Stability in the informal currency market in Cuba?

The recent behavior of the informal foreign exchange market signals an emerging stability in the exchange rates of the main reference currencies in Cuba.

Although it is too early to speak of a consistent behavior, the price of the European and American currency has not undergone significant changes in recent weeks, just like the freely convertible currency (MLC).

Since last June 19th, when the US dollar (USD) reached 360 Cuban pesos (CUP), this price has remained with slight and sporadic increases and decreases.

Something similar has happened with the euro since it reached a quotation of 370 CUP on the same date. Some ups and downs have altered its price in the Cuban informal market, but it has recovered again.

Compared to the values reached just two weeks ago, the MLC is perhaps the currency that has undergone the most notable price alteration, going from 300 CUP to 305 Cuban pesos.

This "miraculous stillness" is keeping Cubans on edge, who in recent times have endured the volatility of the informal currency market and the inaction of a government incapable of bringing order to economic and monetary policy, as well as establishing an official exchange rate that allows citizens to access foreign currency.

Cycles of increases and decreases in the informal exchange rate have occurred in a cyclical manner, but increasingly accentuated, expressing the prevailing uncertainty among the "new actors of the economy," recipients of remittances, and black market operators.

However, although still very fragile, the behavior of the informal market seems to indicate that the currency is beginning to stabilize, still at very concerning inflationary levels, as it leaves the minimum wage of Cuban workers at less than six (6) dollars per month.

Exchange rate today 30/06/2024 - 9:33am in Cuba:

• Dollar exchange rateUSD to CUPaccording toelTOQUETranslate the following text to English:360 CUP
• Euro exchange rateEUR to CUPaccording totheTOUCHTranslate the following text to English:370 Cuban pesos
• Exchange rate ofMLC to CUPaccording toelTOQUETranslate the following text to English:305 CUP

These exchange rates and conversions are based on the current rates provided by elTOQUE.