In the last few hours, the dollar registered a shocking increase of five pesos in informal sales in Cuba, according to what the independent media announced this Saturday.elToque in itsbowl prepared from the analysis of purchase and sale offers on social networks.
The US currency shot up in a single day from 355 to 360 pesos, which activatedan instability alert in the informal USD exchange market, according to the aforementioned source.
It also rose in the last few hours the Freely Convertible Currency (MLC), which after remaining stable since April 11 at 285 pesos,It shoots up today to 288 CUP.
It only remains stable this April 20the euro, which continues to be valued at 365 CUP per unit.
Exchange rate today 04/20/2024 - 7:56 a.m. in Cuba:
Exchange rate from USD to CUP according to elTOQUE: 360 CUP.
Euro exchange rate EUR to CUP according toelTOQUE: 365 CUP.
MLC to CUP exchange rate according toelTOQUE: 288 CUP.
Whether peso by peso or sudden increases of several units in a single day, the reality is that the price of currencies shows no signs of slowing down. in their sales values in the informal market, which makes the economic outlook in Cuba even more delicate.
ElToque reiterated last Tuesday in aarticle published on their websiteThe 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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