The dollar, the euro, and the freely convertible currency (MLC), reference currencies in Cuba, start the tenth month of the year in the informal market "calmly," maintaining the trend they have followed for nearly two months, only interrupted by slight modifications.
At dawn on this October 1st, the US dollar is valued at 320 CUP, the euro at 335, and the MLC at 270.
The median values published today by elToque, corresponding to the analysis of the last 24 hours, confirm the stagnation of the currencies. Only the purchase of the Convertible Currency decreased in the last few hours from 270 to 265 pesos.
Although in recent weeks elToque has not proposed hypotheses to explain the stability of the currencies, in an article published this Tuesday, the digital media that documents the fluctuations of currencies in Cuba reported that in some stores in freely convertible currency in Cuba, the purchase of products with cash currency is being allowed.
The source revealed that employees of the Cadena de Tiendas Caribe and the Corporación Cimex S. A. reported that some retail establishments are already accepting payments in dollars and euros, while others are preparing to start accepting cash in foreign currency.
Could this be the explanation for the statism of informal currency trading in Cuba?
Exchange rate today 01/10/2024 - 7:25 a.m. in Cuba:
Exchange rate of USD to CUP according to elTOQUE: 320 CUP.
Exchange rate of the Euro EUR to CUP according to elTOQUE: 335 CUP.
Exchange rate of MLC to CUP according to the TOQUE: 270 CUP.
Equivalences of each available euro and US dollar bill to Cuban pesos (CUP)
United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates as of October 1:
1 USD = 320 CUP.
5 USD = 1,600 CUP.
10 USD = 3,200 CUP.
20 USD = 6,400 CUP.
50 USD = 16,000 CUP.
100 USD = 32,000 CUP.
Euros (EUR):
1 EUR = 335 CUP.
5 EUR = 1.675 CUP.
10 EUR = 3,350 CUP.
20 EUR = 6,700 CUP.
50 EUR = 16,750 CUP.
100 EUR = 33,500 CUP.
Despite the stability in the informal currency market since the beginning of August, the prices of basic goods in Cuba continue to be high for the population and are indicators of the economic crisis the country is facing, where inflation and the shortage of foreign currency impact the purchasing power of citizens.
The price stability in recent weeks contrasts with the sharp changes of the first seven months of 2024, which were characterized by abrupt streaks of both price increases and decreases.
What do you think?
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