This is the price of dollars, euros, and MLC in Cuba at the beginning of this week

How has the informal market in Cuba started this week?

Current Affairs
CiberCuba Editorial Team

25/11/2024 - 9:54am (GMT-5) |

At dawn on this Monday, November 25, the exchange rates in the Cuban informal market remain unchanged at their average selling prices. Total stagnation.

The dollar remains valued at 328 pesos, a rate it reached on November 12th. The US currency has not increased in value in the Cuban black market for two weeks.

In the case of the euro, it has been fixed at 345 for even longer, since November 4th. This means that the European currency has stayed at the same price for three weeks now.

In the case of the Freely Convertible Currency (MLC), it opens today at 265 CUP.

Last week, the MLC added four pesos on Monday but returned the next day to 265 CUP, a selling price that has predominantly been maintained in recent months.

Exchange rate today 11/25/2024 - 9:52 a.m. in Cuba:

Exchange rate of the USD to CUP according to El TOQUE: 328 CUP.

Exchange rate of the Euro (EUR) to CUP according to elTOQUE: 345 CUP.

Exchange rate of the MLC to CUP according to TOQUE: 265 CUP.

The price stability of dollars, euros, and MLC in recent weeks—characterized by modest increases or decreases in value—contrasts with the dramatic changes seen in the first seven months of 2024, which were marked by sharp fluctuations in both increases and decreases in price.

The latest report from the Cuban Observatory of Currencies and Finances (OMFi) indicated that the worsening economic crisis in Cuba has had a "paralyzing effect" on the informal buying and selling of currencies.

"The deepening of the economic crisis in 2024 has had a paralyzing effect on the informal currency market. The decrease in the volume of tourists, 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 Cuban economist Pavel Vidal, who also predicted that the current stagnation of the informal market would persist in the short term.