The dollar and the euro continue to rise in street sales, showing no signs of slowing down despite government statements advocating for measures to curb informal trading.
This Wednesday, the US dollar reached 355 CUP, rising by three pesos compared to the amount on Tuesday. The five-peso increase in just 48 hours led to a "market alert for an unstable dollar," as reported by the independent media outlet elToque.
The euro also rises, reaching 362 pesos, which represents an increase of two units compared to its previous value.
In both cases, these are record figures since El Toque began documenting price fluctuations in Cuba's informal currency exchange market in 2019.
The freely convertible currency (MLC) remains unchanged today. For several days, the virtual currency used by the Cuban government for transactions in designated stores has been stable at 285 CUP.
Exchange rate today, 04/17/2024 - 7:36 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 355 CUP. Exchange rate of the euro EUR to CUP according to elTOQUE: 362 CUP. Exchange rate of the MLC to CUP according to elTOQUE: 285 CUP.
After a sustained increase over several weeks, last Saturday, April 13th, the three reference currencies recorded 24 hours of stability in the average sale.
However, since the 14th, price increases have resumed, worrying Cubans and keeping the regime on edge. Although it has acknowledged the problem, it continues to offer no solutions to the relentless devaluation of the national currency.
An article published this Tuesday by elToque labeled as "false" the opinion expressed by Prime Minister Manuel Marrero Cruz, who stated before the Cuban Parliament last December that the exchange rate in Cuba is determined “from a foreign country and from a computer.”
ElToque reiterated on Tuesday that the increase in the value of reference currencies in the informal market is simply the result of the balance between supply and demand.
He pointed out that the devaluation of the Cuban peso is also due to the fact that Cuban pesos are not needed for certain daily transactions, such as purchasing gasoline or products in stores that operate in freely convertible currency (MLC).
According to the views of several economists, "the only viable alternative is for the Cuban peso to be the sole currency used in domestic transactions and for there to be a transparent legal market," the analysis warns.
"The exchange rate is a reflection of the uncertainty that the island is experiencing," concluded economist Pavel Vidal in one of the many discussions on the topic held among economists based outside the island.
Although the Cuban government is aware of the significant issue it faces with the informal currency market, it continues to provide no concrete solutions or proposals to establish the informal exchange rate and implement measures that would finally revive the economy.
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