The euro does not allow itself to lose its leading position in the Cuban informal market and in the last few hoursrose to the exorbitant figure of 365 CUP for one euro in the average informal sale, according to the daily rate ofelToque which documents the ups and downs of currencies in Cuba.
The European currency rose three pesos in the last 24 hours and thus marks a new distance of 10 units with the dollar, which this Thursday remains valued at 355 CUP.
The Freely Convertible Currency (MLC), for its part, has remained unchanged for a week:valued at 285 CUP.
Exchange rate today 04/18/2024 - 9:13 a.m. in Cuba:
Exchange rate from USD to CUP according to elTOQUE: 355 CUP.
Euro exchange rate EUR to CUP according toelTOQUE: 365 CUP.
MLC to CUP exchange rate according toelTOQUE: 285 CUP.
Since April 11, the virtual currency with which the Cuban government operates has remained at the same price: 70 pesos below the dollar and 80 below the European currency, according to the values held by euros and dollars today.
Be it peso by peso or with sudden increases of three units in a single day - as happened with the dollar yesterday and with the euro today - the reality is that the European and American currencies show no signs of slowing down. in their sales values in the informal market, which makes the economic outlook in Cuba even more delicate.
After a sustained increase for several weeks, on Saturday, April 13, the three reference currenciesThey marked 24 hours of stability in average sales.
However, since the 14th, the systematic price increases that worry Cubans and that keep the regime in check, which has already recognized the problem but continues without providing solutions to the unstoppable devaluation of the national currency, returned.
ElToque reiterated this Tuesday in an article published on its website thatThe increase in the value of reference currencies in the informal market is simply the result of the balance between supply and demand.
He also pointed out that the devaluation of the Cuban peso is also due to the fact that Cuban pesos are not required to carry out some daily life operations, including 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.
"The exchange rate is a reflection of the uncertainty that the island is experiencing", economist Pavel Vidal concluded in one of the many debates on the subject held among economists based outside the island.
Although the Cuban government is aware of the important problem it has with the informal currency market, it continues without providing solutions orconcrete proposals to determine the exchange rate and apply measures that manage to re-boost the economy.
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