After 48 hours without fluctuations in the average selling price of currencies in the informal market, on Thursday the price of the dollar and the Freely Convertible Currency (MLC) falls.
The US currency drops five pesos and stands at 335 CUP per dollar.
The MLC, for its part, at 7:00 a.m. (local time) on this July 11th, was valued at 293 pesos, two units less than the previous day.
The euro remains unchanged, valued at 350 pesos, a rate at which it has been anchored for several days.
Exchange rate today 11/07/2024 - 7:25 a.m. in Cuba:
Exchange rate of the USD to CUP according to elTOQUE: 335 CUP.
Euro exchange rate EUR to CUP according to ELTOQUE: 350 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 293 CUP.
The informal exchange rate of Cuba offered here is not officially recognized or endorsed by any financial or governmental entity.
The Cuban government sets price caps on six products.
The decline of the dollar and the MLC this Thursday are the first movements in the informal market after the Cuban government announced on Monday the implementation of a price cap on six basic products in high demand through a resolution published in the Official Gazette.
Resolution 225/2024 of the Ministry of Finance and Prices establishes that the price-capped products are the following: chopped chicken (680 pesos per kg); edible oils except for olive oil (990 pesos per liter); powdered milk (1,675 pesos per kg); pasta (835 pesos per kg); sausages (1,045 pesos per kg); and powdered detergent (630 pesos per kg).
The Cuban government presented the resolution as an effort to mitigate the impact of inflation on consumers, for which it also eliminated the payment of customs duties on the importation of those products by the private sector.
The regime indicated that this cap takes into account acquisition costs, marketing, merchant profit, and sales tax. However, small and medium-sized enterprises (SMEs) and some economists have spoken out against the measure.
It has been primarily criticized by entrepreneurs and economists, who warn about the negative consequences of price caps and suggest that the market should be regulated through supply.
Despite these criticisms, the Ministry of Finance and Prices defends what it calls a "temporary regulation," arguing that it is a measure to contain price increases and inflation, without mentioning the possible shortages that could result from this policy.
Equivalences of each available euro and US dollar bill to Cuban pesos (CUP).
United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates for this Thursday, July 11th.
1 USD: 335 CUP.
5 USD: 1,675 CUP.
10 USD: 3,350 CUP.
20 USD: 6,700 CUP.
50 USD: 16,750 CUP.
100 USD: 33,500 CUP.
Euros (EUR)
1 EUR: 350 CUP.
5 EUR: 1,750 CUP.
10 EUR: 3,500 CUP.
20 EUR: 7,000 CUP.
50 EUR: 17,500 CUP.
100 EUR: 35,000 CUP.
200 EUR: 70,000 CUP.
In March, Miguel Díaz-Canel promised a package of economic measures to "correct distortions and reboost the economy." He said that prices would continue to be high, but that "abusive or speculative prices" would not be allowed.
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