In recent days, the US dollar has experienced a decline in its value within the informal Cuban market. Although the drop is not significant, it raises questions about whether this will be a new trend in the currency's exchange rate or just a temporary adjustment.
According to the monitoring conducted by the independent platform elToque on foreign currencies on the Island, the dollar reaches a value of 325 Cuban pesos (CUP) this Saturday.
Exchange rate today 12/14/2024 - 12:34 PM in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 325 CUP
Exchange rate of the euro EUR to CUP according to elTOQUE: 340 CUP
Exchange rate of MLC to CUP according to TOQUE: 270 CUP
Meanwhile, the euro (EUR) remains at 340 CUP and the Convertible Currency (MLC) at 270 CUP, maintaining their prices from a few days ago in the informal market.
This is the second time in less than a week that the dollar has shown a slight decrease, after being stable at 328 CUP for the past month.
Last Wednesday, the US dollar was quoted at 327 CUP.
However, the decrease in values does not signify an improvement in the Cuban economy, which remains vulnerable to external factors such as the recovery of tourism after the pandemic and the chronic scarcity of basic goods—elements that complicate sustained stability in the currency market.
In this context, Cubans continue to grapple with currency volatility and its implications for the cost of living, as prices remain high due to inflation.
Frequently Asked Questions about the Informal Currency Market in Cuba
What is the current exchange rate of the dollar in the Cuban informal market?
The exchange rate of the dollar in the informal Cuban market is 325 Cuban pesos (CUP). This value has shown a slight decrease in recent days, leading to uncertainty about whether it marks a new trend or a temporary adjustment.
How has the price of the euro fluctuated in Cuba's informal market?
The euro is currently trading at 340 CUP in the Cuban informal market. This value has remained relatively stable in recent days, despite some previous declines, reflecting the island's economic situation and its dependence on external factors such as tourism.
What is the Freely Convertible Currency (MLC) and what is its current value?
The Libremente Convertible Currency (MLC) is a virtual currency used in specific stores in Cuba. In the informal market, its current value is 270 CUP. The MLC is essential for accessing certain products on the island, as the Cuban government uses it in its commercial operations.
What factors influence the stability of the informal currency market in Cuba?
The stability of the informal currency market in Cuba is a result of the economic crisis the country is experiencing. Factors such as the decline in tourism, imports, and economic activity have reduced the supply and demand for foreign currency. This situation creates a "paralyzing effect" in the market, reflecting the severity of the Cuban economic crisis.
How does the foreign exchange market affect the purchasing power of Cubans?
The stability of currencies in the informal market negatively impacts the purchasing power of Cubans. Inflation and the scarcity of foreign currency limit the population's buying capacity, forcing them to turn to the informal market to access basic goods and services, thereby exacerbating daily economic hardships.
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