The price of the euro in the Cuban informal market shows no signs of slowing down and has set a new record this Wednesday, trading at an average of 220 CUP, two pesos higher compared to the previous day, according to the rate published by the independent digital media outlet elTOQUE.
The US dollar remains valued at 1 x 210 CUP, the same rate it reached last weekend. It also maintains its price at 195 pesos for the freely convertible currency (MLC).
In the case of the euro, it is noteworthy that offers for sale were reportedly made in the last 24 hours ranging from a minimum of 200 pesos to a maximum of 250, according to information provided by the aforementioned digital media outlet.
In the case of the dollar, prices ranged from 145 to 225, while the MLC recorded selling offers between 150 and 210 pesos.
The euro reached 200 pesos in informal sales by mid-May, which means that in just under two months, the European currency has seen an increase of 20 pesos for each euro traded in the informal market.
The existence of an informal currency exchange market meets the population's demand more effectively than the official one, where sales are limited and there is not always cash available in the state banks and financial entities, which are the only ones authorized to engage in this type of activity.
According to a forecast published by the mentioned outlet this Wednesday, it is expected that the foreign currencies in the Cuban informal market will continue to rise for the remainder of July.
The most likely central value for the dollar over the next four weeks is 213 CUP, with a maximum of up to 222 CUP per cash dollar. In the case of the euro, the team forecasts a most likely central value of 222 CUP per unit of foreign currency, and a maximum value of up to 232 CUP per euro.
According to the forecast, it is likely that the freely convertible currency (MLC) will surpass the 200 peso mark in the last days of the month.
Forecast models developed by the Currency and Finance Observatory (OMFi) team in Cuba, associated with elTOQUE, indicate a continued depreciation of the Cuban peso this month of about 4%.
Meanwhile, at the state-run Currency Exchange Houses (CADECA), the euro is selling for 1 at 138.47 and the U.S. dollar at 123.60, prices that have remained stable for some time in the island's official currency market.
The reference rate of elTOQUE is compiled after analyzing all buy/sell listings published on social media and classified websites. This results in a price that helps to determine the values of the main currencies circulating in the country.
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