Dollar and euro prices in the unofficial Cuban market this Friday

What has been the behavior of currencies in Cuba in the last few hours?

Current Affairs
CiberCuba Editorial Team

22/11/2024 - 2:53pm (GMT-5) |

This Friday, the currencies have remained unchanged in their average selling values in the Cuban informal market.

Until two in the afternoon on this November 22, the values of dollars, euros, and MLC remain unchanged from recent days.

The US dollar remains valued at 328 pesos, and the euro at 345.

In the case of the Convertible Currency (MLC), after losing four pesos on Tuesday that it had gained on Monday, it remains at 265 CUP today for the third consecutive day, a selling price that it has predominantly maintained in recent months.

The price stability of dollars, euros, and MLC in recent weeks—marked by slight increases or decreases in value—contrasts with the significant fluctuations observed in the first seven months of 2024, which were characterized by sharp spikes and drops in price.

The latest report from the Observatory of Currencies and Finances of Cuba (OMFi) noted thatThe worsening economic crisis in Cuba has had a "paralyzing effect" on the informal exchange of currencies.

"The deepening of the economic crisis in 2024 has had a paralyzing effect on the informal currency market. The reduced number of tourists, imports, and, in general, the decline in economic activity across all sectors has resulted in a contraction of both the supply and demand for foreign currency," stated Cuban economist Pavel Vidal, who also predicts that the current situation will continue in the short term.

Since August, the U.S. dollar has experienced its most significant slowdown since the independent outlet El Toque began its monitoring: the dollar remained at a rate of 320 pesos for 59 days, or nearly two months.

According to the latest calculations by the OMFi, by November 30, the month could close with exchange rates ranging from 319 to 335 CUP for the dollar; between 336 and 351 CUP for the euro; and between 270 and 281 pesos for the MLC, depending on whether a minimum or maximum scenario is considered.