The average selling values of dollars and euros remained stable in Cuba's informal market, but the Cuban Convertible Currency (MLC) gained momentum, reaching 268 CUP this Wednesday.
The dollar remains pegged at 328 pesos, its predominant value since November 12, while the euro stands at 340 CUP, the price it reached this Monday after experiencing two consecutive days of decline.
Will the "paralyzing" trend of the Cuban informal market change in December?
November was a month with little change in the average sales of the three reference currencies in the informal market, something that was anticipated by the Observatory of Currencies and Finances of Cuba (OMFi).
It remains to be seen whether the approach of Christmas and the New Year will create any additional demand for informal buying and selling on the island.
According to the latest report from the OMFi, the worsening economic crisis in the country has had a "paralyzing effect" on the buying and selling of currencies in the black market.
"Fewer tourists, reduced imports, and a decline in economic activities across all sectors have 'led to a contraction in the supply and demand for foreign currency,' said the Cuban economist based in Colombia, Pavel Vidal."
Exchange rate today 04/12/2024 - 12:15 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 elTOQUE: 340 CUP.
Exchange rate of MLC to CUP: 268 CUP.
Equivalencies of each available euro and US dollar banknote to Cuban pesos (CUP)
United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates as of December 3rd.
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: 340 CUP.
5 EUR: 1,700 CUP.
10 EUR: 3,400 CUP.
20 EUR: 6,800 CUP.
50 EUR: 17,000 CUP.
100 EUR: 34,000 CUP.
Preguntas frecuentes sobre el mercado informal de divisas en Cuba
What is the current exchange rate of the dollar in the Cuban informal market?
The current exchange rate of the dollar in the Cuban informal market is 328 Cuban pesos (CUP). This value has remained stable since November 12, 2024.
How has the price of the euro fluctuated in Cuba's informal market?
The price of the euro in Cuba's informal market has recently seen slight declines. It is currently priced at 340 CUP, down from 345 CUP at the end of November 2024.
What is the Freely Convertible Currency (MLC) and what is its current value in the informal market?
The freely convertible currency (MLC) is a virtual currency used in specific stores in Cuba. In the informal market, its current value is 268 CUP, reflecting an increase from the 265 CUP reported a few days earlier.
What factors have influenced the stability of the informal currency market in Cuba?
The informal currency market in Cuba has experienced stability due to the worsening economic crisis, which has reduced tourism, imports, and overall economic activity. This situation has resulted in a "paralyzing effect" on the supply and demand for foreign currency.
How does the situation in the foreign exchange market affect the purchasing power of Cubans?
The stability of currencies in the informal market, within the context of an economic crisis, negatively impacts the purchasing power of Cubans. Inflation and the scarcity of foreign currency limit the population's buying capacity, forcing them to turn to the informal market to access basic goods and services.
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