On this Tuesday, the average selling prices for dollars, euros, and the Freely Convertible Currency (MLC) in Cuba remain unchanged compared to the previous day. The U.S. dollar is still valued at 328 CUP, a rate it has maintained since November 12. Meanwhile, the euro holds steady at 340 CUP, a price it reached this Monday after experiencing a decline over the past two days. As for the MLC, it continues to be priced at 265 CUP.
Will December witness any shifts in the "paralyzing" trends of Cuba's informal currency market? November showed little fluctuation in the average sale prices for these three benchmark currencies in the informal market, a scenario anticipated by the Cuban Currency and Finance Observatory (OMFi).
The question remains whether the approach of Christmas and year-end festivities will spark any additional demand in the island's informal currency exchanges. The latest report from OMFi indicates that Cuba's worsening economic crisis has had a "paralyzing effect" on currency transactions in the black market.
With fewer tourists, reduced imports, and a downturn in economic activities across all sectors, there has been a contraction in both the supply and demand for foreign currency, according to Cuban economist Pavel Vidal, based in Colombia.
Current Exchange Rates as of December 3, 2024 - 1:42 p.m. in Cuba
According to elTOQUE, the exchange rate for the U.S. dollar (USD) to Cuban Peso (CUP) stands at 328 CUP. The euro (EUR) is exchanged at 340 CUP, while the MLC is valued at 265 CUP.
Currency Conversion for USD and Euro to CUP
For U.S. dollars (USD) to Cuban Pesos (CUP), the conversion rates as of December 3 are as follows:
- 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
For euros (EUR) to Cuban Pesos (CUP), the conversion rates are:
- 1 EUR = 340 CUP
- 5 EUR = 1,700 CUP
- 10 EUR = 3,400 CUP
- 20 EUR = 6,800 CUP
- 50 EUR = 17,000 CUP
- 100 EUR = 34,000 CUP
Understanding Cuba's Currency Exchange Dynamics
Why are the foreign currency rates in Cuba stable?
The stability in foreign currency rates in Cuba is attributed to the country's ongoing economic crisis, which has led to a decrease in both the supply and demand for foreign currency, creating a "paralyzing effect" in the market.
What factors could influence changes in Cuba's currency market in December?
The arrival of Christmas and the end-of-year celebrations could potentially increase demand for foreign currencies in Cuba's informal market, possibly affecting exchange rates.