The Freely Convertible Currency (MLC) refuses to be considered finished in the Cuban informal market, as evidenced by the increase of another five pesos in recent hours, rising from 255 to 260 in street trading.
The offspring of the Cuban government, which many believe is doomed to disappear in the face of the imperative dollarization, surprises again and increases for the fourth time in just a few days.
The increase is surprising considering that in recent weeks the spaces where Cubans can make transactions with that type of card have been limited.
The resurrection of the MLC remains a mystery that the independent media elToque has yet to address, which monitors the fluctuations of currency prices in Cuba.
This is happening while the regime pushes toward a declared dollarization of its sales, accepting cash or cards like VISA, MasterCard, and the Clásica, the latter operated by the government.
Exchange Rate Evolution
Meanwhile, the dollar and the euro remain unchanged in price.
The US dollar remains valued at 340 CUP, while the euro is at 345 CUP. In the case of the dollar, it has maintained a surprisingly stable position since January 11th.
Exchange rate today 02/18/2025 - 8:53 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 from MLC to CUP according to elTOQUE: 260 CUP.
Will the Freely Convertible Currency disappear in Cuba?
Despite the increase of 15 CUC in less than a week, it is hard to overlook the downfall of the Convertible Currency, and the Cuban regime reopened the doors of the Infanta and Santa Marta Markets in Havana last week, offering a wide range of products, but with a significant change in their payment system: they no longer accept Convertible Currency (MLC).
Despite previously allowing transactions in MLC, it now only accepts payments via VISA, MasterCard, MIR, and prepaid cards issued by BANDEC, AIS, Viajero, and Clásica, the latter offering a 5% discount on purchases.
The change has caused discomfort, as MLC cards are still recharged from abroad, but now they are not valid in that space, reinforcing the perception of arbitrariness in the economic policies of the Cuban government.
It is worth noting, in addition, that in January the 3ra y 70 supermarket in Playa was inaugurated, accessible only with dollars.
In addition to the mentioned spaces, the regime has authorized more than a dozen wholesale and retail businesses in foreign currency, eight of which are linked to the business system of MINCIN.
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