As of this Sunday, the exchange rate for the U.S. dollar (USD) has reached 328 Cuban pesos (CUP), highlighting the significant demand and shortage of foreign currency within Cuba. Meanwhile, the euro (EUR) has surpassed the dollar, currently valued at 340 CUP, making it the most valuable currency in the informal market.
The Freely Convertible Currency (MLC), which is used in state-run stores, has also seen an increase, rising by five pesos from the previous day to 270 CUP. These figures underscore the economic instability and the ongoing challenges residents face in acquiring foreign currencies, which are crucial for many transactions in the country.
The ongoing devaluation of the Cuban peso and the volatility of these exchange rates contribute to the uncertainty experienced by a population reliant on this market to meet basic needs.
Current Exchange Rates as of 08/12/2024 - 8:32 AM in Cuba
According to elTOQUE, the exchange rates are as follows:
- USD to CUP: 328 CUP
- EUR to CUP: 340 CUP
- MLC to CUP: 270 CUP
Available Currency Denominations
Here are the available banknote values for dollars and euros in Cuban pesos:
U.S. 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)
- 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 Market
Why is the euro more valuable than the dollar in Cuba's informal market?
The euro's higher value can be attributed to its limited availability and increased demand, as well as economic factors that influence currency flows in Cuba.
What is the significance of the MLC in Cuba?
The MLC is crucial as it is used for transactions in state-run stores, offering a way for Cubans to purchase goods that are otherwise difficult to obtain with local currency.
How does the devaluation of the Cuban peso affect daily life?
The devaluation reduces the purchasing power of the Cuban peso, making it harder for citizens to afford essential goods and services, thus increasing economic hardship.