The value of the Convertible Currency (MLC) has taken a sudden downturn, losing the gains it had made in the average sales price announced earlier this Monday. By the morning of November 19, the virtual currency used by the Cuban regime in specialized stores fell back to 265 CUP, a drop of four pesos compared to the previous day. Meanwhile, the euro and the U.S. dollar have maintained their values up until the time of this report.
The U.S. dollar remains pegged at 328 pesos, while the euro is valued at 345. As of 7:30 a.m. on November 19, 2024, in Cuba, the exchange rates according to elTOQUE are as follows: the U.S. dollar at 328 CUP, the euro at 345 CUP, and the MLC at 265 CUP.
Recent Currency Trends
Over recent weeks, the prices of dollars, euros, and the MLC have shown relative stability, marked by minor increases or decreases. This contrasts sharply with the first seven months of 2024, which were characterized by dramatic fluctuations in currency values.
Cash or Convertible Currency?
In early October, the independent outlet elTOQUE reported that some government-operated stores in Convertible Currency had started accepting cash payments in foreign currencies. Employees from Cadena de Tiendas Caribe and Cimex S.A. confirmed to the outlet that certain locations were already accepting dollars and euros, with others preparing to do the same.
In July, Prime Minister Manuel Marrero announced during a session of the National Assembly of People's Power (ANPP) that cash payments in foreign currencies would be allowed in sectors like tourism. This decision contradicts the government's push for bank-based transactions. Marrero justified the move as a necessity to attract foreign currency, citing the country's financial losses due to restricted access to dollars in the private sector and the informal currency market.
Amidst ongoing uncertainty about the future of the MLC, a new store operating in Convertible Currency was opened this Friday in the Plaza de la Revolución municipality, aiming to source products from a Basque supplier.
Currency Conversion Rates
Here are the conversion rates for each available bill of euros and U.S. dollars to Cuban pesos (CUP) as of November 19:
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