The unstoppable rise of the dollar and the euro continues in informal sales in Cuba

The dollar and euro experienced new record sales figures in the informal market in Cuba this Monday, as revealed by the daily rate of the independent media elToque, which records the oscillations of the informal price of currencies on the island.

The average sale of the US currency rose to 280 pesos CUP in the last few hours,one peso more than the value reached this Sunday.

It also goes upthe euro, which today reaches 285 pesos on average in informal sales, with also an increase of one peso in relation to its value on January 21.

It is the first time that both currencies have been sold at these prices since 2019, the year in whichelToque began reporting on currency value movements in street-level buying and selling.

Thefreely convertible currency (MLC), for its part, remains unchanged andIt has been sold for several days at 250 CUP.

The median of the purchase and sale values registered in the last 24 hours marks purchase and sale offers for the euro at 285 CUP.

In the case of the dollar, the median is 278 CUP for purchases and 280 for sales.

The MLC, for its part, registers average acquisition and sale offers at 250 pesos.

The path of the dollar, the euro and the MLC was uncertain after the announcement of a Crusade by the Cuban government against the informal sale and purchase of these currencies.
However, for now they have not only recovered their values prior to the drop they suffered at the end of December, but have also begun an ascent to prices they had never reached.

The temporary fall that affected the three reference currencies began on December 22, just two days after the Cuban Prime Minister,Manuel Marrero Cruz, would announce thatStarting this month of January, the official dollar rate in Cuba would be changed.

At that time Marrero Cruz did not specify what the new value would be nor the exact date on which it will come into force. Until January 19, the Cuban authorities have not made any official announcement on this issue.

Days after Manuel Marrero's public intervention before the National Assembly, he was the Minister of Economy in Cuba,Alejandro Gil, who assured thatThey will intervene in the informal currency market, which they described as "distortion."

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

For several months the Cuban regime has been trying to blameelToque of promoting a high exchange rate that - in the government's opinion - harms the Cuban economy and triggers inflation on the island.