The price of the US dollar in Cuba’s informal market has reached a new record this Sunday, reaching $330.00 Cuban pesos (CUP) for each USD.
This rise in the informal exchange rate corresponds to the marked growth trend that both the dollar and the euro have been registering in recent days. And of course it is bad news for the Cuban population, which faces economic difficulties due to a severe financial and supply crisis.
According to the representative exchange rate of the informal currency market, which El Toque shares every day, the US bill rose 2 CUP units in the last few hours. In this way it reaches $330.00 CUP, only 5 pesos below the euro zone bill, which maintains its value this Sunday, around $335.00 CUP.
A value cut between both currencies that does not fully correspond to international exchange rates, since in recent days the euro has shown a slight recovery once morest the US dollar. However, it is worth remembering that the informal Cuban currency market moves with its own resources and not necessarily connected to the international currency market.
Freely Convertible Currency
According to El Toque’s own estimates, the Freely Convertible Currency (MLC) maintains its convertibility around $275.00 CUP, that is, 60.00 CUP less than the euro and $55.00 CUP below the US dollar.
The increase in the price of the dollar is attributed to several factors, including the shortage of foreign currency in the country, restrictions on imports and exports, as well as economic sanctions imposed by the United States. However, the growing migratory trend observed in the country is one of the factors that generates the greatest demand for dollars and euros, which has supported the value of these currencies once morest the Cuban peso.
The depreciation of the Cuban peso once morest the dollar has profound implications for the Cuban economy, as it affects the purchasing power of citizens and increases the cost of living.
Yes ok The Cuban authorities have expressed their concern and have announced measures to reverse this dangerous trend, but have failed to take control of the informal currency market.
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