The price of the dollar rises in the informal foreign exchange market. These are the exchange rates in Cuba today

This Tuesday, November 12, 2024, the informal market in Cuba presents an increase in the quotation of the US dollar (USD). Here is a summary of the values of the euro and the MLC as well as different useful equivalences.

According to the most recent figures from El Toquethe U.S. dollar (USD) rose slightly to 328 CUPwhile the euro and the MLC remain at the same levels as in previous days. The European banknote remains at 345 CUP and the Freely Convertible Currency (FCM) continues at 265 CUP.

Impact of the dollar increase on the informal market

This slight increase in the dollar rate reflects the volatility of Cuba's informal economy, where demand for foreign currency remains high. Many Cubans, as well as small and medium-sized entrepreneurs, depend on this market to obtain foreign currency, which they need to purchase products in MLC stores or to supply their businesses.

Although the adjustment is small, any variation in these rates affects the cost of living, as it raises the prices of goods and services. Stability in the euro and the MLC, on the other hand, could offer a temporary respite, but the informal market remains the only viable option for many families and businesses in Cuba, given the limited supply of foreign exchange in official channels.

Equivalences of each currency in CUP

The following are the updated equivalences in CUP for various denominations:

U.S. dollar (USD) to CUP:
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

Euro (EUR) to CUP:
1 EUR = 345 CUP
5 EUR = 1,725 CUP
10 EUR = 3,450 CUP
20 EUR = 6,900 CUP
50 EUR = 17,250 CUP
100 EUR = 34,500 CUP

MLC to 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

Minimum wage in terms of foreign currency

With the minimum wage in Cuba set at 2,100 CUPThe conversion at current informal market rates shows the limited purchasing power in foreign currency. At today's rate, this salary is equivalent to:

• 6.42 USD
• 6.09 EUR
• 7.92 MLC

These values highlight the difficulties of many Cubans to access foreign currency, essential for the purchase of products in MLC or in the informal market. If we take into account the cost of some very basic foodstuffs such as eggs, oil, chicken, or rice, we can understand the precariousness in which the majority of the Cuban population lives today. Only those who receive family remittances or are paid in foreign currency are able to survive in today's Cuba.