Recovery of currencies in the Cuban informal market: Dollar and euro rise in price

This Monday the dollar and the euro rise for the second consecutive day in the Cuban informal market, which marks the path towards what could be a gradual recovery of the values before theDecember 22th, the date on which the three reference currencies began a decline in price at street level.

This January 8, the dollar is sold on average at 270 CUP, two pesos more in relation to the previous day, but three less than therecord of 273 pesos that was established on December 19.

The euro also rises two pesos today and stands at 274 CUP, although still far from the 280 pesos at which it was sold, price at which it arrived on December 15.

The freely convertible currency(MLC), for its part, remains at 245 CUP this Monday, as reported today by the independent mediaelToque in the daily rate reported by the currency exchange rate on the island.

The median of purchase and sale values registered in the last 24 hours markspurchase offers for the euro up to 272 pesos and sale offers at 275, which could be indicative that the European currency could continue to rise in value soon.

In the case of the dollar, the median is 267 CUP when buying and 270 when selling.

The MLC, for its part, has the same price in both operations: 245 CUP.

The fall experienced by the three reference currencies began on December 22, two days after the Cuban Prime MinisterManuel Marrero Cruz would announce thatStarting in January, the official dollar rate in Cuba will be changed, although it did not specify what the new value will be nor the exact date on which it will come into force.

Marrero did not miss the opportunity - during his speech before the National Assembly of People's Power (ANPP) - to criticize independent media that record movements in the currency exchange in the informal currency market on the island.

Days later, he was the Minister of Economy in Cuba,Alejandro Gil, who assured thatThey will intervene in the informal currency market, which they described as "distortion."

"The exchange market is one of the main distortions that the economy is facing and it is not by design. We did not design that exchange market that is operating in the country, but an important part of the foreign exchange that non-state acquirers do so in that market," Gil said on the television programRound table.

For several months the Cuban regime has been trying to blameelToque of promoting a high exchange rate that - in the government's opinion - would be harming the Cuban economy and triggering inflation on the island.

The reference rate ofelToque It is prepared after analyzing the purchase and sale advertisements published on social networks and classified websites. From this result, a price is established that is used to know the values of the main currencies that circulate in the country.