417 pesos: Incredible increase in exchange rates in Cuba today

How high will the euro's price go in Cuba? According to the representative exchange rates published daily. theTOUCH, the informal foreign exchange market in Cuba began trading on June 24th with a sharp rise in the euro.

The European banknote is currently quoted at 417 CUP, two pesos above the previous day's value. The US dollar, meanwhile, remains at 380 CUP, although it continues its upward trend and is getting closer to the threshold of 400 Cuban pesos.

The dollar exchange rate through Zelle has dropped significantly. Today it's down 20 pesos compared to the previous day, now at 370 pesos. CUP.

This decline suggests a readjustment in the balance between cash transactions and digital transfers.

Possibly in response to the rising cost of the physical dollar. The freely convertible currency (MLC) remains stable at 260 CUPWhile the Canadian dollar rises to 261 CUP and the Mexican peso reaches 19 CUPBoth with an increase of one peso.

This bullish performance of the euro is also supported by international markets, where the European currency maintains a significant advantage over the dollar.

Internationally, today one euro is worth 1.1606 US dollars, while one dollar barely reaches 0.8617 euros. This differential favors the value of the euro in Cuba, where it has been the most expensive currency for months. It now continues to gain ground as a preferred instrument of safekeeping and exchange.

internal causes

The Cuban economic situation remains complex. In addition to persistent inflation and prolonged blackouts in several provinces, there is growing discontent over high international top-up fees. Many consider these surcharges abusive, which has led to a drop in top-ups but also in remittances sent from abroad. This decrease in the supply of foreign currency further fuels pressure on the informal market.

Conversions:

Below are the updated conversions to the Cuban peso (CUP) for major foreign currencies:

Euro (417 CUP):
1 EUR = 417 CUP
10 EUR = 4,170 CUP
20 EUR = 8,340 CUP
30 EUR = 12,510 CUP
50 EUR = 20,850 CUP
100 EUR = 41,700 CUP

US Dollar (380 CUP):

1 USD = 380 CUP
10 USD = 3,800 CUP
20 USD = 7,600 CUP
30 USD = 11,400 CUP
50 USD = 19,000 CUP
100 USD = 38,000 CUP.

Dollar via Zelle (370 CUP):

1 USD = 370 CUP
10 USD = 3,700 CUP
20 USD = 7,400 CUP
30 USD = 11,100 CUP
50 USD = 18,500 CUP
100 USD = 37,000 CUP.

MLC (260 CUP):

1 MLC = 260 CUP
10 MLC = 2,600 CUP
20 MLC = 5,200 CUP
30 MLC = 7,800 CUP
50 MLC = 13,000 CUP
100 MLC = 26,000 CUP.

Canadian dollar (261 CUP)

CAD 1 = 261 CUP
CAD 10 = 2,610 CUP
CAD 20 = 5,220 CUP
CAD 30 = 7,830 CUP
CAD 50 = 13,050 CUP
CAD 100 = 26,100 CUP.

Mexican peso (19 CUP):

1 MXN = 19 CUP
10 MXN = 190 CUP
20 MXN = 380 CUP
30 MXN = 570 CUP
50 MXN = 950 CUP
100 MXN = 1,900 CUP.

With an increasingly strong euro and a rising dollar, the exchange rate landscape in Cuba remains dominated by uncertainty and speculation. Faced with a shortage of foreign currency, operating restrictions, and growing economic tension, Cubans have no alternative. They must wait and see how far the devaluation of the national currency will go.