On this significant Saturday, as dawn breaks, the Cuban currency scene remains relatively static. The foreign currencies hold their values from the previous day, presenting a snapshot of the economic landscape. The dollar, with a consistent rate since November 12, is valued at 328 pesos. The euro, which reached 343 CUP earlier this week, now stands at the same level on this Saturday. It's a slight setback after being at 345 CUP for over 21 days. The Convertible Currency (MLC) reaffirms its value at 265 pesos, with only a one-day increase in the last month to 269 for a few hours.
Stagnation in the Cuban Informal Market
During November, the currency exchange market in Cuba witnessed few changes, as predicted by the Observatory of Currencies and Finance of Cuba (OMFi). The worsening economic crisis has caused a "paralyzing effect" on the black market. Cuban economist Pavel Vidal, based in Colombia, stated that the decrease in tourists, imports, and overall economic activity has led to a contraction in both the supply and demand for foreign currency. He also forecasted that this stagnation will persist in the short term.Exchange Rate Today - 11/30/2024 - 3:59 AM in Cuba
The exchange rate of the dollar USD to CUP, according to elTOQUE, is 328 CUP. The exchange rate of the euro EUR to CUP, according to elTOQUE, is 343 CUP. The exchange rate of the MLC to CUP, according to elTOQUE, is 265 CUP. The median values for buying and selling published by El Toque have shown some fluctuations. The sale price of the euro has dropped to 343, while the buying price of the dollar (now at 326 CUP) and the selling price (now at 328 CUP) have decreased. The median of the MLC shows no change.Equivalences of Each Available Euro and US Dollar Bill to Cuban Pesos (CUP)
For the United States Dollar (USD), 1 USD is equal to 328 CUP. 5 USD amounts to 1,640 CUP. 10 USD is 3,280 CUP. 20 USD is 6,560 CUP. 50 USD is 16,400 CUP. And 100 USD is 32,800 CUP. For the Euro (EUR), 1 EUR is 343 CUP. 5 EUR is 1,715 CUP. 10 EUR is 3,430 CUP. 20 EUR is 6,860 CUP. 50 EUR is 17,150 CUP. And 100 EUR is 34,300 CUP.Frequently Asked Questions about the Informal Currency Market in Cuba
What is the current situation of the informal currency market in Cuba? During November 2024, it experienced unusual stability. The exchange rates for the dollar, euro, and MLC remained almost unchanged, indicating the paralyzing effect of the economic crisis.What factors have influenced the stability of the informal currency market in Cuba? The worsening economic crisis, with a decline in tourism, imports, and overall economic activity, has led to a contraction in the supply and demand for foreign currency.What is the short-term outlook for the informal currency market in Cuba? According to Cuban economist Pavel Vidal, the current stagnation is expected to continue in the short term due to the economic crisis and the lack of significant changes in the supply and demand for foreign currency.How does the economic situation in Cuba affect the purchasing power of the population? The economic crisis, marked by inflation and a shortage of foreign currency, negatively impacts the purchasing power of citizens. High prices in the informal currency exchange market reflect this, limiting their buying capacity in a stagnant economy.READ MORE