How is the euro valued in Cuba today? This February 11, the cost of the euro in the European zone skyrocketed in the informal currency market. Every day there are records in foreign currency in Cuba given the high demand and low availability. The national currency, the Cuban peso, continues to lose value once morest foreign currencies.
The informal currency market in Cuba reveals a large gap between the prices of the main foreign currencies and the official exchange rate set by the Central Bank of Cuba (BCC). This indicates the shortage and high demand for foreign currency on the island, which is suffering a serious economic and social crisis.
According to the daily report of the independent media El Toque, the US dollar reached 300 Cuban pesos today. One dollar is exchanged today for 300 pesos each on the black currency market, while the BCC acquires it for 120 pesos. Of course, no one sells to the state.
Meanwhile, the euro shot up above 300 Cuban pesos and the MLC, the currency used to pay in foreign currency stores, was bought and sold at 260 Cuban pesos. This virtual currency, equivalent to one dollar, has had a constant increase in recent weeks.
Euro, dollar and MLC in Cuba today
One of the main needs of Cubans today is to obtain foreign currency, especially dollars and euros, to be able to purchase basic necessities and enter the stores in MLC. This reality shows the deep economic crisis that Cuba is going through, where there is a shortage of foreign currency, an instability of the Cuban peso and a lack of confidence in the national currency.
The informal exchange market, which escapes the control of the Cuban state, determines exchange rates according to supply and demand, which generates a situation of uncertainty and variability for the population. The Cuban government must adopt urgent measures to overcome the economic and financial crisis.
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