The dollar is highly inflated in Cuba, with a skyrocketing price in the informal market, making it increasingly impossible for ordinary Cubans to access freely convertible sources of currency ( MLC), which only accepts this group.
For the third day in a row, the dollar and the euro have increased unprecedentedly in their prices in the informal market, reaching almost 400 Cuban pesos (CUP) per unit.
The US currency rose 2 pesos, reaching 392 CUP on this Wednesday, May 8, and the euro rose 5 pesos at the same time, reaching 400 CUP, according to information from independent media The touch.
The freely convertible currency (MLC), for its part, remains at a stable price of 390 CUP, a price it reached on May 4 and has been maintained since then.
The portal has undertaken the task of monitoring the price of different currencies on the streets of Cuba, among informal sellers who sell the denominations.
Exchange rate on May 8, 2024 in Cuba according to El Toque:
- USD to CUP exchange rate: 392 CUP.
- Euro exchange rate EUR To CUP: 400 CUP.
- Exchange rate from MLC to CUP: 300 CUP.
Other exchange rate from other platforms:
- Dollar exchange rate (USD): Buy 389 CUP, Sell 391 CUP.
- Euro (EUR) exchange rate: Buy 396 CUP, Sell 397 CUP.
- MLC exchange rate: Buy 300 CUP, Sell 300 CUP.
Cuba’s informal exchange rate is not officially recognized or supported by any financial or government agency, however, it is collected on the streets of Cuba, showing the reality of the panorama that the Cubans seeking to buy the currency would have had to.
In that sense, the information can be useful to calculate the cost in Cuban pesos of any amount in dollars or euros, and to give an idea to potential buyers.
The huge increase in the price of foreign currencies has also led to inflation as a result that is suffocating Cubans, where products as basic as oil or eggs are worth 15 days or up to 1 month of work.
While the regime continues not to issue foreign currency in its banks, due to the alleged lack of units, the informal market sets the rates it demand, with the government blaming media outlets like El Toque for “influencing” by spreading prices.
