Currencies without brakes: Dollar, euro and MLC register new record prices in the Cuban informal market

The three reference currencies in the Cuban informal foreign exchange market: dollar, euro and Freely Convertible Currency (MLC) reached new record sales figures this Wednesday, something that has not occurred simultaneously for several weeks.

The euro climbs to 292 CUP, two pesos more than the last few days, as revealed by the daily rate of the independent media elToque, which records the oscillations in the informal price of currencies in the country.

The MLC, which reaches 255 CUP..

The dollar, for its part, increases this January 31 to 288 CUP, one more weight in relation to the previous day.

The simultaneous increase in value of the three currencies takes place after the announcement that the government prepares to the intervention of the informal foreign exchange market in February.

The statement has generated a lot of expectation among Cubans residing inside and outside the country, who question whether the regime can really "intervene" or effectively stop the informal exchange system.

The median of values recorded in the last 24 hours marks purchase offers for the dollar at 286 CUP and sale at 290, a figure that anticipates a potential increase in the average sale value of the US currency in the coming hours.

The euro, for its part, registers an average of 292 pesos for both operations.

In the case of the MLC the average is 250 in the purchase and 255 on sale.

At the beginning of this week the website Presidency of Cuba pointed out that the government "will advance in the presentation of proposals to resize the exchange market, the intervention of the informal sector and the control of the exchange rate in the country."

They also pointed out that the actions to be developed include "the determination of the exchange rate and the formation of prices."

On December 22, just two days after the Cuban Prime Minister Manuel Marrero Cruz would announce that Starting in January, the official dollar rate in Cuba would be changed, the price of the three reference currencies in the informal market experienced a momentary drop in their purchase and sale values.

Days later, he was the Minister of Economy in Cuba, Alejandro Gil, who warned that They would intervene in the informal currency market, which he described as a "distortion."

However, although 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, In a period of a few days they not only recovered their previous values, but have also maintained a rise to record prices.

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

The reference rate of elToque It is prepared after the analysis of the purchase and sale advertisements of the three reference currencies 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.