On Monday, December 2, 2024, the informal currency exchange rates in Cuba present a picture similar to the previous day, although there are slight changes concerning the euro. According to updated figures from elTOQUE, the U.S. dollar (USD) remains steady at 328 Cuban pesos (CUP), while the euro (EUR) has dipped to 340 CUP, down from 342 CUP on December 1. The Freely Convertible Currency (MLC), which is used in state-run stores, holds steady at 265 CUP.
The Cuban peso continues to lose value against foreign currencies, mirroring the nation’s severe economic crisis. Although these rates are unofficial, they are a real reflection of the market dynamics that dictate the daily lives of Cubans, who must secure dollars, euros, or MLC to purchase essential goods and services. The persistent fluctuation highlights the ongoing financial instability plaguing the island.
Exchange rates in Cuba as of 8:23 AM on December 2, 2024:
- USD to CUP according to elTOQUE: 328 CUP
- EUR to CUP according to elTOQUE: 340 CUP
- MLC to CUP according to elTOQUE: 265 CUP
Currency Conversion: Cuban Pesos Equivalences
Here are the conversion rates for U.S. dollars and euros into Cuban pesos:
- Dollar (USD):
- $1 = 328 CUP
- $5 = 1,640 CUP
- $10 = 3,280 CUP
- $20 = 6,560 CUP
- $50 = 16,400 CUP
- $100 = 32,800 CUP
- Euro (EUR):
- €1 = 340 CUP
- €5 = 1,700 CUP
- €10 = 3,400 CUP
- €20 = 6,800 CUP
- €50 = 17,000 CUP
- €100 = 34,000 CUP
Understanding Cuba's Informal Exchange Market
Why are informal exchange rates significant in Cuba?
Informal exchange rates are crucial as they reflect the real market conditions affecting the daily lives of Cubans, who rely on foreign currency for essential goods and services due to economic instability.
How does the MLC impact the Cuban economy?
The MLC allows Cubans to access goods in state-run stores, but its use underscores the economic challenges as it requires foreign currency, highlighting the disconnect between the Cuban peso and purchasing power.