The price of currencies in the Cuban informal market experienced a record-breaking drop this Sunday, with the value of the US and European currencies plummeting by ten points.
The sharp drop of 10 Cuban pesos (CUP) in less than 24 hours confirms a recovery of the value of the Cuban peso that keeps the population on edge and triggers speculations among experts, who complain about the lack of reliable information to analyze the behavior of the informal market in the last two weeks.
Confirmed the downward trend in the quotation of reference currencies, this Sunday, dollars and euros suffered a drop of 10 Cuban pesos, leaving the U.S. currency at 340 CUP and the European one at 350 CUP.
The eve and the previous day brought drops in both currencies of five Cuban pesos. Since elTOQUE calculates the informal exchange rate in Cuba based on the median of online buying and selling offers, such a spectacular drop in the prices of dollars and euros had not been recorded before.
The freely convertible currency (MLC) was also dragged down by this new and abrupt decrease, but only dropped five points, leaving its value at 285 CUP, according to the values recorded at 6 a.m. on May 25th (Cuban local time).
Exchange rate today 26/05/2024 - 6:16am in Cuba:
- Exchange rate of the dollarUSD to CUPaccording totheTOUCHTranslate the following text to English:340 CUP
- Euro exchange rateEUR to CUPaccording totheTOUCHTranslate the following text to English:350 CUP
- Exchange rate ofMLC to CUPaccording totheTOQUETranslate the following text to English:285 CUP
Alternative exchange rate from other platforms:
- Exchange rate of the Dollar (USD): Buying 331 CUP, Selling 344 CUP
- Euro exchange rate (EUR): Buying 346 CUP, Selling 356 CUP
- Exchange rate for the MLC: Purchase 281 CUP, Sale 289 CUP
The US dollar has dropped by 55 pesos in 10 consecutive days of decline. While Cubans celebrate the increase in purchasing power that this represents, many wonder why consumer goods prices do not also decrease, and they denounce their lucrative stagnation.
If the spectacular drop in currency prices at the close of the day is confirmed, and the current trend is consolidated, it would be logical for Cuban authorities, who have long blamed the rise in informal market currencies on maneuvers by independent platforms, especially elTOQUE, to make a statement.
The banking and monetary policy authorities of the country have not declared anything in the last 10 days, missing the opportunity to take advantage of the dynamics of the informal market to relaunch their failed proposals for "official exchange rates" and the circulation of dollars in quantities that contribute to the harmonization of rates and stabilization of the price of foreign currencies.
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