At dawn on Saturday, November 30th, the last day of the month, the exchange rates in Cuba remain the same as the previous day.
Regarding the dollar, it is valued at 328 pesos, which has been its predominant value since November 12th.
In the case of the euro, the European currency is holding steady at 343 CUP this Saturday, a slight decline after remaining at 345 CUP for over 21 days.
Finally, the Free Convertible Currency (MLC) reaffirms its value at 265 pesos, a figure that increased only once over the past month when it briefly rose to 269 for a few hours.
Paralysis of the Cuban informal market
In general, during the month of November, the currency exchange market in Cuba has experienced few changes, as already anticipated by the Cuban Observatory of Currencies and Finance (OMFi).
According to the latest report from the OMFi, the worsening economic crisis in the country has caused a "paralyzing effect" on the buying and selling of currencies in the black market.
"The intensification of the economic crisis in 2024 has had a paralyzing effect on the informal currency market. The reduced volume of tourists, imports, and generally, the decline in economic activity across all sectors has led to a contraction in the supply and demand for foreign exchange," stated Cuban economist Pavel Vidal, who is based in Colombia.
The specialist also predicted that the current stagnation of the informal market will persist in the short term.
Exchange rate today 11/30/2024 - 3:59 p.m. in Cuba:
Exchange rate of the dollar USD to CUP, according to elTOQUE: 328 CUP.
Exchange rate of the euro EUR to CUP, according to TOQUE: 343 CUP.
Exchange rate of MLC to CUP, according to TOQUE: 265 CUP.
The median values for buying and selling published by elToque show some movements in recent hours: the sale of the euro decreases to 343, and for the dollar, both the purchase price drops (to 326 CUP) and the sale price (to 328).
The median of the MLC shows no change.
Equivalencies 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 November 30:
1 USD = 328 CUP.
5 USD = 1,640 CUP.
10 USD = 3,280 CUP.
20 USD = 6,560 CUP.
50 USD = 16,400 CUP.
100 USD = 32,800 CUP.
Euro (EUR):
1 EUR = 343 CUP.
5 EUR = 1,715 CUP.
10 EUR = 3,430 CUP.
20 EUR = 6,860 CUP.
50 EUR = 17,150 CUP.
100 EUR = 34,300 CUP.
Frequently Asked Questions about the Informal Currency Market in Cuba
What is the current situation of the informal currency market in Cuba?
The informal currency market in Cuba has experienced unusual stability during November 2024. The exchange rates for the dollar, euro, and freely convertible currency (MLC) have remained nearly unchanged, reflecting a paralyzing effect stemming from the economic crisis the country is facing.
What factors have influenced the stability of the informal currency market in Cuba?
The worsening economic crisis in Cuba has had a paralyzing effect on the informal currency market. The decline in tourism, imports, and overall economic activity has resulted in a contraction of both the supply and demand for foreign currency.
What is the forecast for the informal currency market in Cuba in the short term?
According to Cuban economist Pavel Vidal, the current stagnation of the informal currency market is expected to persist in the short term. The economic crisis and the lack of significant changes in the supply and demand for foreign currency hinder a quick recovery of the market.
How does the economic situation in Cuba affect the purchasing power of the population?
The economic crisis in Cuba, marked by inflation and a shortage of foreign currency, negatively affects the purchasing power of citizens. High prices in the informal foreign exchange market reflect this situation, limiting the population's ability to buy in the midst of a stagnant economy.
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