On Saturday, the anniversary of the founding of San Cristóbal de La Habana, Cuba's informal currency market showed stability compared to previous days, with the U.S. dollar trading at 328 Cuban pesos. This marks the fourth consecutive day without significant movement in the daily report by the independent media outlet elTOQUE regarding the black market exchange rates.
Following a slight increase on Tuesday, the currencies have maintained a steady rate. The U.S. dollar continues to be valued at 328 pesos, the euro at 345 CUP, and the Moneda Libremente Convertible (MLC) at 265.
Current Exchange Rates in Cuba
As of 11:24 a.m. on November 16, 2024, the exchange rates reported by elTOQUE are as follows:
U.S. Dollar (USD) to Cuban Peso (CUP): 328 CUP
Euro (EUR) to Cuban Peso (CUP): 345 CUP
MLC to Cuban Peso (CUP): 265 CUP
The median values published today by elTOQUE do not suggest any significant changes in exchange rates in the forthcoming hours.
Currency Conversion Rates
Here is the conversion for available euro and U.S. dollar bills to Cuban pesos (CUP) according to the exchange rates on November 16:
U.S. Dollar (USD):
- 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
Innovative Methodology Gains Recognition
Recently, the respected academic journal Applied Economics, known for endorsing innovative contributions and practical applications in global economics, acknowledged the methodology used by elTOQUE for calculating exchange rates within Cuba's informal currency market. The article "Using AI in the Informal Currency Market: Evidence from Cuba," published in October 2024, highlighted the innovative application of artificial intelligence techniques and natural language processing (NLP) to determine the Informal Market Representative Rate (TRMI).
This recognition has brought attention to elTOQUE's work, which has faced continuous scrutiny from the Cuban government, intent on discrediting its algorithms and analyses by labeling them as speculative and not reflective of actual conditions.
This Saturday, Cubans marked another anniversary of San Cristóbal de La Habana with muted celebrations, amidst a worsening crisis characterized by rampant inflation, deteriorating housing conditions, food shortages, and the steep cost of foreign currency.