The dollar sets a new record in the Cuban informal market

The stability of the dollar was broken last Thursday, March 14, and to date its price has not stopped rising in the Cuban informal market.

| 16/03/2024 - 1:04pm (GMT-5)

Cargando — Dollar (Reference Image) Photo © Pixabay

Dólar (Imagen de Referencia) © Pixabay — Dollar (Reference Image) Photo © Pixabay

Despite The euro maintained its high price in the Cuban informal market, trading at 330 Cuban pesos (CUP), the dollar He doesn't want to be left behind and this Saturday increased its value to 325 CUP, according to the reference rate published daily by the independent digital media ElToque.

The stability of the dollar, which was trading for approximately a week at 320 CUP, was broken last Thursday, March 14, when it rose to 322 CUP.

Last Friday, March 15, its price was established at 323 CUP, while the euro rose to 330 CUP, the price at which it remains this Saturday.

The average sale of the Freely Convertible Currency (MLC), remains stable, for the moment, at 270 CUP, for a few days.

The increase in the values of the reference currencies in Cuba had its significant rebound just a few hours after the announcement of the entry into force (March 1) of the new prices for fuel, which is sold in dollars, as well as the new electricity rate for high consumers.

Economists, like the Cuban professor living in Colombia Pavel Vidal, in the most recent monthly report from the Observatory of Currencies and Finance of Cuba (OMFi), warn that "Forecast models predict, in the central scenario, that the value of the USD and the euro in the informal market could exceed the 340 peso mark in March.".

A prediction that if fulfilled would make the minimum wage of Cubans more ephemeral, which after the failed "economic and monetary order", had been established at 2,100 CUP, as well as that of pensioners and all those who do not have income in dollars, leaving millions of Cubans below the threshold of extreme poverty.

A Cuban whose only income comes from receiving the minimum wage will be earning the equivalent of 6.46 USD this Saturday.

With such a monthly salary, and the price of pork reaching prices in Havana of up to 1,000 pesos per pound -according to a recent monitoring of ElToque-, the remuneration he receives per month is not enough for that Cuban to even buy two kilos of this common food in Cuban cuisine.