This Monday, after the increase in the dollar and the euro over the weekend, the freely convertible currency (MLC) reached 290 Cuban pesos (CUP) in the informal currency market in Cuba.
The report was released by the independent media elToque in its rate prepared from the analysis of purchase and sale offers on social networks, a reference that the Cuban virtual currency rose two pesos compared to previous dates.
Exchange rate today 04/21/2024 - 8:01pm in Cuba:
Exchange rate from USD to CUP according to elTOQUE: 360 CUP
Euro exchange rate EUR to CUP according to elTOQUE: 370 CUP
Exchange rate from MLC to CUP according to elTOQUE: 290 CUP
Last Saturday, The dollar registered a sudden increase of five pesos, going from 355 to 360 CUP, while this Sunday was the euro which marked an identical increase of five units and reached 370 pesos in the informal sale.
ElToque reiterated last Tuesday in a article published on their website 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 also pointed out that another contributing factor to the devaluation of the Cuban peso is the unnecessary use of this currency to carry out certain daily 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.
Although The Cuban government is aware of the important problem it has with the informal currency market, continues without providing concrete solutions or proposals to determine the exchange rate and apply measures that will reinvigorate the economy.
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