After three days without changes, The dollar woke up this Tuesday with a record average sales figure in Cuba, climbing to 352 CUP, two pesos more in relation to the amount reached last Friday.
The euro, for its part, is sold at 360 pesos, as revealed by the daily rate of the independent media elToque, which records the oscillations in the informal price of currencies in the country.
No changes today Freely Convertible Currency (MLC), which is still valued at 285 CUP as an average in the operations of the informal foreign exchange market.
Exchange rate today 04/16/2024 - 7:33 a.m. in Cuba:
Exchange rate from USD to CUP according to elTOQUE: 352 CUP.
Euro exchange rate EUR to CUP according to elTOQUE: 360 CUP.
MLC to CUP exchange rate according to elTOQUE: 285 CUP.
The exchange rate in Cuba is not managed from a computer abroad
A detailed article published this Tuesday by elToque clarifies opinions expressed by Prime Minister Manuel Marrero Cruz who in December of last year assured the Cuban Parliament that “from a country abroad and from a computer” the exchange rate that would govern in Cuba was projected.
“The statement is false. The rates of the informal foreign exchange market that reference the exchange values of the CUP to the dollar, euros and freely convertible currency (MLC), are fundamentally calculated through the buying and selling messages of Cubans on social networks. “This is a value that is created through various data collection and processing methodologies,” he reiterated today. elToque.
“It is simply the result of a series of offers and demand. Unfortunately, it is not possible to know what real transactions have taken place, but if there were a transparent, institutionalized formal market, that could be observed,” said Mauricio de Miranda Parrondo, doctor in International Economics and Development during a debate of several Cuban economists on the platform CubaxCuba.
On several occasions, the Cuban Government authorities have expressed that the problem of the high prices that exist today on the island is due to the fact that their formation is established based on informal exchange rates.
However, Díaz-Canel himself admitted that the high prices are the result of insufficient supply and the drop in production.
"Prices are going to be high because we have a structural problem of supply and demand," acknowledged the president, a statement that contrasts with that of Marrero, who on the other hand assured that the informal market rate caused the rise in prices in the national market.
elToque warns that the presence “of dollarized market segments has a negative impact on the purchasing power of the Cuban peso and causes its continued deterioration.”
This means thatThe devaluation of the Cuban peso is also due to the fact that Cuban pesos are not required to carry out some daily life operations, such as the purchase of gasoline or products in stores that operate in freely convertible currency (MLC).
“According to the considerations of several economists, the only viable alternative is for the Cuban peso to be the only currency used in domestic transactions and for there to be a transparent legal market,” warns the aforementioned analysis.
However, "the inability of the Cuban Government to maintain a stable supply of foreign currency in its banking and financial entities - given the lack of liquidity that does not seem to be resolved in the short or medium term - causes a constant existence and for various reasons excess demand. The Cuban peso will continue to depreciate without a wide-ranging stabilization program.
"The exchange rate is a reflection of the uncertainty that the island is experiencing", concluded economist Pavel Vidal during a debate with other economists.
Meanwhile, in recent days Marrero returned to the issue at a balance meeting of the Central Bank of Cuba (BCC). The prime minister reiterated - without explaining details - that they are studying concrete proposals to determine the exchange rate and eliminate exchange duality and the illegal exchange rate.
However, promises remain promises and so far it is unknown what the measures will be to "reboot the economy and eliminate distortions."
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