Currency does not increase in price in Cuba after a week of continuous rise

The informal currency market in Cuba did not register any increase this Saturday in the price of the main currencies, giving a respite to the battered pockets of Cubans, who have seen days of dizzying rise in the price of the dollar, the euro and the Freely Convertible Currency (MLC) in the last five days.

Exchange rate today 04/13/2024 - 11:15am in Cuba:

Dollar exchange rateUSD a CUP according to TOUCH:350 CUP

Euro exchange rateEUR a CUP according to TOUCH:355 CUP

Exchange rate ofMLC a CUP according to TOUCH:285 CUP

With days remaining until the end of the first quarter of 2024,The exchange rate in Cuba has risen around 33%, reflecting a resounding fall in the purchasing power of Cubans thanks to thefailed macroeconomic and monetary stabilization policies undertaken by the government ofMiguel Diaz-Canel.

Yes in the first week of January, the price of the United States dollar (USD) on the Cuban black market amounted to 270 Cuban pesos (CUP),14 weeks later, the price of this currency is around 350 CUP,an increase of more than a third of its value at the beginning of this year.

The euro has experienced a similar behavior in the same period of time, registering a rise from 280 CUP at the beginning of the year, to 355 Cuban pesos reflected this Saturday by the exchange rate prepared by the independent media.elTOQUE.

Less pronounced has been the rise experienced in three and a half months by the MLC, which has gone from 245 CUP at the beginning of the year to 285 Cuban pesos at the current rate in the informal currency market.

At the end of last year, the then Minister of Economy in Cuba,Alejandro Gil Fernandez, assured that they would intervene in the informal currency market because it was "a distortion" that could not persist much longer.

"The exchange market is one of the main distortions that the economy is facing and it is not by design. We did not design that exchange market that is operating in the country, but an important part of the foreign exchange that non-state acquirers do so in that market," said Gil on the television program Mesa Redonda.

Likewise, he assured that theMypimes They acquired foreign currency in the informal market and that is why they had more resources than the State to import products of all kinds and provide a broader and more diverse offer.

"We have to order that. If we were neoliberalism, we would let the exchange market run.Among the measures proposed is recovering the management of foreign currency by the State"said the minister before his defenestrationoccurred two months later.