Dollar, euro and Freely Convertible Currency (MLC), the three reference currencies in the Cuban informal currency market, woke up this Friday with new record sales figures, which confirms the magnitude of the economic disaster and the unstoppable abyss in which the Cuban peso continues to sink.
The increase in the value of the three coins takes place just one hour after the announcement of the entry new fuel prices come into force this March 1, which will be sold in dollars, as well as the new electricity rate for high consumers.
The immediate reaction has been that The US currency experiences the most notable increase this Friday and rises to 314 CUP, four pesos more than the day before.
He euro, for its part, reaches the threshold of 320 CUP after rising two pesos in relation to its value on Thursday.
It also increases two pesos the average sale of the MLC, which reaches 268 CUP, as revealed by the daily rate of the independent media elToque, which documents the oscillations in the informal price of currencies in the country.
The median of values recorded in the last 24 hours marks purchase offers for the US currency at 310 pesos for purchase and 315 for sale, which could be an indication of a new price increase.
In the case of the MLC, the median value is 265 when purchasing and 270 when selling.
The average of the euro is 318 when buying and 320 when selling.
This week the Cuban government ratified the fuel prices that had been announced in January, in addition to the list of service centers that will offer that service in dollars.
Regarding the new prices, the Minister of Finance and Prices expressed that they reflect a “recognition of all costs and expenses incurred from their acquisition, processing and marketing.”
The entry into force of the controversial measures had been postponed since February 1 due to an alleged cyber attack.
Days later, the Cuban government seemed to backtrack by saying that it would not apply the economic readjustment package. until the conditions created in the country were not there, according to what Cuban Prime Minister Manuel Marrero Cruz said in a meeting of the Council of State.
However, in less than ten days they apparently managed to create the conditions and some economic measures have definitively come into force that seem to sink the Cuban peso even further.
And analysis on the movement of currencies in the informal market published by elToque a few weeks ago, indicated that the announcement of price increases for fuel and A context of high uncertainty and economic instability, without specific government projections, had led "to the conditions that drive the demand for foreign currency persisting and the supply remaining restricted."
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.
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