The Cuban informal market witnessed a slight decline in the exchange rate of the U.S. dollar (USD) this Wednesday, following a month of stability at 328 CUP. The rate is now at 327 CUP, according to data from the platform elTOQUE. Meanwhile, the exchange rates for the Euro (EUR) and the Freely Convertible Currency (MLC) were observed at 340 CUP and 270 CUP, respectively.
Although minor, this drop could signal a shift in the trends of the informal market, which remains the primary reference for the Cuban populace amidst the economic crisis and the existing currency duality on the island. The dollar continues to be one of the most sought-after currencies among Cubans due to its prevalent use in transactions related to remittances and purchases in MLC stores.
Nevertheless, the fluctuations in the dollar's value reflect the impact of internal economic factors such as the liquidity in Cuban pesos (CUP) and governmental restrictions on currency operations.
Current Exchange Rates as of 11/12/2024 - 1:52 PM in Cuba
According to elTOQUE, the exchange rate for the USD is 327 CUP, the EUR is 340 CUP, and the MLC is 270 CUP.
Conversion Rates for Available Euro and U.S. Dollar Bills to Cuban Pesos (CUP)
U.S. Dollar (USD) to Cuban Peso (CUP) as per December 9 rates:
- 1 USD = 327 CUP
- 5 USD = 1,635 CUP
- 10 USD = 3,270 CUP
- 20 USD = 6,540 CUP
- 50 USD = 16,380 CUP
- 100 USD = 32,700 CUP
Euro (EUR) to Cuban Peso (CUP):
- 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 the Cuban Informal Currency Market
Why is the U.S. dollar in high demand in Cuba?
The U.S. dollar is in high demand in Cuba because it is commonly used for remittances and purchases in stores that accept Freely Convertible Currency (MLC), making it a vital currency for many Cubans.
What factors influence the fluctuation of currency rates in Cuba?
Currency rate fluctuations in Cuba are affected by internal economic factors like the liquidity of Cuban pesos (CUP) and governmental restrictions on foreign currency operations.