APP GRATIS

Drastic drops in the price of foreign currency in Cuba's informal market

The price of the Euro and the Dollar has suffered a striking decrease due to factors possibly associated with the shortage of cash circulating among the population.

Euros y dólares (imagen de referencia) © CiberCuba
Euros and dollars (reference image) Photo © CiberCuba

The price of currencies continues to fall in Cuba's informal market, and this Monday the dollar and the euro have seen a drastic drop in their prices compared to the day before.

With a spectacular drop of 8 pesos in 24 hours,The European currency is sold at 240 Cuban pesos (CUP), shortening the distance that separates it from the US currency.

The situation led to the independent mediaelTOQUE to launch an unstable market alert for the European currency, a warning that is activated when the exchange rate (measured in real time) varies (rises or falls) 1% above what it had changed in the last 20 days.

For its part,The American dollar experienced a decrease of 5 points and this Monday it was quoted on the Cuban black market at 235 CUP.

The freely convertible currency (MLC) did not suffer any change in its price this Monday andit remained at 210 CUP.

When there are barely 72 hours left until the end of August and the summer months that Cubans usually dedicate to their vacations, the price of foreign currency in the informal market has suffered a striking decrease due to factors possibly associated withthe shortage of cash circulating on the streets of Cuba.

At the beginning of this week, the Cuban peso in cash is trading as it was yesterday, at 1.09 banked pesos, despite the warnings issued by the authorities aboutthe illegality of this type of operations.

After a week, trading at 250 pesos for the US currency, 255 for the euro and 215 for the MLC, they began to gradually decline, evidencing the instability of the informal currency purchase and sale market in Cuba, according to reports prepared byelTOQUE.

The reference rate ofelTOQUE It is prepared after analyzing all the purchase and sale advertisements published on social networks and classified websites. With this result, a price is established that serves to know the values of the main currencies that circulate in the country.

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