Sunday, October 1, 2023

The dollar and euro continue to rise in Cuba’s informal market

After the decline in the value of the currency stopped for almost two weeks Cuban pesos In the informal market, in recent days the dollar and the euro marked a sudden recovery that consolidated this Sunday in a a new increase of five pesos for both currencies.

This September 10, the value of DOLLARS in the informal market rise for the sixth consecutive day, rise 230 to 235 pesos, according to the rate published in independent digital media elTOQUE.

she The euro, for its part, marks the fourth day of increase and in its case from 235 to 240 CUP.

For the third consecutive day, the freely convertible currency (MLC) remained stable at 205 pesos. Meanwhile, the Cuban peso in cash decreased from 1.18 to 1.16 banked pesos.

she dollars even reported in the last 24 hours offers to buy a minimum of 230 pesos and a maximum of 240 to sell.

In the case of the euro, the median is 240 CUP to acquire and 242 to sell. MLC stands at 205 CUP for buying and 208 for selling.

The price of the reference currencies on the black market increased throughout July and most of August.

On the 16th of last month the US currency came to 250 CUP and stayed stable at that amount until August 23, when it started to drop to 215 pesos.

However, Since September 5, the dollar recovered and increased by 20 pesos in less than a week.

However, at the end of the month the three currencies began to fall, proving the instability of the informal buying and selling of money in Cuba.

The Observatory of Currencies and Finance of Cuba (OMFi) expects in recent days that The reduction of currencies traded in the informal market is not maintained according to the movements of supply and demand that are monitored.

In its bulletin “Signals of the Cuban exchange market”, with data until August 31, 2023, the entity indicated that forecast models suggest that The peso’s appreciation should lose momentum in the coming days, as it has.

from elTOQUE records the announcements of buying and selling in the informal market, at least four moments of temporary appreciation of the Cuban peso occurred, followed by periods of devaluation of the national currency.

Independent economists expect that It is expected that in the next few days the values ​​of the main currencies quoted in the informal market in Cuba will continue to increase until reaching a balance point. or correcting its parity against the national currency.

One of the possible determinants used by OMFi as a hypothesis to explain the reduction in rates is the effect of banking access on the operations of MSMEs. However, economists warn that a correction in exchange rates will be seen later.

The reference rate of elTOQUE It is prepared after analyzing all the buy and sell ads published on social networks and classified websites. With this result, a price was established that serves to determine the values ​​of the main currencies circulating in the country.

Nation World News Desk
Nation World News Desk
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