The official currency of the European Union is the best positioned in the informal Cuban market if we take into account its current price. Right now the average value of €1.00 is $182.00 CUP. By the way, it has remained at these relatively stable levels in recent days.
The other side of the coin can be seen in the Cuban Exchange Houses (CADECA). In their entities, €1.00 is bought at $124.45608 CUP and sold at $133.34580 CUP. Undoubtedly, the difference between the two markets is notable, the official one and the parallel or informal one as it is usually called.
Meanwhile, the US dollar (USD) shows a purchase price “on the street” of $180.00 CUP. Like the euro, the American currency shows approximate values of this figure during the most recent days.
According to the official exchange rate issued today by the Central Bank of Cuba (BCC), in its entities $1.00 USD is bought at $110.40000 CUP and sold at $123.60000 CUP. Once once more it highlights the difference between what is official and what is real. We cannot forget that in the CADECA only a limited amount of currency is sold per day.
How much is the Freely Convertible Currency quoted?
Today, Friday March 3, the Freely Convertible Currency (MLC) can be purchased in the informal market at $170.00 CUP. The price difference with respect to the euro and the USD is $12.00 CUP and $10.00 CUP respectively. Of course, these figures refer to the price of “the street”.
To have an account in MLC you must request a magnetic card in a Cuban bank and then deposit foreign currency. To achieve this goal you can insert euros, Mexican pesos, British pounds, Swiss francs, Canadian dollars, or Japanese yen.
Automatically, the bank makes the calculation and you will receive the equivalent in US dollars on your card. It all depends on the current rate and the conversion indicated.
