The last month of the year begins with a slight movement in the Cuban informal market.
At dawn this Sunday, December 1, the euro takes a step back and decreases its average selling value to 342 CUP, one peso less compared to the previous day.
This slight decline reinforces a downward trend that the European currency initiated this week, after remaining stable at 345 CUP since November 4.
As for the dollar, it remains today at a rate of 328 pesos, which has been its prevailing value since November 12.
Finally, the Freely Convertible Currency (MLC) reaffirms its value at 265 pesos, a value that rose to 269 for just one day last month, remaining elevated for only a few hours.
Will the "paralyzing" trend of the Cuban informal market change in December?
November was a month with few changes in the average exchange rates of the three reference currencies in the informal market, as anticipated by the Observatory of Currencies and Finances of Cuba (OMFi).
It remains to be seen whether the proximity of Christmas and the New Year will create any additional demand in informal buying and selling activities on the island.
According to the latest report from the OMFi, the worsening of the economic crisis in the country has had a "paralyzing effect" on the buying and selling of foreign currency in the black market.
"Fewer tourists, fewer imports, and a decline in economic activity across all sectors have led to a contraction in the supply and demand for foreign currency," stated the Cuban economist based in Colombia, Pavel Vidal.
Exchange rate today 01/12/2024 - 10:49 a.m. in Cuba:
Exchange rate of the USD to CUP, according to elTOQUE: 328 CUP.
Euro EUR to CUP exchange rate, according to elTOQUE: 342 CUP.
Exchange rate from MLC to CUP, according to TOQUE: 265 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 for December 1st.
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 = 342 CUP.
5 EUR = 1,710 CUP.
10 EUR = 3,420 CUP.
20 EUR = 6,840 CUP.
50 EUR = 17,100 CUP.
100 EUR = 34,200 CUP.
Frequently Asked Questions about the Informal Currency Market in Cuba
How has the price of the euro fluctuated in the Cuban informal market recently?
The euro has experienced a decrease in its average selling value, dropping to 342 CUP at the beginning of December, one peso less compared to the previous day. This movement reinforces a downward trend that began earlier this week.
What is the current situation of the dollar and the MLC in the Cuban informal market?
The dollar remains pegged at 328 CUP, while the Freely Convertible Currency (MLC) stands at 265 CUP. These values have shown stability in recent weeks.
What has caused the "paralytic effect" in Cuba's informal currency market?
The paralyzing effect on the informal currency market in Cuba has been caused by the worsening economic crisis, which has reduced tourism, imports, and overall economic activity, leading to a contraction in the supply and demand for foreign currency.
What is expected for the informal currency market in Cuba in the near future?
Experts, such as economist Pavel Vidal, predict that the current stagnation of the informal currency market will persist in the short term, due to the ongoing economic crisis and the absence of significant changes in supply and demand.
How does the foreign exchange market situation influence the Cuban economy?
The stability of currencies in the informal market reflects a stagnant economy, where inflation and the scarcity of foreign currency negatively impact the purchasing power of the Cuban population, limiting their buying capacity.
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