The Freely Convertible Currency joins the drop in foreign currencies in Cuba.

After remaining priced at 305 CUP for several days, the virtual currency used by the Cuban government also drops.

Current news
Editing by CiberCuba

04/07/2024 - 7:26am (GMT-5)

Cargando — MLC cardPhoto © Radio Rebelde

Tarjeta en MLC © Radio Rebelde — MLC cardPhoto © Radio Rebelde

The Freely Convertible Currency (MLC) today joins the decline that has characterized the dollar and the euro this week in the informal Cuban market.

The controversial electronic currency used by the government in stores and services operating under that modality drops today to 300 CUP, five units less than it had been since June 27, the day the MLC reached that average selling price.

After eight days of stability, the Freely Convertible Currency joins the moderate decline that the dollar (today stable at 350 pesos) and the euro (which remains at 360 CUP today) are experiencing.

Since the independent outlet elToque began documenting price fluctuations in the informal market of the three reference currencies in Cuba, the MLC -created in 2019 by the regime to capture foreign currency- has always been at a good distance from the dollar and the euro in its average informal selling values.

Exchange rate today 04/07/2024 - 7:16 a.m. in Cuba:

Exchange rate of the USD to CUP according to elTOQUE: 350 CUP.

Euro exchange rate EUR to CUP according to ELTOQUE: 360 CUP.

Exchange rate from MLC to CUP according to elTOQUE: 300 CUP.

The informal exchange rate of Cuba offered here is not officially recognized or endorsed by any financial or governmental entity.

The pulse between the government and SMEs

The drop in the MLC price takes place amid the dispute between MSMEs and the government, following the latter's decision to cap the prices of basic necessity products sold in the retail network, a measure that has triggered immense discontent in the private sector of the Cuban economy.

“If they want essential products to continue to enter, this is not the way,” warned an entrepreneur about the decision to cap prices on six basic products marketed by the private sector.

According to the previous announcement, the centralized pricing system will begin with chicken, oil, powdered milk, pasta, sausages, and powdered detergent, with the intention of containing the rampant inflation that is affecting Cubans.

In mid-March, Miguel Díaz-Canel promised a package of economic measures to "correct distortions and give the economy a boost." He said that prices would continue to be high but that "abusive or speculative prices" would not be allowed.