How did the exchange market in Cuba and the price of currencies such as the American dollar or the euro dawn on March 19? After days of meteoric rise, stability prevails, but it is not something that usually lasts long. These are the prices of hard currencies on the island TODAY.
The brief truce in the illegal Cuban exchange market has been cut short by a new historic rise in the dollar, the euro and other strong currencies. This weekend, prices skyrocketed to levels never seen before, intensifying uncertainty and unrest among the population. However, this Tuesday everything points to stability, both of the dollar, the euro, and the Freely Convertible Currency (MLC).
The US currency, the most used in Cuban black market transactions, experienced a rebound in recent days, reaching a price, according to Toque, of 325 pesos to one dollar. This cost remains the same today, Tuesday. Meanwhile, the European currency also experienced a significant rise, currently trading at 330 Cuban pesos. Finally, the MLC remains at 272 pesos, following increasing two seats yesterday.
The demand for foreign currency by the Cuban population has increased considerably in recent months, due to the need to buy basic products that are not sold in Cuban pesos.
Exchange market and the price of the dollar in Cuba TODAY
The increase in the price of currencies, such as the dollar in Cuba’s exchange market today, is a constant problem on the island. Without a doubt, the rise in the price of currencies makes imports more expensive, which in turn causes an increase in inflation.
Furthermore, the purchasing power of the Cuban population is diminished, since their salaries do not adjust to the pace of the devaluation of the Cuban peso and the price of currencies, such as the dollar and the euro. As if that were not enough, the shortage of basic products is worsening, since state companies have difficulties acquiring inputs abroad and private companies take advantage of this.
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