Monday, September 25, 2023

The dollar rises another 3 pesos in the Cuban informal market. So are the other currencies

Both the US Dollar (USD) and the Euro continue to attract the attention of every Cuban. As is well known, prices in the various markets on the island depend on their daily values. This Sunday, September 17th alone, the USD rose by CUP 3.00 compared to the previous day. It is now listed on the “street” at $248.00 CUP.

Since its value “recovered” after the recent decline about a month ago, the dollar has not stopped increasing its value. This means that it is increasingly approaching the official currency of the European Union.

If we talk about the Euro, this Sunday started with a value identical to Saturday’s value: $250.00 CUP. Both foreign currencies are on track to break historic records in Cuba’s so-called informal foreign exchange market. The same thing happened to the European currency as to the dollar. After the last decline, it regained strength and has generally not stopped increasing its value in recent weeks.

MLC on the rise

Meanwhile, freely convertible currency (MLC) is also recovering, albeit at a slower pace than its physical counterparts. On Sunday, the MLC reached a value of $215.00 CUP. Since the previous date, it has risen by $5.00 CUP and the increase is expected to continue gradually and without a break in the next few days. The same is likely to happen with the values ​​of the euro and the dollar.

Remember that in Cuba the MLC is used only for purchases in stores designed for this purpose. On the other hand, in daily life on the island, both the dollar and the euro are used in numerous transactions.

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

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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