This Wednesday, October 29, 2024, exchange rates in the Cuban informal market show a small adjustment in the value of the euro, which rises to 343 CUP, while the US dollar (USD) and the Freely Convertible Currency (MLC) They maintain their previous values at 325 CUP and 265 CUP respectively, according to information from elTOQUE.
Increase of the euro in the exchange market
Unlike the dollar and the MLC, which have not changed, the euro experienced a rise of 0.46 CUP. This increase, although slight, reflects the continued demand for foreign currency on the island, especially in the context of an economy marked by restrictions on the availability of foreign currency in the formal system.
Equivalences of banknotes in CUP
Below are the detailed values in CUP for different amounts of each currency:
US Dollar (USD) to 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) and CUP:
- 1 EUR = 343 CUP
- 5 EUR = 1,715 CUP
- 10 EUR = 3,430 CUP
- 20 EUR = 6,860 CUP
- 50 EUR = 17,150 CUP
- 100 EUR = 34,300 CUP
MLC and CUP:
- 1 MLC = 265 CUP
- 5 MLC = 1.325 CUP
- 10 MLC = 2.650 CUP
- 50 MLC = 13,250 CUP
- 100 MLC = 26,500 CUP
Economic outlook in the context of rates
The persistence of the demand for foreign currency shows the complex economic situation that Cuba is experiencing, where the informal market continues to be the most accessible route for many Cubans. With the dollar and the MLC unchanged, the increase in the value of the euro could influence the demand and daily transactions of those who depend on this currency to access certain products and services.
These exchange rates are a direct reflection of tensions in the informal market, where the need for foreign currency keeps prices high and out of reach for a significant portion of the population.
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**Interview with Juan Carlos, Cuban Economic Analyst**
**Editor:** Thanks for joining us today, Juan Carlos. We’ve seen a slight adjustment in the euro’s value in the Cuban informal market. Can you tell us what this increase means for everyday Cubans?
**Juan Carlos:** Thank you for having me. The recent rise of the euro to 343 CUP, while the dollar and MLC remain stable, indicates a growing demand for foreign currency among Cubans. This reflects the ongoing struggle with our local economy, as many seek euros for international transactions or to save in more stable currencies.
**Editor:** Why do you think the euro is gaining traction while the US dollar and MLC have remained unchanged?
**Juan Carlos:** Several factors are at play. The euro’s increase suggests that Cubans may perceive it as a safer currency amid economic uncertainties. Additionally, the governmental policies and trade relations impacting the dollar could be making the euro a more attractive option for those looking to exchange currency.
**Editor:** What impact does this have on imported goods and overall inflation in Cuba?
**Juan Carlos:** With the euro’s rise, importers who rely on purchasing goods with foreign currencies will likely face higher costs, which can contribute to inflation. If the trend continues, we might see an increase in prices for imported goods that are already burdensome for the average consumer.
**Editor:** How should the Cuban government respond to these shifts in currency value?
**Juan Carlos:** The government needs to monitor these fluctuations closely and consider policies that stabilize the economy. This could involve enhancing access to foreign currencies or adopting measures to strengthen the local currency to mitigate the effects of inflation on citizens.
**Editor:** Thank you for your insights, Juan Carlos. It will be interesting to see how these trends evolve in the coming months.
**Juan Carlos:** Thank you! I’m looking forward to seeing how the situation develops.
