After a week characterized by continuous drops in the value of the U.S. dollar and the euro in Cuba's informal market, the currencies have started the week on a calm note, maintaining their previous day’s values. The dollar, which previously fell from 328 to 325, remains stable at 325, a rate it reached last Saturday.
As of the morning of December 16th, the euro also holds steady at 335 CUP, following a sudden decline of five pesos recorded on Sunday. The price of the Freely Convertible Currency (MLC) averages 270 pesos, a rate it has sustained with minor fluctuations for several weeks now.
Market Trends and Economic Realities
The median exchange values in recent hours exhibit an overall downward trend, particularly for dollars and euros, in both buying and selling transactions. Despite recent declines in the value of these foreign currencies, which sparked discussions about whether this was a temporary adjustment or the beginning of a more lasting trend, the start of the week provides no clear indication of future currency movements in Cuba.
Exchange rates as of December 16, 2024, at 8:34 a.m. in Cuba are as follows: the USD to CUP rate according to elTOQUE stands at 325 CUP, the EUR to CUP rate is 340 CUP, and the MLC to CUP rate is 270 CUP.
Challenges of Rising Living Costs
Meanwhile, the reality for many Cubans is the struggle to make ends meet with wages that often fall short of covering the high cost of living, a situation exacerbated by the upcoming holiday season and the rising prices of many food items.
Currency Conversion Rates
Here are the current conversion rates for U.S. dollars and euros to Cuban pesos (CUP) as of December 16:
U.S. Dollar (USD) to Cuban Peso (CUP):
- 1 USD = 325 CUP
- 5 USD = 1,625 CUP
- 10 USD = 3,250 CUP
- 20 USD = 6,500 CUP
- 50 USD = 16,250 CUP
- 100 USD = 32,500 CUP
Euro (EUR):
- 1 EUR = 335 CUP
- 5 EUR = 1,675 CUP
- 10 EUR = 3,350 CUP
- 20 EUR = 6,700 CUP
- 50 EUR = 16,750 CUP
- 100 EUR = 33,500 CUP
- 200 EUR = 67,000 CUP
- 500 EUR = 167,500 CUP
Understanding Cuba's Currency Challenges
Why have the dollar and euro values been declining in Cuba?
The decline in value is likely due to market fluctuations and economic conditions in Cuba, though specific causes can vary.
What is the current exchange rate for the euro in Cuba?
As of December 16, 2024, the euro is valued at 335 CUP according to elTOQUE.
How are Cubans coping with the high cost of living?
Many Cubans are struggling with low wages that do not cover the rising costs of goods, especially during the holiday season.