After holding steady for a week, the value of the U.S. dollar in Cuba's informal market rose from 327 to 328 pesos early Tuesday morning, as reported by the independent outlet elTOQUE in its daily update. The dollar had remained unchanged since November 4. Meanwhile, the euro and the Freely Convertible Currency (MLC) remain at 345 CUP and 265 CUP, respectively.
Exchange rates for November 12, 2024, at 16:07 a.m. in Cuba, according to elTOQUE, are as follows: 1 USD equals 328 CUP, 1 EUR equals 345 CUP, and 1 MLC equals 265 CUP. However, elTOQUE's median value indicates a rise in the dollar's selling price to 330 CUP, suggesting a potential increase in the currency's informal value in the upcoming hours. Additionally, the average purchase price of the MLC has decreased to 260 CUP.
Currency Conversion Rates in Cuba
Here are the equivalent conversions for each available denomination of euros and U.S. dollars to Cuban pesos (CUP) based on the exchange rates as of November 12:
- U.S. Dollar (USD) to Cuban Peso (CUP): 1 USD = 328 CUP
- 5 USD = 1,640 CUP
- 10 USD = 3,280 CUP
- 20 USD = 6,560 CUP
- 50 USD = 16,400 CUP
- 100 USD = 32,800 CUP
- Euro (EUR): 1 EUR = 345 CUP
- 5 EUR = 1,725 CUP
- 10 EUR = 3,450 CUP
- 20 EUR = 6,900 CUP
- 50 EUR = 17,250 CUP
- 100 EUR = 34,500 CUP
The esteemed journal Applied Economics, renowned for endorsing innovative contributions and practical applications in global economics, recently acknowledged the methodology used by elTOQUE to determine currency exchange rates in Cuba's informal market. This recognition highlights the significance of elTOQUE's work, which faces constant scrutiny from the Cuban regime, accused of being speculative and misrepresenting the economic reality.
elTOQUE announced on its website that the article titled “Using AI in the Informal Currency Market: Evidence from Cuba,” published in October 2024, outlines their cutting-edge approach in employing artificial intelligence and natural language processing (NLP) to determine the Informal Market Representative Rate (TRMI). The platform explained that their method involves extracting unstructured data from social networks and classified sites, where users post their currency buying and selling offers.