The informal currency exchange market in Cuba continues to increase uncontrollably, and with the continuing strengthening of the US dollar and the euro. This Saturday there is a notable increase in the value of these two currencies, as well as the Freely Convertible Currency (MLC).
The prices of the dollar and the euro continue to rise once morest the Cuban peso (CUP), according to the daily report of representative rates of the informal market prepared by the independent media El Toque.
The price of the euro today reaches a new record when it reaches $340.00 CUPincreasing 2 units of CUP in the last hours.
Meanwhile, the US dollar, the most quoted currency on the island, experienced the most notable increase in the last day, placing its average value around $335.00 CUPwhich is $3.00 CUP above Friday’s value.
On the other hand, the freely convertible currency (MLC) also registered an increase, reaching $278.00 CUPthat is, $2.00 CUP more.
The price of the dollar will continue to rise in Cuba
This phenomenon is attributed to various reasons, including restrictions on access to foreign currency by state banks and the need for Cubans to obtain foreign currency to carry out commercial transactions and satisfy basic needs.
The growth of foreign currencies in the informal market has directly impacted the purchasing power of the Cuban population, especially those with income in national currency. This situation has generated an escalation in the prices of imported products and dollarized services.
Despite the concern expressed by the Cuban authorities, no concrete details have been revealed regarding the measures that will be taken to address this economic situation.
Meanwhile, Cubans are forced to turn to the informal market to obtain foreign currency, raising questions regarding the country’s economic future and the need to implement reforms that promote greater openness in the financial system.
The increase in the price of the dollar and the euro in Cuba’s informal currency exchange market is consistent, and at the moment there are no important factors that allow us to think regarding a change.
The expected economic recovery of the island has not taken place, and on the contrary, the generalized shortage of food and the overpriced importation of essential products by the government continue to worsen.
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