The value of the Freely Convertible Currency (MLC) takes a step back and loses, within a few hours, the price increase in the average sale that was announced this Sunday.
At dawn on December 9th, the virtual currency used by the Cuban regime in designated stores has returned to 265 CUP, which is five pesos less than the previous day.
Euros and dollars, for their part, remain at the same values as in recent days until the closure of this note.
The dollar remains on standby in the informal Cuban market. As of December 6, the U.S. currency has been predominantly valued at 328 pesos for 28 days.
In the case of the euro, it remains unchanged today as well: the European currency is still at 340 CUP.
The approaching Christmas and New Year have not yet sparked a notable increase in informal buying and selling activities on the island.
Fewer tourists, less importation, and a decline in economic activities across all sectors."It has led to a contraction in the supply and demand for foreign currency," stated Cuban economist Pavel Vidal in November.
At the moment, no changes in December are predicted regarding the "paralyzing" trend identified by a report from the Observatory of Currencies and Finances of Cuba (OMFi).
Exchange rate today 09/12/2024 - 12:30 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 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 9:
1 USD = 328 CUP.
5 USD = 1,640 CUP.
10 USD = 3,280 CUP.
20 USD equals 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, indicating a lack of movement in the market. The dollar's stability in this market reflects 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 experienced slight declines. It is currently traded at 340 CUP, down from 345 CUP at the end of November 2024. This apparent stability reflects the economic situation in Cuba, where the 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 265 CUP. The MLC is essential for accessing certain products on the island, as the Cuban government uses it in its commercial operations.
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. 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 facing the country.
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 shortage of foreign currency limit the population's buying capacity, forcing them to turn to the informal market to access basic goods and services. This exacerbates the economic difficulties that people face in their daily lives.
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