Price of the dollar and the euro in the informal 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 exchange rates have remained unchanged in their average selling values in the Cuban informal market.

As of 2 PM on November 22, the values of dollars, euros, and MLC remain unchanged from recent days.

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

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

The price stability of dollars, euros, and MLC in recent weeks—characterized by modest increases or decreases—contrasts sharply with the significant fluctuations observed in the first seven months of 2024, which were marked by abrupt spells of both price increases and declines.

The latest report from the Cuban Observatory of Currency and Finance (OMFi) noted that the worsening economic crisis in Cuba has had a "paralyzing effect" on the informal buying and selling of foreign currency.

"The escalation of the economic crisis in 2024 has had a paralyzing effect on the informal currency market. The lower volume of tourism, imports, and, in general, the decline in economic activity across all sectors has led to a contraction in both the supply and demand for foreign currency," noted the Cuban economist Pavel Vidal, who also predicts that the current situation will persist in the short term.

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

According to the latest calculations from the OMFi, by November 30, the month could end with 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.