After a week characterized by consecutive declines in the value of the dollar and the euro in the informal Cuban market, the currencies start this Monday calmly, maintaining their values from the previous day for the time being.
The dollar, which recently dropped from 328 to 325, remains at 325 today, the value it reached this Saturday.
At dawn on December 16, the euro remains unchanged at 335 CUP, following a sudden drop of five pesos observed this past Sunday.
In the case of the Freely Convertible Currency (MLC), its average price remains at 270 pesos, a value that has been stable, with slight fluctuations, for several weeks.
The median values of currency trading in recent hours show a general downward trend, particularly for dollars and euros, both in terms of purchasing and selling the currencies.
Although the recent decline in the value of the U.S. and European currencies in the Cuban informal market raised questions about whether it was a temporary adjustment or the beginning of a lasting trend, the start of this week does not provide any new insights into the evolution of currencies in Cuba.
Exchange rate today, 12/16/2024 - 8:34 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 325 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 340 CUP.
Exchange rate of MLC to CUP according to TOQUE: 270 CUP.
Meanwhile, the reality is that Cubans continue to struggle with the inadequacy of their salaries in most cases to cope with the high cost of living in Cuba, a situation that worsens as the year-end celebrations approach and the prices of many food items rise.
Equivalents of each available euro and US dollar bill in Cuban pesos (CUP)
United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates on December 16:
1 USD = 325 CUP.
5 USD = 1,625 CUP.
10 USD = 3,250 CUP.
20 USD = 6,500 CUP.
50 USD = 16,250 CUP.
100 USD = 32,500 CUP.
Euro (EUR):
1 EUR = 325.
5 EUR = 1,675 CUP.
10 EUR = 3,350 CUP.
20 EUR = 6,700 CUP.
50 EUR = 16,750 CUP.
100 EUR = 33,500 CUP.
€200 EUR is equal to 67,000 CUP.
€500 EUR = 167,500 CUP.
Frequently Asked Questions about the Informal Currency Market in Cuba
What is the current exchange rate of the dollar in the Cuban informal market?
The exchange rate of the dollar in the Cuban informal market is 325 Cuban pesos (CUP). This value has shown a slight decrease from the 328 CUP that it held at the beginning of December 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 declined, currently standing at 335 CUP. This downward trend began 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. Currently, its value in the informal market is 270 CUP, reflecting a stability in recent weeks.
What factors have influenced the stability of the informal currency market in Cuba?
The stability of the informal foreign exchange market in Cuba is attributed to the worsening economic crisis, marked by a decline in tourism, imports, and overall economic activity. This has resulted in a contraction in the supply and demand for foreign currencies, creating a "paralyzing effect" in the market.
How does the situation in the foreign exchange market affect 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 restrict the population's buying capacity, forcing them to turn to the informal market to access basic products and services, which exacerbates their daily economic challenges.
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