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U.S. Dollar Gains Momentum in Cuban Exchange Rates

Sunday, November 3, 2024 by James Rodriguez

U.S. Dollar Gains Momentum in Cuban Exchange Rates
Dollars in Cuba - Image © Wikimedia

The U.S. dollar is showing signs of strengthening in Cuba's informal market, experiencing a slight uptick this Sunday, as indicated by the representative rate from El Toque. Meanwhile, the freely convertible currency (MLC) remains steady at 265 CUP, and the euro hovers around 340 CUP. This shift in the dollar's value suggests a modest increase in demand, reflecting the ongoing fluctuations in Cuba's exchange market.

Impact of Exchange Rate Fluctuations

Changes in the exchange rates continue to be a significant concern for both citizens and analysts, as they affect various commercial transactions and the national economy. The dynamics of these rates are closely watched, particularly given Cuba's challenging economic landscape.

Cuban Peso Equivalents for USD and EUR

Today's rates for major denominations in USD and EUR are as follows:

U.S. Dollar (USD):
1 USD bill = 326 CUP
5 USD bill = 1,625 CUP
10 USD bill = 3,260 CUP
20 USD bill = 6,500 CUP
50 USD bill = 16,300 CUP
100 USD bill = 32,500 CUP

Euro (EUR):
5 EUR bill = 1,700 CUP
10 EUR bill = 3,400 CUP
20 EUR bill = 6,800 CUP
50 EUR bill = 17,000 CUP
100 EUR bill = 34,000 CUP

Relative Stability Amid Economic Challenges

Despite Cuba's ongoing economic crisis and persistent inflation, the values of the dollar, MLC, and euro in the informal market have shown some stability, with minimal fluctuations over recent weeks. On October 22, the dollar was exchanged at 325 Cuban pesos (CUP), the euro at 340 CUP, and the MLC at 265 CUP, according to informal monitoring sources like elTOQUE. These figures remained largely unchanged until October 27, when similar values were recorded: 325 CUP for the dollar and 340 CUP for the euro. The MLC has stayed at 265 CUP since October 9, following a five-peso drop.

At the end of October, the euro saw a slight decline, dropping from 345 to 342.5 CUP. This limited fluctuation illustrates a general stabilization in the informal market, although Cuba's economic context, marked by shortages and power outages, continues to add uncertainty about the value of these currencies.

The relative steadiness in foreign exchange rates contrasts with internal inflation of essential goods, indicating that despite Cuba's economic volatility, currency values in the informal market have maintained temporary stability in recent weeks.

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