This Saturday the Cuban informal market shows fluctuations: the USD increases while the EUR and the MLC remain stable.
This Thursday, October 10, 2024, exchange rates in the Cuban informal market continue to reflect the economic instability that the country is going through. Although the euro (EUR) and the Freely Convertible Currency (MLC) have not shown significant changes, the US dollar (USD) has risen slightly, maintaining the upward trend that has characterized recent weeks.
Rising USD and stability in EUR and MLC
Today, the value of the USD has registered an increase of 2 CUP, standing at 325 CUP. This rise reflects the persistent demand for this currency in the informal market, given that many Cubans depend on the dollar to purchase products in foreign currency stores and pay for services that are not available in national currency.
The euro, for its part, remains stable with a price of 340 CUP. This currency continues to be widely used in daily transactions, mainly due to its acceptance in various sectors of the Cuban economy.
Meanwhile, the MLC has not shown any variations compared to yesterday and remains at 265 CUP, which could facilitate the access of some citizens to products in stores that operate with this currency, although it is still far from the official values.
Currency conversion in the informal market
Below are the updated conversions between the Cuban peso (CUP) and the main currencies according to the informal market:
US Dollar (USD) to CUP:
- 1 USD = 325 CUP
- 5 USD = 1,625 CUP
- 10 USD = 3,250 CUP
- 50 USD = 16,250 CUP
- 100 USD = 32,500 CUP
Euro (EUR) and CUP:
- 1 EUR = 340 CUP
- 5 EUR = 1,700 CUP
- 10 EUR = 3,400 CUP
- 50 EUR = 17,000 CUP
- 100 EUR = 34,000 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 impact and currency volatility
The slight rise in the USD and the stability of the EUR and the MLC are indicative of the complex Cuban economic panorama, where exchange rates in the informal market do not always follow a predictable trend. The lack of foreign currency in the formal market, coupled with inflation and shortages of basic products, remains the main factor driving fluctuations in this unregulated market.
Cubans continue to turn to the informal market as the only way to access foreign currency that allows them to cover daily needs, but the high cost of these currencies continues to affect their purchasing power, worsening the crisis in which the country is immersed. The fluctuations, although slight on this occasion, show the vulnerability of the economy to any change in the supply and demand of foreign currency.
#price #dollar #increases #Cuba #USD #EURO #MLC #exchange #rates #Cuba #today
