The price of the euro soars in Cuba: European currency sets a record in the informal market

The euro reaches its all-time high in Cuba's informal currency exchange market, while the island's economy sinks into crisis.

The euro has marked a new milestone in Cuba, this Monday it is sold at336.50 pesos, with signs of continuing to increase during the week.

Meanwhile, the dollar and the freely convertible currency (MLC) also show upward trends, deepening the island's economic crisis and citizen uncertainty.

The week began with a notable rebound in the price of the euro in Cuba, reaching record figures in the informal currency market.

The tracking ofElToque, an independent media specialized in the analysis of the Cuban economy, shows that while theUS dollar remains at a price of 330 Cuban pesos, the euro continues to experience a significant rise.

Meanwhile, theFreely Convertible Currency (MLC) stands at 275 pesos without major fluctuations, but not exempt from the general upward trend of currencies against the devalued Cuban peso.

The current situation is especially worrying, given that it directly affects the prices of consumer goods and services, with the consequent erosion of the purchasing power of Cubans.

This increase has not only established a historical precedent for the euro on the island, but has reversed the prospects for stabilization that citizens longed for.

On Sunday, the focus was onunstoppable rise of the dollar, which for the third consecutive day saw its value increase in the informal market.

ElToque has documented how the dollar maintains its increase in value in Cuba since 2019 when it began to record the price of key currencies in the Cuban informal environment.

Hegovernment still does not offer concrete solutions to stop the devaluation of the national currency and the economic crisis, despite the promises of intervention made months ago.

The escalation in the price of foreign currencies is a clear indicator of the difficulties that Cuba faces, where effective measures are delayed while the people deal with uncertainty and the loss of purchasing power day after day.