The informal currency market in Cuba has seen a new surge in the exchange rate of the United States dollar (USD), which is now equal to the euro (EUR), with both reaching 325 Cuban pesos (CUP).
According to data provided by the independent media outlet elTOQUE, on Monday, January 6, 2025, the Convertible Currency (MLC) remains at 250 CUP, showing a significant difference compared to other currencies and reflecting the uncertainty of the population regarding a currency that appears destined to disappear with the "partial dollarization" implemented by Miguel Díaz-Canel's "continuity" government.
Exchange rate today Monday, January 6, 2025 - 06:07 in Cuba:
- Dollar exchange rateUSD to CUPaccording toelTOQUEIt seems that you didn't provide any text to translate. Please share the text you'd like me to translate, and I'll be happy to help!325 CUP
- Euro exchange rateEUR to CUPaccording toelTOQUEIt seems that there isn't any text provided for translation. Please share the text you would like to have translated325 CUP
- Exchange rate of theMLC to CUPaccording toelTOQUEPlease provide the text you would like translated250 CUP
The increase observed in the US dollar continues a rising trend that has marked recent days. According to previous reports, the price of the dollar and the euro rose by 5 CUP in just 24 hours, which highlights growing pressure in the informal foreign exchange market.
Factors behind the rise
The volatility in currency prices in Cuba is directly related to several economic and social factors.
Evolution of the exchange rate
Among the most recent causes, the opening of a new supermarket in the Cuban capital stands out, exclusively for payments in foreign currencies such as dollars and euros, a development that marks a milestone in the dollarization process announced by the Cuban regime.
This phenomenon has intensified the demand for hard currency, as an increasing number of basic goods are only available in stores that operate in foreign currency and do not accept MLC, according to various social media reports.
In addition, the dollarization of the Cuban economy has once again generated uncertainty, as a large portion of essential transactions and purchases require foreign currency, leaving the CUP and MLC as relegated currencies that are losing purchasing power.
Impact on the population
The constant rise in exchange rates directly affects the purchasing power of Cubans, who rely heavily on the informal market to access dollars, euros, or MLC, whether to buy food, medicine, or basic supplies.
In the midst of this situation, many families survive thanks to remittances sent from abroad, the value of which in CUP has skyrocketed these days.
The Cuban economy faces structural challenges that exacerbate the currency crisis. The combination of inflation, shortages, and the lack of a functional official exchange market is leaving citizens in a state of extreme vulnerability.
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