This is how the price of foreign exchange in Cuba dawns today: informal market and official rates on Saturday

How does the price of currencies in Cuba fare this Saturday in April? Does the euro or the dollar or both increase in the black market? This is how the ruble, the pound sterling, and the euro from the European zone are at the Cuban Central Bank. Details immediately.

The informal currency market in Cuba continues to set the tone for those who need to access foreign currencies due to their scarcity in official channels such as exchange houses or CADECA.

Today, real-time rates, daily monitoring of Touch, show a slight variation compared to previous days, with the euro (EUR) remaining as the most quoted currency against the Cuban peso (CUP).

According to the current black market exchange rate:

• 1 EUR is quoted at 365.00 CUP -> 365.00 Cuban pesos
• 1 USD it is changed by 360.00 CUP
• 1 MLC (Freely Convertible Currency) costs 270.00 CUP -> 270.00 Cuban pesos
• 1 CAD = 1 CAD Canadian dollar is situated at $227.00 CUP

This behavior of the currency price in Cuba reflects the continuous devaluation of the CUP (Cuban pesos) against the main currencies of the black market, fueled by high demand and limited supply in the informal market.

Why is the price of currencies still rising in Cuba today?

Factors such as internal inflation, monetary duality with the MLC, and now dollarization and the shortage of foreign currency in official banks and exchange houses have pushed the population to resort to the black market to meet their needs.

Remittances, tourism, and informal trade are the main drivers of this unregulated system that establishes its own rules. In addition, with the closure of Western Union on the island, remittances are falling. And tourism in Cuba continues to not recover and is heading towards a lost decade. 

There are digital platforms and informal channels that publish unofficial exchange rates daily, such as Toque, despite resistance from official sources. Many Cubans rely on these figures to carry out their daily transactions, from buying food to sending cash transfers, etc.

How are the currency exchange rates at the Central Bank in Cuba today?