The Cuban informal market reported a slight decrease this Wednesday in the exchange rate of the US dollar (USD), which had remained stable at 328 CUP over the past month.
The exchange rate was set at 327 CUP, according to data from the elTOQUE platform, while the following quotes were observed for the Euro (EUR): 340 CUP and the freely convertible currency (MLC): 270 CUP.
The decline, although slight, could signal a shift in trends within the informal market, which remains the primary point of reference for the Cuban population amidst the ongoing economic crisis and the existing dual currency system on the island.
The dollar continues to be one of the most sought-after currencies by Cubans due to its use in transactions related to remittances and purchases in MLC stores. However, fluctuations reflect the influence of internal economic factors, such as liquidity in Cuban pesos (CUP) and government restrictions on currency operations.
Exchange rate today 11/12/2024 - 1:52 PM in Cuba:
Dollar exchange rate USD to CUP according to elTOQUE: 327 CUP
Euro EUR to CUP exchange rate according to TOQUE: 340 CUP
Exchange rate of MLC to CUP according to TOQUE: 270 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 for December 9:
1 USD = 327 CUP.
5 USD = 1,635 CUP.
10 USD = 3,270 CUP.
20 USD = 6,540 CUP.
50 USD = 16,380 CUP.
100 USD = 32,700 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 for the dollar in the informal Cuban market is 327 Cuban pesos (CUP). This change reflects a slight decrease, as it was previously 328 CUP. Such fluctuations are common in an unstable economic context like that of Cuba.
How does the value of the euro fluctuate in Cuba's informal market?
The euro is currently trading at 340 CUP in the informal Cuban market. This value has remained relatively stable in recent days, despite some previous declines. The stability of the euro in this market reflects the island's economic conditions and its dependence on external factors such as tourism.
What is the Freely Convertible Currency (MLC) and what is its current value?
The Freely Convertible Currency (MLC) is a virtual currency used in specific stores in Cuba. In the informal market, its current value is 270 CUP. The MLC is particularly important for purchasing certain products in Cuba, as the government utilizes it for its commercial operations.
What factors influence the stability of the informal currency market in Cuba?
The stability of the informal currency market in Cuba is due to the economic crisis the country is facing. Factors such as the decline in tourism, imports, and economic activity have decreased the supply and demand for foreign currency. This situation creates a "paralyzing effect" in the market, reflecting the severity of the Cuban economic crisis.
How does the foreign exchange market impact the purchasing power of Cubans?
The stability of currencies in the informal market 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 for basic goods and services, thereby worsening their daily economic challenges.
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