How did the dollar, the euro and the Freely Convertible Currency (MLC) emerge in the informal currency market in Cuba? The unstoppable rise in the cost of these currencies keeps ordinary Cubans who depend on this support for basic purchases in uncertainty.
The informal currency market in Cuba woke up this March 5 with stable prices for the dollar, the euro and the Freely Convertible Currency (MLC). Although there has been no immediate increase, exchange rates remain at record levels: 320 CUP per euro, 315 CUP per dollar and 270 CUP by MLC. This means that the cost of convertible currencies remains high for the Cuban population.
It is important to closely monitor the market’s behavior in the coming days as there is a possibility that the uptrend will resume later this week.
Dollar, euro and MLC in Cuba TODAY
The Cuban peso continues its devaluation, which has caused a sustained increase in the price of currencies in recent weeks. However, this March 5, an unusual stability is observed in the value of foreign currencies once morest the local currency, according to the daily study of the independent media El Toque.
It is still early to determine if this stability will be maintained, since the devaluation of the Cuban peso is a constant factor that might put upward pressure on the price of currencies at any time. It is recommended to closely monitor market developments in the coming days to gain a better perspective on the situation.
It is important to mention that the exchange rates mentioned above correspond to the informal currency market in Cuba. In this market, the prices of foreign currencies are usually much higher than the official rates set by the Central Bank of Cuba.
This significant difference between the official rates and those of the informal market is due to the shortage of foreign currency in Cuba. The devaluation of the Cuban peso has also contributed to this problem.
It is important to keep in mind that the informal currency market is illegal in Cuba. However, many people turn to this market to obtain the foreign currency they need to buy basic products, pay for services, etc.
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