The dollar has been slowing down in Cuba for almost two weeks.

The three reference currencies are experiencing unusual instability.

Current Affairs
CiberCuba Editorial Team

16/08/2024 - 7:57am (GMT-5) |

Dollars, euros, and MLC boast this Friday of another day of pause in what were their usual price fluctuations in informal sales in Cuba.

Another interpretation of the phenomenon could be that the devaluation of the Cuban peso has slowed down, a viewpoint that, nonetheless, several economists do not agree with, who believe that many other circumstances would have to occur for it to be truly considered that the devaluation of the national currency has been halted.

The truth, however, is that at 7:00 a.m. (local time) on this August 16, the US dollar is still valued at an average of 320 pesos, while the euro remains at 330 CUP.

The dollar has remained unchanged in price for 13 days.

The US dollar arrived on August 3 at 320 CUP after dropping five pesos compared to the 2nd, and since then, the monitoring of classified ads that average its price in the informal market has shown no movement, according to elToque.

In the case of the euro, the European currency reached 330 CUP on August 5 and has not changed its value since then.

In recent days, only the freely convertible currency (MLC) varied its average selling price. It experienced two consecutive days of decline, on August 8 and 9. However, since the 10th, it has been on the ride of "stability" and has been trading at 275 CUP for exactly one week now.

Exchange rate today 08/16/2024 - 7:55 a.m. in Cuba:

Exchange rate of the dollar USD to CUP according to elTOQUE: 320 CUP.

Exchange rate of the euro EUR to CUP according to el TOQUE: 330 CUP.

Exchange rate of MLC to CUP according to TOQUE: 275 CUP.

What is happening with currencies in Cuba?

So far, elToque has not commented on the stability of currencies in recent days.

The median of purchase and sale values published this Friday by the independent media also does not suggest that the three reference currencies are close to changing: the average sale on this August 16 for the three is 330 pesos (euros); 320 (dollars); and 275 (MLC).

In the case of currency purchases, today the average increases for dollars (to 333 CUP) and MLC (275).

Median of purchase and sale values of the three reference currencies in the informal market (Capture oftheTouchIt seems you have not provided any text for translation. Please share the text you would like me to translate into English.

On social media, many Cubans are closely watching the unexpected slowdown of foreign currency in Cuba, which during the first half of the year showed signs of abrupt changes in trends, both up and down.

As often happens, some are pleased with the slowdown because they believe it is also a halt to inflation and product prices, while others lament it. A third group claims that it doesn't matter to them since they are currencies to which they do not have access.

In recent days, some Cubans have attributed the slowdown to the lack of flights to Nicaragua, which was one of the reasons driving the demand for hard currency in cash.

However, others believe that what is happening is that those who have dollars and euros are keeping them stored, held back, waiting to see what happens.

However, it is significant that the halt in the price of foreign currency in Cuba has occurred following the threats of imprisonment issued by the regime, which in an article published in July in Granma, threatened with up to five years in prison or a fine of five hundred to one thousand units, or both, for those who engage in the buying and selling of foreign currency on the street.