The US dollar exchange rate remains stable at 409 Cuban pesos (CUP). According to information released by the Central Bank of Cuba on December 26th.
The euro, meanwhile, is currently trading at 481.76 CUP. While the Canadian dollar is at 299.16 CUP and the Russian ruble, for digital transactions only, is valued at 5.25.
Moreover this report covers the exchange rates of the main currencies bought and sold by the Casa de Cambio (CADECA). Also the Metropolitano, Bandec, BPA, and Financiero Internacional banks operating in the Cuban archipelago.
Also this policy of the Cuban Ministry of Economy allows the dollar to float in the official market. In segment III, to adjust the price according to the law of supply and demand. As well as the availability of foreign currency in financial institutions.
Cuba has implemented partial dollarization of its economy in response to the current crisis caused by the drop in tourism. Following the end of the Covid-19 pandemic and the low level of exports of its national products.
Consumers, meanwhile, continue to prefer the sale of US dollars. Sent as remittances from the United States, on the informal market. Where they are quoted at 440 CUP. This allows them to purchase more food in private markets and at micro, small, and medium-sized enterprises (MSMEs).
Large MSMEs also accept US dollars at 440 CUP as payment. But prefer denominations of 20, 50, and 100 CUP. They also accept one, five, and ten dollar bills, but at a rate of 425 CUP.
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