This March 13, 2024, the American dollar and the euro in the European zone remain on the rise, although the price of these currencies in Cuba today continues with the stable trend of recent days. How are the prices in the informal market? We tell you below.
The informal currency market in Cuba experiences a day of stability this March 13, putting an end to several days of consecutive increases. According to the independent media El Toque, the euro is quoted at 325 Cuban pesos, while the US dollar is bought and sold at 320. The Freely Convertible Currency (MLC), for its part, remains stable at 270 pesos.
Although calm reigns in the market for the moment, the general trend remains upward. The price of the dollar has experienced a significant increase in recent weeks, exceeding the 300 peso barrier for the first time in history. The euro has also followed a similar trajectory.
The current stability might be just a temporary respite before rallies resume. Various factors, such as the shortage of foreign currency in the country and global economic uncertainty, maintain pressure on the informal market.
Currency Prices in Cuba today
It is important to remember that the informal currency market in Cuba is highly volatile and susceptible to sudden changes. Fluctuations in currency prices can have a significant impact on the country’s economy, especially the private sector.
The informal currency market in Cuba, although illegal, operates as the main source of access to foreign currencies for the majority of the population. Although the Cuban government operates an official market, the exchange rates it offers are considerably less favorable than those of the informal market.
In the official market, according to recent data from the Central Bank of Cuba (BCC), the US dollar is valued at 120 Cuban pesos, while the euro is exchanged at 131 pesos. In contrast, in the informal market, the dollar is between 320 and 325 pesos, and the euro is around 325 pesos.
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