After five days of complete stability in the average selling prices in the Cuban informal market, one of the currencies saw a significant rise on the morning of this Monday.
The Freely Convertible Currency (MLC) has increased by four pesos compared to its value in recent days, now standing at 269 CUP.
Euros and dollars remain, as of the closing of this note, at their values from the past few days.
The US dollar remains valued at 328 pesos, the euro at 345 CUP, and the euro.
Exchange rate today, November 18, 2024 - 8:30 AM in Cuba:
Exchange rate of the USD to CUP according to elTOQUE: 328 CUP.
Exchange rate of the Euro EUR to CUP according to elTOQUE: 345 CUP.
MLC exchange rate to CUP according to TOQUE: 269 CUP.
This space, apart from the official exchange rates, reflects citizens' perception of the economy and the availability of foreign currency in the country.
The rates in the informal market continue to be significantly higher than the official ones, increasing the economic pressure on Cuban families.
While this period of stability is a relief, experts warn that the informal market remains highly sensitive to external events, such as the arrival of remittances in December or potential announcements regarding changes in the country's economic policy, as often occurs at the end of the year during the sessions of the National Assembly of People's Power.
Equivalencies of each available Euro and US Dollar banknote to Cuban Pesos (CUP)
United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on November 18:
1 USD = 328 CUP.
5 USD = 1,640 CUP.
10 USD = 3,280 CUP.
20 USD = 6,560 CUP.
50 USD = 16,400 CUP.
100 USD = 32,800 CUP.
Euro (EUR):
1 EUR: 345 CUP.
5 EUR = 1.725 CUP.
10 EUR = 3,450 CUP.
20 EUR = 6,900 CUP.
50 EUR = 17,250 CUP.
100 EUR = 34,500 CUP.
The prestigious academic journal Applied Economics, known for endorsing innovative contributions and practical applications in economics globally, recently supported the methodology used by elTOQUE to calculate the exchange rate in Cuba's informal currency market.
The article "Using AI in the Informal Currency Market: Evidence from Cuba" was published in October 2024 and described the innovative application of artificial intelligence and natural language processing (NLP) techniques to calculate the Informal Market Representative Rate (TRMI), as reported by elTOQUE on its website.
This recognition highlighted the work of this outlet, which in recent years has been consistently besieged by the Cuban regime, intent on discrediting its algorithms and analyses on the grounds that they are speculative and do not reflect reality.
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