No fluctuations were observed in the exchange rates of key currencies in Cuba's informal market on November 27, according to the daily update by independent outlet elToque. The values of the U.S. dollar, euro, and the Cuban Convertible Peso (MLC) have remained consistent with their average selling prices over the past week, as reported by midday Wednesday.
The U.S. dollar has held at 328 Cuban pesos, a rate it reached on November 12. Despite the passage of two weeks, the dollar has shown no increase in value on Cuba's black market. Similarly, the euro has been steady at 345 pesos since November 4, and the MLC opened at 265 Cuban pesos once again this Wednesday.
Current Exchange Rates in Cuba
As of 11:50 a.m. on November 27, 2024, the following exchange rates were reported in Cuba:
Dollar (USD) to Cuban Peso (CUP), as per elToque: 328 CUP
Euro (EUR) to CUP, according to elToque: 345 CUP
MLC to CUP, as reported by elToque: 265 CUP
Despite stability in official rates, a slight increase was noted in the median values for the buying and selling of dollars, rising by two pesos each for the second consecutive day. This change, placing the selling price at 330 CUP and the buying price at 327 CUP, might indicate a potential upcoming rise in the dollar's market value.
In contrast, the euro and MLC medians have not shown any alterations.
Economic Downturn Stalls Currency Market
A recent report by the Observatory of Currencies and Finance of Cuba (OMFi) highlights the deepening economic crisis gripping the nation, causing a "paralyzing effect" on foreign exchange transactions in the black market. The significant decrease in tourism, imports, and overall economic activity across all sectors has led to a contraction in both the supply and demand for foreign currency, according to Cuban economist Pavel Vidal.
Vidal further predicts that this stagnation in the informal currency market will persist in the short term.
Currency Conversion Rates
Conversion rates for U.S. dollars and euros to Cuban pesos as of November 25 are as follows:
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