Currencies without brakes in Cuba: Dollar, euro and MLC rise in price

Dollar, euro and the Freely Convertible Currency (MLC), the three reference currencies in the Cuban informal currency market, woke up this Wednesday with new record sales figures, which confirms the magnitude of the economic disaster on the island and the unstoppable abyss in which the Cuban peso continues to be mired.

The dollar, which has seen four consecutive days of increases, rises to 346 CUP, one peso more than the previous day.

This is a record figure for the US currency since 2019 when the independent media elToque began to document the informal price fluctuations of currencies in Cuba.

The euro, for its part, rises 50 cents and reaches an average selling price of 350.5 pesos, only 4.50 above the dollar.

The average sale of the MLC also rises, climbing two points and reaching 284 CUP, as revealed by the daily rate of elToque.

For now, the informal exchange rate of currencies continues unimpressed by the recent statements of Cuban Prime Minister Manuel Marrero Cruz, who after admitting the failure of the official exchange rate that was established for currencies As part of the “economic and monetary ordering”, he urged the search for formulas to eliminate exchange rate duality.

During a meeting with officials from the Central Bank of Cuba (BCC), the prime minister acknowledged that they are of great concern to the population "due to their impact on inflation and price formation."

However, Marero Cruz He did not explain what “concrete proposals” the government has in mind to determine an official exchange rate that will eradicate the informal currency market in the country, so in the meantime, the value of the reference currencies continues without showing any signs of slowing down.

Median purchase and sale values of the reference currencies

Regarding the behavior of the median value, in the last 24 hours, average purchase offers for the euro were recorded at 350 and sales at 352.

The dollar, for its part, is being bought on average at 345 pesos and is being sold at 348, which could anticipate that it will continue to rise soon.

In the case of the MLC, the median is 280 pesos for purchases and 285 for sales.

Over the course of a year, The Cuban peso has experienced a historic devaluation, which has dramatically eroded the purchasing power of the Cuban population and It has had a radical impact on both salaries and savings.

The exchange rate instability in Cuba highlights the acute economic crisis that the country is going through, accentuated by the lack of effective policies that mitigate the fall of the national currency. They are obvious symptoms of the profound flaws of the centralized and planned economic model imposed by the Cuban regime.

The lack of effective measures to stabilize the economy and improve the standard of living of citizens reflects not only an economic crisis, but also a leadership crisis, where ideological dogmas are prioritized over the well-being and prosperity of the Cuban people.

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.

However, it must be taken into account that lat a representative rate it is formed from purchase or sale announcements, that is, it 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.