New rise in the price of the dollar in Cuba

The dollar woke up this Monday with a new price increase in informal sales in Cuba.

It rises for the second consecutive day, which reaffirms that the outlook is increasingly black for the national currency and that the purchasing power of workers on the island continues to sink to unprecedented levels.

In the last hours The US currency rose to 343 CUP, marking an increase of two pesos in relation to the previous day, 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 euro, for its part, remains at 350 pesos, price at which it arrived this Sunday.

Also unchanged today Freely Convertible Currency (MLC), which remains at 280 CUP.

Median purchase and sale values of the reference currencies

Regarding the behavior of the median values, in the last 24 hours elToque announced average purchase and sale offers for the euro at 350 CUP.

The dollar, for its part, is being bought on average at 340.28 and It is selling at 345, which could be an indication that the US currency will continue to rise in price.

In the case of the MLC, the median is 280 pesos for purchases and 282 for sales.

Manuel Marrero Cruz admitted during a 2023 balance meeting of the Central Bank of Cuba (BCC) held this Saturday on failure of the official exchange rate that was established for currencies as part of the “economic and monetary order.”

Prime Minister Marrero Cruz urged the search for formulas to eliminate the dual exchange rate - official rate and informal rate - and the illegal exchange rate, issues that he recognized are of great concern to the population "due to their impact on inflation and price formation." .

However, The prime minister did not explain what “concrete proposals” the government has to determine an official exchange rate that will eradicate the informal currency market in the country.

Over the course of a year, The Cuban peso has experienced a historic devaluation, which has dramatically eroded the purchasing power of the Cuban population and It has had a radical impact on both salaries and savings.

The exchange rate instability in Cuba highlights the acute economic crisis that the country is going through, accentuated by the lack of effective policies that mitigate the fall of the national currency. They are obvious symptoms of the profound flaws of the centralized and planned economic model imposed by the Cuban regime.

The lack of effective measures to stabilize the economy and improve the standard of living of citizens reflects not only an economic crisis, but also a leadership crisis, where ideological dogmas are prioritized over the well-being and prosperity of the Cuban people.

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.

However, it must be taken into account that lat a representative rate it is formed from purchase or sale announcements, that is, it 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.