APP GRATIS

Price of the dollar rises in Cuba despite the government's announcement to intervene in the informal market

This Tuesday the dollar and the Freely Convertible Currency (MLC) rise in price.

Banco Metropolitano en Cuba (Imagen de referencia) © CiberCuba
Banco Metropolitano in Cuba (Reference image) Photo © CiberCuba

Dollar and MLC wake up this Tuesday with new record sales figures in the Cuban informal market, as revealed by the daily rate of the independent media elToque, which records the swings in the informal price of currencies in the country.

A few hours after the announcement that the government is preparing to intervene in the informal foreign exchange market in February, The dollar climbs this January 30 to 287 CUP, two pesos more compared to the previous day.

The US currency is thus placed at only three pesos from the euro, which remains unchanged and is sold at 290 CUP.

It also raises the Freely Convertible Currency (MLC), which today reaches 253 pesos as an average in informal sales, with an increase of one peso in relation to its previous value.

The median of values registered in the last 24 hours marks purchase offers for the dollar at 285 CUP and sale at 288, a figure that could be an indication that the informal value of the US currency will continue to rise.

The euro, for its part, registers an average of 290 pesos for both operations.

In the case of the MLC the average is 250 in the purchase and 255 in the sale, the latter data that could indicate that its value will continue to rise.

Median informal purchase and sale values of the three reference currencies in the Cuban informal market (elToque)

The new day of increases in the price of currencies in street-level sales takes place a few hours after the Cuban government announced that it is prepared to the intervention of the informal foreign exchange market in February, although they did not give details of how they will do it.

The Web Presidency of Cuba He noted that the government "will advance in the presentation of proposals to resize the exchange market, the intervention of the informal sector and the control of the exchange rate in the country."

In this sense, they indicated that the actions to be developed include "the determination of the exchange rate and the formation of prices."

On December 22, just two days after the Cuban Prime Minister Manuel Marrero Cruz would announce that Starting in January, the official dollar rate in Cuba would be changed, the price of the three reference currencies in the informal market experienced a momentary drop in their purchase and sale values.

Days after Manuel Marrero's public intervention before the National Assembly, he was the Minister of Economy in Cuba, Alejandro Gil, who assured that They will intervene in the informal currency market, which they described as "distortion."

However, although the path of the dollar, the euro and the MLC was uncertain after the announcement of a Crusade by the Cuban government against the informal buying and selling of these currencies, in a period of a few days they not only recovered their values prior to the drop they suffered at end of December, but have also maintained a rise to record prices.

The reference rate of elToque It is prepared after the analysis of the purchase and sale advertisements of the three reference currencies 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.

For several months the Cuban regime has been trying to blame elToque of promoting a high exchange rate that - in the government's opinion - harms the Cuban economy and triggers inflation on the island.

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