Above 300 pesos: Dollar and euro reach new records in the informal currency market in Cuba

The omens of many Cubans who warned thatthe momentary fall in the price of the dollar in the informal currency market in Cuba was a sign that “the dollar took a step back to gain momentum”.

And what a boost it gained this Saturday, February 17, when Cubans woke up seeing the three-point rise in the price of the US currency (USD), whichset a new record by reaching 305 Cuban pesos (CUP).

If this Friday the dollar was quoted at 302 CUP, as recorded by the independent mediaElTOQUE, the weekend began with the “enemy currency” jumping three pesos andapproaching the euro in its informal price.

The European currency also rose and set a new record,when exchanged for 310 CUP this Saturday, while the Freely Convertible Currency (MLC) is the only one that has remained stable for more than ten days, in whichIt is being quoted at 260 CUP.

An analysis of the movement of currencies in the informal market published by the aforementioned media pointed out that the coup de grace of the Cuban peso was the announcement at the beginning of 2024 ofincreases in fuel prices and public transport fares, therefore, despite the fact that such measures were not implemented - due to aalleged computer attack in the FINCIMEX marketing system, the announcement had an immediate impact on the foreign exchange market.

Added to this would be "a context of high uncertainty and economic instability, without concrete government projections, which leads to the persistence of the conditions that drive the demand for foreign currency and the supply remaining restricted."

The reference rate ofElTOQUE 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.

However, you must keep in mind that the representative rate is formed from purchase or sale announcements, that is, they are not concrete operations, but rather they express the desire of the actors who participate in that market. Hence, the figures shared should be taken as a reference only.