The price of the dollar, the euro and the Freely Convertible Currency (MLC) in Cuba appear stable this March 3, 2024 in the Cuban informal currency market, despite the upward trend that has been observed in recent days. This means that they have been at the same price for several days, although the cost is a record.
According to the independent media El Toque, the euro is quoted at 320 Cuban pesos (CUP), the US dollar at 315 CUP and the MLC at 270 CUP. These are the same rates that have been maintained since the end of this week, indicating some stability in the informal currency market on the island. Which does not mean that, within a few days, it will continue with its increasing trend.
Although the devaluation of the Cuban peso has caused a constant increase in the price of currencies, this Sunday in March all currencies remain solid and stable once morest the local currency. It is important to note that these are informal market exchange rates, which are usually much higher than the official rates of the Central Bank of Cuba.
Dollar, euro and MLC in Cuba today
Cubans live in a constant search for strong currencies such as the dollar and the euro. These currencies are vital for purchasing basic products in MLC stores, which offer a better variety and more affordable prices than traditional stores. In addition, they are necessary to carry out immigration procedures in certain embassies, which require payment of visas in foreign currency.
Last week, the informal currency market in Cuba experienced a rise in the price of the US dollar and the euro. This fluctuation has a significant impact on the country’s economy, which largely depends on the circulation of these international currencies.
The rise in international currencies makes imported products more expensive, which contributes to inflation in Cuba.
In addition, Cuban families must allocate a greater portion of their income to purchasing foreign currency, which limits their ability to cover other needs.
#dollar #euro #MLC #continue #rise #Cuban #informal #market
