As dawn broke on Saturday, November 30, the final day of the month, Cuba's foreign currencies held steady at the previous day's rates. The U.S. dollar remains valued at 328 pesos, a rate it has maintained since November 12. Meanwhile, the euro is trading at 343 CUP, slightly lower than the 345 CUP it held for over three weeks. Lastly, the Freely Convertible Currency (MLC) holds its ground at 265 pesos, with only one brief increase to 269 pesos earlier this month.
The Stagnation of Cuba's Informal Currency Market
Throughout November, Cuba's currency exchange market has seen minimal fluctuations, a trend anticipated by the Cuban Observatory of Currencies and Finance (OMFi). The latest report from OMFi attributes this stagnation to the worsening economic crisis in Cuba, which has had a "paralyzing effect" on the black market for foreign currencies.
Cuban economist Pavel Vidal, based in Colombia, explained, "The intensifying economic crisis in 2024 has frozen the informal currency market. A decrease in tourism, imports, and overall economic activity across all sectors has led to a contraction in both the supply and demand for foreign currencies." Vidal further predicted that this market stagnation is likely to persist in the short term.
Current Exchange Rates as of November 30, 2024 - 3:59 AM in Cuba
According to elTOQUE, the exchange rate for the U.S. dollar is 328 CUP, for the euro is 343 CUP, and for the MLC is 265 CUP. The median buying and selling values published by elTOQUE show slight movements: the euro's selling rate has dropped to 343, while the dollar's buying and selling rates have slightly decreased to 326 CUP and 328 CUP, respectively. The MLC's median remains unchanged.
Currency Conversion Equivalents
Based on the exchange rates for November 30, the conversion of U.S. dollars and euros to Cuban pesos (CUP) is 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 = 343 CUP
- 5 EUR = 1,715 CUP
- 10 EUR = 3,430 CUP
- 20 EUR = 6,860 CUP
- 50 EUR = 17,150 CUP
- 100 EUR = 34,300 CUP
FAQs on Cuba's Informal Currency Market
Why is the informal currency market in Cuba stagnant?
The market's stagnation is largely due to Cuba's deepening economic crisis, which has reduced tourism, imports, and overall economic activity, leading to decreased supply and demand for foreign currencies.
What are the current exchange rates for the dollar, euro, and MLC in Cuba?
The U.S. dollar is currently valued at 328 CUP, the euro at 343 CUP, and the MLC at 265 CUP, according to the latest data from elTOQUE.