The average selling rates for both the US dollar and the euro have remained stable within Cuba's informal market. However, the Freely Convertible Currency (MLC) has gained traction, reaching 268 CUP this Wednesday. The dollar is still valued at 328 pesos, maintaining this rate since November 12, while the euro stays at 340 CUP, a level it reached on Monday following two consecutive days of decline.
Will December bring changes to the stagnant trend in Cuba's informal currency market? November saw minimal fluctuations in the selling averages for the three key currencies in the black market, as anticipated by the Cuban Currency and Finance Observatory (OMFi). It remains to be seen whether the approach of Christmas and the end of the year will spark any additional demand in informal trading within the island.
According to the latest report from the OMFi, the worsening economic crisis in the country has had a "paralyzing effect" on currency trading in the black market. Fewer tourists, decreased imports, and a downturn in economic activities across all sectors have led to a contraction in both the supply and demand for foreign currencies, noted Pavel Vidal, a Cuban economist based in Colombia.
Current Exchange Rates as of December 4, 2024 - 12:15 p.m. in Cuba
Dollar to Cuban Peso (USD to CUP) exchange rate according to elTOQUE: 328 CUP.
Euro to Cuban Peso (EUR to CUP) exchange rate according to elTOQUE: 340 CUP.
MLC to Cuban Peso exchange rate: 268 CUP.
Currency Conversion Rates for Available Bills
United States Dollar (USD) to Cuban Peso (CUP), based on exchange rates as of December 3:
- 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: 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
Cuban Black Market Currency FAQs
Why has the MLC gained value recently?
The MLC has been gaining value due to shifts in demand and scarcity within the informal market, as it becomes a preferred currency for certain transactions.
What factors affect the currency exchange rates in Cuba?
Exchange rates are influenced by economic conditions, tourism levels, import volumes, and overall market demand and supply dynamics.
How might the end-of-year holidays impact currency demand?
The holiday season could lead to increased demand for currency as more people engage in shopping and travel, potentially affecting the exchange rates.