On this Saturday, December 7, 2024, the exchange rates reported by elTOQUE indicate that the U.S. dollar (USD) is valued at 328 Cuban pesos (CUP). The informal currency market continues to mirror the economic turmoil in Cuba. The Euro (EUR) is trading at 340 CUP in the black market, while the MLC, used in stores accepting freely convertible currency, is priced at 265 CUP.
These figures highlight the devaluation of the Cuban peso against foreign currencies, driven by cash shortages and economic restrictions. For many Cubans, the black market remains the only avenue to acquire foreign currency. Inflation exacerbates the crisis, making essential goods even more expensive in a country where income in CUP is insufficient to meet basic needs.
Exchange Rates as of 07/12/2024 - 7:12 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
Values in Cuban pesos based on available bills:
Dollar (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
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
Understanding Cuba's Currency Exchange Crisis
Why is the Cuban peso devaluating?
The Cuban peso is devaluating due to cash shortages and economic restrictions imposed by the government, which limits access to foreign currency and exacerbates inflation.
How does inflation affect everyday life in Cuba?
Inflation increases the cost of essential goods, making it difficult for Cubans to afford basic necessities with their CUP income, further straining their financial stability.