The instability of the informal currency market in Cuba has once again resulted in another day of declines in the main reference currencies of the country.
For the third consecutive day, the dollar decreased in its exchange rate in the Cuban informal market, while the euro followed suit after maintaining its exchange value stable the day before.
Exchange rate today 03/08/2024 - 11:28 am in Cuba:
- Dollar exchange rateUSD to CUPaccording toelTOQUEPlease provide the text that you would like me to translate.320 CUP
- Euro exchange rateEUR to CUPaccording toelTOQUEPlease provide the text you would like me to translate.335 CUP
- Exchange rate of theMLC to CUPaccording toelTOQUEIt seems that there is no text provided for translation. Please provide the text you would like to have translated.280 CUP
The only currency that remained unchanged is the freely convertible currency (MLC), which is still quoted at 280 Cuban pesos (CUP) this Saturday.
At noon today (Cuba time), the average sale of the dollar is quoted at 320 CUP, which reflects a decrease of five units compared to the previous day.
The common currency of the European block experienced a similar variation, as it is quoted on the Cuban informal market this Saturday at 335 CUP, five Cuban pesos less than the previous day.
The drop in the value of both currencies occurs after an article published this Thursday in the Granma newspaper threatened with up to five years in prison for Cubans who turn to the informal market for the buying and selling of foreign currency.
"These actions are sanctioned with deprivation of liberty from two to five years, or a fine of five hundred to one thousand quotas, or both," pointed out the official source in an announcement that is unclear whether it will affect the informal currency market in Cuba or if Cubans will turn a deaf ear to the threats.
This Thursday, the official organ of the Communist Party of Cuba (PCC) attacked those who exchange national currencies for foreign ones, arguing that it "affects the country's economic system."
He also pointed out that any transaction of sale, assignment, transfer, or acquisition of foreign currency "is illegal and constitutes a crime."
According to Granma, the population should know that there is not "an informal market," but rather a crime that "takes advantage of the facilities of social communication networks for the offer, purchase, sale, and exchange of national currencies and foreign currencies."
Once again, the regime blamed the digital platform ElTOQUE, accused of maintaining a strategy to "affect the economy, generate a negative impact on the country's monetary scale, and worsen the living conditions of Cubans."
Finally, the Granma article reviewed the entire regulatory legal framework that threatens citizens, urging them not to continue buying and selling foreign currency.
What do you think?
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