Brake on the increase of foreign currency in Cuba

The currencies take a breather in Cuba.

Current Affairs
CiberCuba Editorial Team

31/07/2024 - 7:39am (GMT-5) |

This Wednesday, the exchange rate for reference currencies in Cuba opens unchanged in the informal market, marking a slowdown - at least momentarily - in a recovery that some had anticipated would be uninterrupted.

At 7:00 a.m. (local Cuban time), the dollar is valued at 335 CUP for the third consecutive day.

Also unchanged is the euro, which on this July 31 maintains a value of 345 CUP, ten units above the US dollar.

Finally, the Freely Convertible Currency (MLC) - the economic monstrosity with which the government has operated since 2021 - also shows no changes compared to the previous day and remains at 280 CUP, in its case also for the third consecutive day, like the dollar.

After a sustained decline that lasted almost a month, in mid-July the three reference currencies in Cuba showed a new shift in their selling values, almost always rising by five at a time, at a slower pace than that recorded in April and early May, when increases of 20 and even 30 pesos in a day became the norm.

On social media, many Cubans have linked the new recovery of the informal value of the three currencies to the economic measures announced by the Cuban government this month, including the return to cash payments in foreign currencies in some services.