The dollar remains on standby in the Cuban informal market, or at least that is what the independent outlet elToque indicates based on an analysis of buying and selling posts on social media.
On December 6th, the US dollar marks 25 days predominantly valued at 328 pesos on the street.
The euro and the Freely Convertible Currency (MLC) also show no changes today: the European currency remains at 340 CUP, while the virtual currency used by the Cuban government stays at 365.
At the moment, no changes are anticipated in December regarding the "paralyzing" trend that economist Pavel Vidal diagnosed a few weeks ago in a report from the Observatory of Coins and Finance of Cuba (OMFi).
The approaching Christmas and New Year festivities have not yet sparked any significant activity in informal buying and selling on the island.
"Fewer tourists, fewer imports, and the decline in economic activities across all sectors have led to a contraction in the supply and demand for foreign currency," stated Pavel Vidal in November.
The median values from the last few hours show some movement, but not in the selling rates of currencies, rather in the buying rates: The median buying rate for the euro rises to 340, while the median buying rate for the dollar falls to 326 CUP.
Exchange rate today 06/12/2024 - 10:30 a.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, according to TOQUE: 265 CUP.
Equivalents 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 December 6th.
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.
Frequently Asked Questions about the Informal Currency Market in Cuba
What is the current exchange rate of the dollar in the informal Cuban market?
The exchange rate of the dollar in the informal Cuban market is 328 Cuban pesos (CUP). This value has remained stable since November 12, 2024, reflecting a lack of movement in the market. The stability of the dollar in this market mirrors the economic crisis facing Cuba, where factors such as the decline in tourism and imports have impacted the supply and demand for foreign currency.
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 experienced slight declines. It is currently quoted at 340 CUP, having dropped from 345 CUP at the end of November 2024. This apparent stability reflects the economic situation in Cuba, where a lack of tourists and low economic activity have reduced transactions in the informal market.
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 365 CUP, remaining stable over the past few weeks. The MLC is essential for accessing certain products on the island, as the Cuban government utilizes it in its commercial operations.
What factors have influenced the stability of the informal currency market in Cuba?
The informal foreign exchange market in Cuba has experienced stability due to the worsening economic crisis. The decline in tourism, imports, and overall economic activity has reduced the supply and demand for foreign currency, creating a "paralyzing effect" in the market. This situation reflects the severity of the economic crisis the country is facing.
How does the foreign exchange market situation 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 shortage of foreign currency limit the population's buying capacity, forcing them to turn to the informal market to access basic products and services. This exacerbates the economic difficulties that people face in their daily lives.
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