On December 5, 2024, the informal exchange rates in Cuba vividly illustrate the ongoing depreciation of the Cuban peso against foreign currencies. According to data from elTOQUE, the United States dollar (USD) is valued at 328 CUP, while the euro (EUR) stands at 340 CUP. Additionally, the MLC, primarily used for transactions in state-run stores, is pegged at 265 CUP.
These figures underscore the economic instability and the escalating demand for foreign currencies amid financial uncertainty on the island. The gap between official rates and those in the informal market remains significant, directly impacting the purchasing power of the Cuban people and driving up the cost of essential goods.
Exchange Rates as of 12/05/2024 - 11:17 AM in Cuba:
USD to CUP according to elTOQUE: 328 CUP
EUR to CUP according to elTOQUE: 340 CUP
MLC to CUP according to elTOQUE: 265 CUP
Available Banknotes and Their Value in Cuban Pesos:
Dollars (USD):
$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
Euros (EUR):
€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
€200 EUR = 68,000 CUP
€500 EUR = 170,000 CUP
Understanding Cuba's Informal Currency Market
What are the current informal exchange rates for the USD and EUR in Cuba?
As of December 5, 2024, the informal exchange rate for the USD is 328 CUP, while the EUR is 340 CUP, according to elTOQUE.
Why is the Cuban peso depreciating against foreign currencies?
The depreciation of the Cuban peso is driven by economic instability and a high demand for foreign currencies amidst financial uncertainty in Cuba.
How does the gap between official and informal exchange rates affect Cubans?
The disparity between official and informal rates reduces purchasing power and increases the cost of essential goods for the population.