In the ever-changing economic landscape of Cuba, the informal market serves as a critical gauge for assessing the true value of foreign currencies against the Cuban peso (CUP). Operating outside the bounds of official exchange rates, this market mirrors the public's perception of the economy and the availability of foreign currency in the nation.
Currency Values for Today
Based on information from elTOQUE, as of 2:59 p.m. today, the primary currencies are trading in the informal market as follows:
Exchange rates as of November 17, 2024, 2:59 p.m. in Cuba:
- USD to CUP exchange rate according to elTOQUE: 328 CUP
- EUR to CUP exchange rate according to elTOQUE: 345 CUP
- MLC to CUP exchange rate according to elTOQUE: 265 CUP
These rates demonstrate a fifth consecutive day of stability within the informal market, offering a brief respite amidst the usual volatility that characterizes this sector. The rates in the informal market remain considerably higher than the official ones, intensifying economic pressure on Cuban families.
Potential Influences on the Informal Market
While this period of stability provides some relief, experts caution that the informal market is highly sensitive to external factors. Events such as the influx of remittances in December or potential announcements regarding economic policy changes—often made at the end of the year during the sessions of the National Assembly of People's Power—could significantly impact the market dynamics.