The dollar and the euro continue to rise in street sales and show no signs of slowing down despite the government's statements advocating proposals to put a stop to informal marketing.
This Wednesday The US currency reached 355 CUP, with an increase of three pesos in relation to theamount reached on Tuesday. The increase of five pesos in just 48 hours of the dollar gave rise to an "unstable market alert for the dollar," according to the independent media.elToque.
The euro also rises, in its case reaching 362 pesos, which represents an increase of two units in relation to its previous value.
In both cases these are record figures sinceelToque In 2019, it began to document price fluctuations in the informal currency buying and selling market in Cuba.
The Freely Convertible Currency (MLC) remains unchanged today.For several days now, the virtual currency that the Cuban government uses for transactions in stores created for this purpose has been stable at 285 CUP.
Exchange rate today 04/17/2024 - 7:36 a.m. in Cuba:
Dollar exchange rate USD to CUP according to elTOQUE: 355 CUP.
Euro exchange rate EUR to CUP according toelTOQUE: 362 CUP.
MLC to CUP exchange rate according toelTOQUE: 285 CUP.
After a sustained increase for several weeks, last Saturday, April 13, the three reference currenciesThey marked 24 hours of stability in average sales.
However, since the 14th they resumed the price increases that worry Cubans and that keep the regime in check, which has already recognized the problem but continues without providing solutions to the unstoppable devaluation of the national currency.
Andarticle published this Tuesday byelToque He described as "false" the opinion expressed by Prime Minister Manuel Marrero Cruz, who in December of last year said before the Cuban Parliament that the exchange rate that governs Cuba is projected "from a country abroad and from a computer." .
ElToque reiterated this Tuesday thatThe increase in the value of reference currencies in the informal market is simply the result of the balance between supply and demand.
He further noted thatThe devaluation of the Cuban peso is also due to the fact that Cuban pesos are not required to carry out some daily life operations, including the purchase of gasoline or products in stores that operate in freely convertible currency (MLC).
According to the considerations of several economists, "the only viable alternative is for the Cuban peso to be the only currency used in domestic transactions and for there to be a transparent legal market," warns the aforementioned analysis.
"The exchange rate is a reflection of the uncertainty that the island is experiencing", economist Pavel Vidal concluded in one of the many debates on the subject held among economists based outside the island.
Although the Cuban government is aware of the important problem it has with the informal currency market, it continues without providing solutions orconcrete proposals to determine the informal exchange rate and apply measures that finally manage to re-boost the economy.
What do you think?
COMMENTFiled in:
