said:

It does look like that's the case. It looks like it started to back down from 400 about 10 days ago but bottomed out around 350. Today it looks like about 360.

A solid 10% deflation is quite shocking for the CUP. Very interesting.

Edit: I think I found the answer. Rumor that the official rate was being changed from 125:1 to 375:1 was widely circulating the last 2 wks.

https://havanatimes.org/features/cadeca-denies-its-selling-the-us-dollar-at-375-cuban-pesos/

Of course the government claims the inflation is due to manipulations by El Toque and the capitalist pigs are behind it. 

Oh, and they like circulating false information. It keeps the locals busy. John

[VeguerosMAN]

Hmmm, perhaps inflation is going down in Cuba?  

[JohnnyO]

USD heading down at 310:1. At this rate in 31 days it will be 1:1. Who's the winner if you sold your USD for 1 CUP? The guys at the top pulling all the strings. Oh and the power outages have been moved from 5 hours to 8 hours. There must be a correlation there... CUP goes up in value, power consumption goes down. John

[JohnnyO]

300:1 this morning. EL Toque gives an explanation as to why this is happening. Only developed communist minds will understand it. John

[El Presidente]

8 hours ago, JohnnyO said:

300:1 this morning. EL Toque gives an explanation as to why this is happening. Only developed communist minds will understand it. John

 

 

[JohnnyO]

It started at 295:1 this morning. A very strange phenomenon is happening as many don't want dollars knowing that tomorrow it might be worth less. John 

[El Presidente]

No real movement in 10 days. Appears to have stabalised. 

 

[El Presidente]

Exchange Rates as of June 6, 2024 - 7:39 AM in Cuba

Exchange rate for the dollar (USD) to CUP according to elTOQUE: 320 CUP.

Exchange rate for the euro (EUR) to CUP according to elTOQUE: 335 CUP.

Exchange rate for the MLC to CUP according to elTOQUE: 270 CUP.

Alternative exchange rates from other platforms:

Exchange rate for the dollar (USD): Buy 307 CUP, Sell 333 CUP.

Exchange rate for the euro (EUR): Buy 315 CUP, Sell 332 CUP.

Exchange rate for the MLC: Buy 262 CUP, Sell 272 CUP.

The informal exchange rate in Cuba provided here is not officially recognized or backed by any financial or governmental entity.

In an extensive article published on May 21, elToque, an independent media outlet that has been documenting the fluctuations in currency prices in the Cuban informal market since 2019, shared insights on the sharp decline in the value of dollars, euros, and MLC. Economist Pavel Vidal Alejandro pointed out that the announcement of the resumption of remittance services to the island via Western Union (on May 9) and the proximity to a closed value (400 CUP x 1 USD) might have influenced market expectations and sentiment.

The economist noted that a "new balance in consensus and market participant attitudes" had formed. In other words, "an increasing number of people began to consider that currency prices were excessively high and opted to sell before a potential drop," which spiked the supply. Additionally, the outlet mentioned that it's natural for “temporary corrections to occur after an extended bullish period in the market.”

Since 2022, there have been six pronounced and consecutive declines in currency values, sometimes lasting weeks, but they have always recovered. Vidal Alejandro emphasized that the fundamental factors causing internal and external imbalances in the Cuban economy had not changed, and thus the temporary currency decline should not be interpreted as a genuine revaluation of the Cuban peso.

[El Presidente]

After three weeks of a notable drop in the value of reference currencies in the informal market, it took just four days of trend reversal to push the USD, EUR, and freely convertible currency (MLC) back to levels close to their record highs set in May.

On Friday, these currencies saw significant price increases compared to the previous day, with rises ranging from 10 to 30 pesos. By Saturday, the surge was even more pronounced for some currencies, creating a dizzying escalation that leaves workers and pensioners, who earn in Cuban pesos, breathless.

The USD's 30-peso increase from Friday repeated on Saturday, reaching 380 Cuban pesos (CUP), just 15 pesos shy of its all-time high set on May 10.

MLC and Euro Show Significant Gains

The MLC, a currency implemented by the Cuban regime for electronic transactions and generally more stable, also saw a spectacular increase on Saturday. While Friday's rise was 10 pesos, Saturday's jump was 20 pesos, doubling in less than 24 hours and bringing its value to 300 CUP, ten pesos below its record high on May 14.

However, the Euro saw the most dramatic increase, skyrocketing by 45 pesos in a single day and reaching 400 CUP, close to its historical peak of 402.5 CUP also achieved on May 10.

Current Exchange Rates as of 08/06/2024 - 6:49am in Cuba

According to elTOQUE, the exchange rates are as follows:

• USD to CUP: 380 CUP
• EUR to CUP: 400 CUP
• MLC to CUP: 300 CUP

Alternative platform rates:

• USD: Buy at 355 CUP, Sell at 378 CUP
• EUR: Buy at 365 CUP, Sell at 390 CUP
• MLC: Buy at 289 CUP, Sell at 296 CUP

In light of this chaotic scenario, the independent media outlet elTOQUE, which monitors the fluctuations of currency values in the informal market, reported that it has strengthened controls to calculate the representative rate, amid growing suspicions of attempts to inflate or crash values with false announcements.

The independent media pointed to a campaign by “government actors associated with State Security and propagandists of the Communist Party” who, since April, have tried to delegitimize the outlet and its methodology for calculating the rate. They noted that “private sector actors claim they can coordinate to drive the appreciation of the Cuban peso.”

“It seems that the intention is to generate enough noise so that the spaces where the informal currency market has been articulated—as a solution to the Cuban state's inaction on exchange rate policy—cease to be credible and functional,” lamented the media outlet.

Understanding Currency Market Instability in Cuba

In this section, we address common questions surrounding the recent fluctuations in the informal currency market in Cuba.

Why is the value of the Cuban peso declining so rapidly?

The rapid decline in the value of the Cuban peso is attributed to economic mismanagement, lack of foreign investment, and the government's failure to implement effective monetary policies.

[El Presidente]

Exchange rates as of 10:55 a.m. on June 18, 2024, in Cuba:

USD to CUP exchange rate according to elTOQUE: 355 CUP

EUR to CUP exchange rate according to elTOQUE: 365 CUP

MLC to CUP exchange rate according to elTOQUE: 300 CUP

[El Presidente]

Weekly update 

 

Exchange rates as of 06/25/2024 - 6:42am in Cuba:

USD to CUP exchange rate according to elTOQUE: 365 CUP

EUR to CUP exchange rate according to elTOQUE: 375 CUP

MLC to CUP exchange rate according to elTOQUE: 300 CUP

[El Presidente]

The informal exchange rates in Cuba, which are not officially recognized or backed by any financial or governmental entity, are as follows for July 11, 2024, at 7:25 a.m.:

USD to CUP:

• 1 USD: 335 CUP
• 5 USD: 1,675 CUP
• 10 USD: 3,350 CUP
• 20 USD: 6,700 CUP
• 50 USD: 16,750 CUP
• 100 USD: 33,500 CUP

 

EUR to CUP:

• 1 EUR: 350 CUP
• 5 EUR: 1,750 CUP
• 10 EUR: 3,500 CUP
• 20 EUR: 7,000 CUP
• 50 EUR: 17,500 CUP
• 100 EUR: 35,000 CUP
• 200 EUR: 70,000 CUP

[El Presidente]

 

Current Exchange Rates in Cuba

Exchange rate as of 07/19/2024 - 13:10 a.m. in Cuba:

USD to CUP according to elToque: 300 CUP.

EUR to CUP according to elToque: 315 CUP.

MLC to CUP according to elToque: 270 CUP.

 

[Chas.Alpha]

The CUP is getting stronger! Time to invest my life’s savings. 😳