Price of the dollar increases in Cuba for the third consecutive day

This Tuesday, the dollar set a new average sales record in the Cuban informal market by increasing its value for the third consecutive day and reaching 345 pesos per unit, 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 figure represents two pesos more in relation to the previous day. In just three days - between April 6 and 9 - the US currency has risen five pesos and is only five units higher than the European currency, which this Tuesday remains at 350 pesos.

Its value also rises today Freely Convertible Currency (MLC), which scales to 282 CUP.

The informal exchange rate of currencies at the moment does not seem to have been impressed by the recent statements of Cuban Prime Minister Manuel Marrero Cruz, who admitted this weekend to a balance meeting for the year 2023 of the Central Bank of Cuba (BCC) on failure of the official exchange rate that was established for currencies as part of the “economic and monetary order.”

Marrero Cruz urged the search for formulas to eliminate the exchange rate duality - 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 in mind to determine an official exchange rate that will eradicate the informal currency market in the country, so in the meantime, the value of the reference currencies does not show any signs of slowing down. .

Median purchase and sale values of the reference currencies

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

The dollar, for its part, is being bought on average at 344 pesos (with a sudden increase of four pesos) and is being sold at 345.

In the case of the MLC, the median is 280 pesos for purchases and, be careful, 284 for sales, which could indicate that it will continue to rise soon.

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.