This Thursday, foreign currencies once again showed no change in their average selling prices within Cuba's informal market. By midday on November 21, the US dollar, euro, and MLC (Freely Convertible Currency) sustained their values from the previous day. The American dollar is valued at 328 Cuban pesos, while the euro stands at 345.
After a brief dip on Tuesday, the MLC has consistently held at 265 CUP for the third consecutive day, a price it has predominantly maintained in recent months. Amid the ongoing economic turmoil in Cuba, these currencies have oddly remained stable since August.
Stability and Economic Crisis
The recent price steadiness of dollars, euros, and MLC—with only slight fluctuations—contrasts sharply with the drastic changes witnessed during the first seven months of 2024, which saw significant surges and drops. What is happening in the informal market?
The latest report from the Observatorio de Monedas y Finanzas de Cuba (OMFi) indicates that the deepening economic crisis in Cuba has had a "paralyzing effect" on the informal currency market. "The worsening economic crisis in 2024 has paralyzed the informal currency market. A decrease in tourists, imports, and economic activities across all sectors has led to a contraction in both supply and demand for foreign currencies," stated Cuban economist Pavel Vidal in the report, predicting that the current situation will persist.
Forecasting Future Exchange Rates
Since August, the US dollar has experienced its longest stagnation since El Toque began tracking it, remaining at 320 pesos for 59 days. According to OMFi’s latest projections, by November 30, exchange rates could range between 319 and 335 pesos per dollar, 336 and 351 pesos per euro, and 270 and 281 pesos per MLC, depending on whether minimum or maximum scenarios unfold.
Following a series of unfortunate events, including two hurricanes, two earthquakes, and two nationwide power outages, the economist does not foresee significant immediate changes. "The longer the recovery process is delayed, the fewer levers remain to boost goods and services production," he lamented.
Exchange Rates as of November 21, 2024 - 12:18 PM 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.
Exchange Equivalents for Available Euro and US Dollar Bills to Cuban Pesos (CUP)
US Dollar (USD) to Cuban Peso (CUP), based on exchange rates from November 21:
- 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.