How do currencies appear in Cuba today? The price of the American dollar, the European zone euro and the Freely Convertible Currency (MLC) reached these values on the black market. Also the Bank’s official rates below.
This Tuesday, October 15, 2024, the currency market in Cuba continues to show a marked difference between the official rates and those of the informal market.
In the latter, the value of the US dollar (USD), the euro (EUR) and the Freely Convertible Currency (MLC) is well above the exchange rates established by the Central Bank of Cuba (BCC).
According to the alternative media El Toque, today the euro is quoted in the informal market at 340 Cuban pesos (CUP), the US dollar at 325 CUP, and the MLC at 265 CUP.
These figures considerably exceed official rates, highlighting the growing dependence of Cuban citizens on the unofficial market to access foreign currency. This need arises due to the difficulty in acquiring essential commodities, which are mostly only available in stores operating in MLC.
Currency in Cuba today Tuesday
On the other hand, the BCC maintains its own official exchange rates, which are usually well below those of the parallel market.
This difference responds to the government’s economic policy and its attempt to control inflation and the value of the national currency.
However, the gap between both markets reflects the limitations of the current Cuban economic system, aggravated by the shortage of consumer goods and the lack of access to foreign currency through formal channels.
In addition to the main currencies, the BCC establishes official rates for other currencies, such as the pound sterling, the Mexican peso and the Canadian dollar, which, although less relevant in the informal market, also suffer a marked imbalance compared to their official values.
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