Freely Convertible Currency on the rise for the second consecutive day in Cuba

The Freely Convertible Currency (MLC) once again reports a slight increase in the Cuban informal market when marketed this Tuesday on average at 262 CUP, one peso more than the previous day, as revealed today by the daily rate ofelToque, which records the oscillations in the informal price of currencies in the country.

After remaining anchored for almost two weeks at 260 pesos, it was this Monday that the average sale of the Freely Convertible Currency had risen 261 CUP, one peso more than the value it had maintained since last February 6.

The MLC seems determined to shorten distances with the euro and the dollar in the Cuban informal market, which isThis Tuesday they remain at the same values as in recent days: euro (310 CUP) and dollar (305).

Both currencies have had several weeks of sustained increases, with only a slight intermediate decline in the dollar, from which the US currency quickly recovered.

Although the dollar does not register an increase this Tuesday, the median of values registered in the last 24 hours marks purchase offers for the US currency 302 pesos in the purchase andof 307 for sale, the latter data that could anticipate a probable increase in value in the coming hours.

The MLC also marks a possible increase, whose average is 260 pesos for purchases and 263 CUP for sales.

The average euro is stable, 310 pesos when bought and sold.

Andanalysis on the movement of currencies in the informal market published byelToque pointed out that the coup de grace of the Cuban peso was the announcement at the beginning of 2024 of increases in fuel prices and public transportation rates, because even though such measures were not carried out due to a computer failure in the FINCIMEX commercialization, the announcement had an immediate impact on the foreign exchange market.

Added to this would be "a context of high uncertainty and economic instability, without specific government projections, which leads to the persistence of the conditions that drive the demand for foreign currency and the supply remaining restricted."

Pavel Vidal, Cuban economist and principal researcher at OMFi, assured that Since the end of December 2023, an increase in the demand for currencies above the supply has been noted in the data monitored on classifieds websites.

However, the economist warned that in virtual spacesDemand from buyers willing to buy the currency at the current price begins to fall, something that he estimates could end up slowing the increase in the price of the reference currencies.

The reference rate ofelToque 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.

However, you must keep in mind that the representative rate is formed from purchase or sale announcements, that is, They are not concrete operations, but rather they express the desire of the actors who participate in that market.Hence, the figures shared should be taken as a reference only.