Monday, December 11, 2023

Record value for the freely convertible currency in the Cuban informal market

The freely convertible currency (MLC) made a significant jump this Thursday after rising five pesos at once in the informal market and reaching the 220 CUP a value that in his case represents a record since its maximum value so far has been 217 pesos, a value reached in mid-August.

It is worth noting that, although the recovery of the virtual currency used to make purchases in Cuba in stores set up for this purpose has been slower than that of the dollar and the euro, it is nevertheless striking He was the first to break the dry spell of the island’s three most important reference currencies and set a new record.

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He dollar and that Euro for their part, maintain theirs Values ​​from the previous day.

According to the rate prepared by independent media elToque based on the analysis of buy and sell advertisements published on social networks and classified sites, This Thursday in September, the US currency will be sold for 250 CUP and the euro for 255 CUP; Both values ​​set a record in August and confirmed the recovery cycle almost at the end of September after an abrupt decline at the end of last month.

The Cuban peso in cash rose slightly to 1.04 bank pesos today.

The current Cuban informal market, which is very unstable, determines a large part of every Cuban’s life. Due to daily exchange rate fluctuations, exorbitant prices are set for products, especially basic needs, at the street level.

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In the last 24 hours, the dollar even reported buy offers for a minimum of 245 pesos and a maximum of 250 pesos for sale.

For the euro, the median was 250 CUP when purchasing and 255 when selling. The MLC was 215 CUP when buying and 220 CUP when selling.

After almost two weeks in which the devaluation of the Cuban peso in the informal market, At the beginning of September, the dollar, the euro and the MLC began a recovery process that continues to consolidate. The price of benchmark currencies on the Cuban black market rose throughout July and much of August.

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However, at the end of August, the three currencies began to fall, highlighting the instability of Cuba’s informal currency buying and selling market.

On the 16th of last month, the US currency Reached 250 CUP and stayed stable at this value until August 23, when it began to fall to 215 pesos.

The Observatory of Currency and Finance of Cuba (OMFi), in its bulletin “Signals of the Cuban foreign exchange market” published on August 31, assumed that the brake on the depreciation of the Cuban peso would lose momentum.

Nation World News Desk
Nation World News Desk
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