After five days of complete stability in the average selling prices within Cuba's informal market, one currency is making waves as Monday morning brings a significant jump. The Freely Convertible Currency (MLC) has risen by four pesos compared to its previous value, now standing at 269 CUP. Meanwhile, the euro and MLC remain unchanged as of this report's publication.
Currently, the U.S. dollar is valued at 328 pesos, and the euro holds steady at 345 CUP. As of November 14, 2024, at 8:30 a.m. in Cuba, the exchange rates according to elTOQUE are: 328 CUP for the USD, 345 CUP for the euro, and 265 CUP for the MLC. This unofficial exchange rate mirrors the public's perception of the economy and the availability of foreign currency in the nation.
Economic Pressure and Market Dynamics
The informal market rates remain substantially higher than the official rates, highlighting the economic strain on Cuban families. Although the recent period of stability offers 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 during the year-end sessions of the National Assembly of People's Power, could impact these rates.
Current Exchange Rate Equivalencies
For those trading in the informal sector, here are the current equivalents for U.S. dollars and euros to Cuban pesos (CUP) as of November 18:
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
Recognition of Innovative Currency Calculation Methods
Recently, the esteemed journal Applied Economics lent credibility to the methodology used by elTOQUE for calculating exchange rates in Cuba's informal currency market. The article titled "Using AI in the Informal Currency Market: Evidence from Cuba," published in October 2024, outlined the innovative application of artificial intelligence and natural language processing (NLP) techniques in determining the Informal Market Representative Rate (TRMI). This acknowledgment highlights the significance of elTOQUE's work, despite the persistent efforts by the Cuban regime to undermine their algorithms and analysis, labeling them as speculative and disconnected from reality.