The drop in the price of foreign currencies in the Cuban informal market slows down.

In recent days, the three reference currencies in Cuba have been experiencing a period of moderate decline, with some intermediate days of calm.

Current Affairs
CiberCuba Editorial

06/08/2024 - 8:08am (GMT-5) |

This Tuesday, the informal currency market in Cuba reports no changes in relation to the price reached on the previous day.

At 7:00 a.m. (local time) on this August 6, the US dollar is valued at 320 CUP and the euro at 330 CUP.

The Freely Convertible Currency (MLC), for its part, remains valued at an average of 280 pesos.

After a sustained decline that lasted almost a month, in mid-July the three reference currencies in Cuba registered a new shift in their selling values, rising almost always by five units, at a slower pace than that recorded in April and early May, when increases of 20 and even 30 pesos in a single day became the norm.

However, after a day on July 31 with no changes, as of August 1, the currencies have started to fall again.

Last week, an article published in Granma threatened Cubans who resort to the informal market for buying and selling currencies with up to five years in prison, and emphasized that these street-level operations "affect the country's economic system."

"These actions are punishable by imprisonment of two to five years, or a fine of five hundred to one thousand units, or both," pointed out the official source, which also noted that any transaction of sale, transfer, transmission, or acquisition of foreign currency "is illegal and constitutes a crime."