This Friday, October 18, the price of the euro, the US dollar and the Freely Convertible Currency (MLC) continue without respite in the black currency market in Cuba. These are also the official foreign exchange rates at financial institutions, such as the Central Bank (BCC).
The Cuban exchange market continues to show a notable disparity between the official rates set by the Central Bank of Cuba (BCC) and the informal market prices.
This difference manifests itself again this Friday. While official rates remain relatively stable, the black market continues to be the main reference for Cubans who need to acquire foreign currency.
According to the independent media El Toque, the US dollar is trading today at 325 Cuban pesos, the euro at 340 pesos and the MLC at 265 pesos.
Although these values have shown some stability in recent days, they continue to significantly exceed official rates, which shows the growing dependence of the population on the parallel market, due to the scarcity of options.
The persistent gap between official and black market exchange rates reflects the economic complexities facing Cuba, where access to foreign currency is limited and, therefore, prices of the dollar, euro and MLC tend to remain on the rise.
Price of currencies in Cuba this Friday
The high demand for foreign currency and exchange restrictions have generated a parallel market, generating economic instability and seriously harming Cubans. Families struggle with inflation and shortages of basic products, while the government faces difficulties in controlling the economy, with the price of currency in Cuba out of control.
How are the official exchange rates today? According to the Central Bank of Cuba, the purchase price of the American dollar, euro, Canadian dollar, pound sterling, Mexican peso, rubles, is this:
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