New record for the dollar: Crisis and lack of control fuel the informal currency market in Cuba

The crisis and lack of control of the economy caused by the Cuban regime continue to fuel uncertainty among the population and with it, theinformal currency market.

This Friday, the US dollar (USD) once again set a new record, after rising three points in its price compared to the day before.

With “the enemy's currency” trading at 310 Cuban pesos (CUP), Cuban workers and pensioners wonder what the ceiling of the USD will be and the purchasing power that theirwages if the upward trend of the black market does not stop.

As of today, the minimum wage set by the failed "economic and monetary order" (2,100 CUP) equivalent to 6.7 dollars per month, which places broad layers of the Cuban population below world indicators ofextreme poverty.

With the government unable to put dollars into circulation at the official rate,uncontrolled inflation and theshortage Sharpening in everything from food to fuel, demand for the US currency as a safe haven is growing. And therefore, its price.

If the day before,The dollar, the euro and the Freely Convertible Currency (MLC) set a new record, this Friday only the European currency remains barely unchanged, adding 50 cents to the price, to remain at 315 CUP.

However, the dollar jumped three Cuban pesos and reached the price of 310 CUP in the informal market. More discreet, with a rise of only one point, was accompanied by the MLC, which is listed this Friday, February 23 at 264 CUP.

With such instability in the market, many are wondering how far the reference currencies will rise.

An analysis of the movement of currencies in the informal market published weeks ago by the independent mediaElTOQUE detected that the announcement of the failed price increases for fuel and a context of high uncertainty and economic instability, without concrete government projections, have led "to the persistence of the conditions that drive the demand for foreign currency and the supply to remain restricted." .

The reference rate of said medium 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.