The MLC rises and recovers historical maximum in the informal currency market in Cuba.

Euros and dollars do not undergo changes in their prices compared to the previous day.

Cola ante oficina del Banco Metropolitano en La Habana (imagen de referencia) © CiberCuba
Queue in front of the Banco Metropolitano office in Havana (reference image)Photo © CiberCuba

The "correction" that the informal currency market in Cuba is experiencing, after a month of abrupt ups and downs in May, leaves a new increase in the quotation of the freely convertible currency (MLC) this Sunday.

The volatility of the informal market has caused some dizzying weeks among currency buyers and sellers in Cuba. While the first half of May was marked by continuous and steep increases, the second half saw a striking collapse in the price of currencies.

However, in the first week of June, the trend reversed again, even more abruptly and rapidly, and in just four days, the reference currencies of the informal market had practically regained the exchange rates prior to the collapse.

This Sunday, the exchange rate of the informal currency market compiled by the independent media outlet elTOQUE, registers a new increase in the MLC, which, after gaining 10 pesos in one day, sets its quotation at 310 Cuban pesos (CUP), the highest ever reached by this virtual currency in its history.

Euros and dollars have not experienced any changes in their prices compared to the previous day, remaining at 400 and 390 CUP respectively. Both currencies are also trading at prices very close to their historical highs (402.5 and 395 CUP respectively).

The increase in the MLC - a currency implemented by the Cuban regime for electronic transactions - foreshadows new changes in the quotations of the European and American currencies.

According to the more or less usual pattern of the informal market, increases in euros and dollars tend to occur first and then drag the MLC along. The reversal of this trend this Sunday may indicate an imminent rise in the prices of the dollar and the euro.

Madness seems to have broken loose in the informal currency market in Cuba. This Saturday, the US dollar was experiencing an increase of 10 pesos in less than six hours during the same day, reflecting the volatility of money prices in an economy burdened by stagnation and inflation.

Exchange rate today 09/06/2024 - 7:19am in Cuba:

  • Dollar exchange rateUSD to CUPaccording toelTOQUETranslate the following text to English:390 CUP
  • Euro exchange rateEUR to CUPaccording toelTOQUEI am ready to assist you. Please provide the text you would like me to translate to English.400 CUP
  • Exchange rate ofMLC to CUPaccording toelTOQUETranslate the following text to English:310 CUP

Alternative exchange rate from other platforms:

  • Exchange rate of the Dollar (USD): Buy 371 CUP, Sell 390 CUP.
  • Euro exchange rate (EUR): Buying 381 CUP, Selling 404 CUP
  • Exchange rate of the MLC: Buying 299 CUP, Selling 304 CUP

Faced with this chaotic panorama, the independent media outlet elTOQUE, which documents the fluctuations in the value of currencies in the informal market, reported that it has reinforced controls to calculate the representative rate, given the growing suspicion of attempts to inflate or collapse values with false announcements.

The independent media outlet referred to a campaign by "government actors associated with State Security and with propagandistic spokespeople of the Communist Party" who, since April, have tried to discredit that media outlet and the methodology they use to calculate the rate.

Campaign to which -according to sources- "private sector actors have joined who claim to have the ability to coordinate to promote the appreciation of the Cuban peso."

What do you think?


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