The exchange rate in the informal currency market in Cuba remains unchanged, despite the economic crisis and the ongoing demand for foreign currency.
On Saturday, November 9, 2024, the US dollar remains valued at 327 Cuban pesos (CUP), while the euro stands at 345 CUP. Meanwhile, the MLC (Freely Convertible Currency), used in state stores for purchasing essential goods, continues at 265 CUP.
Exchange rate today 11/8/2024 - 12:35 p.m. in Cuba:
- Exchange rate of theDollar USD to CUPAccording toelTOQUEIt seems that you haven't provided the text you want me to translate. Please share the text, and I'll be happy to help!327 CUPIt seems you haven't provided any text to translate. Please share the text you'd like me to translate to English.
- Exchange rate of theEuro EUR to CUPAccording toelTOQUESure! Please provide the text you would like me to translate.345 CUPIt seems that there is no text provided for translation. Please provide the text you would like me to translate, and I'll be happy to assist!
- Exchange rate of theMLC to CUP"according to"elTOQUEPlease provide the text you would like me to translate, and I'll be happy to assist you.265 CUPIt seems you've submitted an empty text. Please provide the text you'd like me to translate, and I'll be happy to assist you!
In previous weeks, the dollar was valued around 320 CUP, while the euro ranged between 330 and 340 CUP. These fluctuations reflect the volatility of the informal market, driven by increasing demand and a limited supply of foreign currency.
The stability in the current exchange rate of currencies does not indicate an improvement in the overall economic conditions of the island; rather, it reflects a market that has reached a new threshold of high prices.
This phenomenon is the result of an economy facing a profound crisis, characterized by a lack of liquidity in foreign currency, rampant inflation, and the continued devaluation of the Cuban peso: severe macroeconomic problems that the Cuban regime does not address and remains indifferent to, without any changes, despite the "restructuring of the foreign exchange market" announced by Prime Minister Manuel Marrero Cruz in mid-July.
Cubans continue to face challenges in acquiring foreign currency through official channels, making the informal market the primary means of access and increasing pressure on exchange rates. This situation directly affects the cost of imported goods, driving prices up and further diminishing the purchasing power of the population.
The lack of concrete and effective measures by the authorities to stabilize the foreign exchange market and protect the economy of the population remains a central concern. Meanwhile, citizens are seeking strategies to cope with daily life in an environment of uncertainty and increasing limitations.
The situation continues to demand deep economic reforms that can provide a long-term solution and restore stability to the Cuban peso, ensuring relief for the citizens.
The exchange rate in the informal currency market in Cuba has remained stable since November 5, 2024, when the last significant change occurred. On that date, the US dollar rose to 327 Cuban pesos (CUP), and the euro increased to 345 CUP, values that have held steady until November 9, 2024. Meanwhile, the MLC has remained at 265 CUP.
The recent stability in exchange rates does not indicate an improvement in economic conditions, but rather a temporary equilibrium in the context of a deep crisis and inaction by Miguel Díaz-Canel's government. The shortage of foreign currency and persistent inflation continue to impact the cost of living, as imported goods are becoming increasingly expensive and the Cuban peso is progressively devaluing.
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