Although many consider it doomed to disappear soon, on this February 14, the Moneda Libremente Convertible surprised everyone by slightly increasing in price in the Cuban informal market.
The virtual currency went from being traded at 245 CUP to 246.50, with an increase of 1.50 CUP.
The increase is surprising considering that in recent weeks the places where Cubans can make transactions using that type of card have been limited.
This comes as the regime moves towards a declared dollarization of its sales, accepting cash or cards such as VISA, MasterCard, and the Clásica, the latter operated by the government.
Meanwhile, the dollar and the euro remain unchanged in price in the informal currency exchange in Cuba, as documented by elToque in its daily report based on monitoring announcements for buying and selling on social media.
Exchange Rate Evolution
The US dollar remains valued at 340 CUP, and the euro at 345 CUP.
Exchange rate today 02/14/2025 - 16:59 a.m. in Cuba:
Exchange rate of the dollar USD to CUP according to elTOQUE: 340 CUP.
Exchange rate of the euro EUR to CUP according to elTOQUE: 345 CUP.
Exchange rate of MLC to CUP according to elTOQUE: 246.50 CUP.
The MLC, the virtual currency fallen from grace
An example is that the Cuban regime reopened the doors of the Infanta and Santa Marta Market in Havana this Thursday with a wide range of food products, frozen items, beverages, and personal care products, but with a significant change in its payment system: it no longer accepts freely convertible currency (MLC).
Despite previously allowing transactions in MLC, it now only accepts payments with VISA, MasterCard, MIR, and prepaid cards issued by BANDEC, AIS, Viajero, and Clásica, the latter offering a 5% discount on purchases, according to a Facebook post from Tiendas CARIBE División Habana Oeste.
The change has caused discomfort, as the MLC cards can still be recharged from abroad, but now they are not valid in that context, which reinforces the perception of arbitrariness in the economic policies of the Cuban government.
It is worth noting that in January the supermarket 3ra y 70 in Playa was inaugurated, only accessible with dollars.
In addition to the mentioned spaces, the regime has authorized more than a dozen wholesale and retail shops in foreign currencies, eight of which are linked to the MINCIN business system.
Equivalences of each available Euro and US Dollar bill to Cuban Pesos (CUP)
United States Dollar (USD) to Cuban Peso (CUP), according to the exchange rates for this February 14:
1 USD: 340 CUP.
5 USD: 1,700 CUP.
10 USD: 3,400 CUP.
20 USD: 6,800 CUP.
50 USD: 17,000 CUP.
100 USD: 34,000 CUP.
Euro (EUR):
1 EUR = 345 CUP.
5 EUR = 1.725 CUP.
10 EUR = 3,450 CUP.
20 EUR = 6,900 CUP.
50 EUR = 17,250 CUP.
100 EUR = 34,500 CUP.
Frequently Asked Questions about the Increase in the Price of the Convertible Currency (MLC) in Cuba
Why did the price of the MLC increase in the Cuban informal market?
The increase in the price of the Freely Convertible Currency (MLC) in the Cuban informal market may be related to restrictions on its use in state-owned stores and the general economic uncertainty on the island. Despite the limitations on its use, the MLC is still in demand in the informal market, which may lead to fluctuations in its value.
What impact does partial dollarization in Cuba have on the MLC?
The partial dollarization in Cuba has negatively affected the MLC, as the government has started to favor the use of currencies such as the dollar and the euro instead of the virtual currency. This has led to a decrease in the acceptance of the MLC in stores and has generated uncertainty about its future.
How does the value of the MLC compare to that of the dollar and the euro in Cuba?
Currently, the MLC is priced at 246.50 CUP, while the US dollar and the euro remain at 340 CUP and 345 CUP, respectively. This reflects a lower valuation of the MLC compared to these currencies in the Cuban informal market.
What recent changes have been implemented in Cuban stores regarding the use of MLC?
Recently, some stores in Cuba have stopped accepting MLC as a form of payment, opting for currencies such as the dollar and the euro. This change has caused discomfort among Cubans, as MLC continues to be topped up from abroad but loses its validity in certain commercial areas.
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