Second day of dollar decline in Cuba

Euros and MLC unchanged.

Current Affairs
CiberCuba Editorial

02/08/2024 - 7:21am (GMT-5) |

For the second consecutive day, the dollar is declining in the Cuban informal market, while the euro and the MLC remain unchanged.

At 7:00 a.m. (Cuban local time) this Friday, the average sale price of the dollar is set at 325 CUP, which is five units less compared to the previous day.

The euro and the dollar maintain their values from Thursday: the European currency is at 340 CUP, and at a good distance, the freely convertible currency (MLC) remains at 280 CUP.

The slight decline in the value of the dollar occurs after an article published on August 1 in the Granma newspaper threatened Cubans who turn to the informal market for currency exchange with up to five years in prison.

"These actions are punishable by imprisonment for two to five years, or a fine of five hundred to a thousand units, or both," the official source pointed out in an announcement that is unclear whether it will affect the informal currency market in Cuba or if Cubans will turn a deaf ear to the threats.

Exchange rate today 2/08/2024 - 7:13 a.m. in Cuba:

Exchange rate of the dollar USD to CUP according to elTOQUE: 325 CUP.

Exchange rate of the euro EUR to CUP according to elTOQUE: 340 CUP.

Exchange rate of MLC to CUP according to TOQUE: 280 CUP.

The threats from the Cuban government to those who buy and sell foreign currency.

This Thursday, Granma attacked those who exchange national currencies for foreign ones under the argument that it "affects the economic system of the country."

It also stated that any transaction involving the sale, assignment, transfer, or acquisition of foreign currency "is illegal and constitutes a crime."

According to Granma, the population should know that there is no "informal market," but rather a crime that "takes advantage of the facilities of social communication networks for the offering, buying, selling, and exchanging of national currencies and foreign currencies."

Once again, the regime accused the digital platform El Toque, claiming that it maintains a strategy to "affect the economy, generate a negative impact on the country's monetary scale, and worsen the living conditions of Cubans."

Finally, the Granma article reviewed all the regulatory legal framework that threatens citizens, urging them not to continue the buying and selling of foreign currency.

"They are always making threats but never solving the problems," wrote an outraged internet user among the hundreds of reactions generated by the announcement.