Friday, September 22, 2023

The new Cuban peso is plunging into the abyss


After almost two weeks in which the devaluation of the Cuban peso In the informal market, the dollar and the euro began the path of a rapid recovery, which consolidated this Wednesday with a a new price increase that brings them back to the record levels set in August.

After a Tuesday in which none of the three benchmark currencies recorded any changes in the informal market, on September 13th the value of fell dollar Increases two weights when scaling 240 to 242 pesos, according to the rate published by independent digital media elTOQUE.

The euro, in turn, rises from 245 to 250 CUP which is an increase of five pesos and is only five pesos behind 255, which was a record in August.

This Wednesday ElToque has once again triggered warnings about instability in the market for the European currency.

The same thing is happening with the dollar, which is only 8 pesos away from the 250 pesos that represented its maximum value in the informal market.

The freely convertible currency (MLC) remains stable at 210 pesos; While the value of the Cuban peso in cash remains at 1.21 bank pesos, this value has also increased in recent days.

He Dollar even reported buy offers for sale at a minimum of 240 pesos and a maximum of 245 pesos in the last 24 hours.

For the euro, the median was 245 CUP when purchasing and 250 CUP when selling. The MLC was 210 CUP in both informal purchasing management and sales.

The price of benchmark currencies on the Cuban black market rose throughout July and much of August. However, at the end of the month, the three currencies began to fall, demonstrating 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.

Despite it, Since September 5, the dollar has recovered, rising by 27 pesos in eight days.

The Observatory of Currency and Finance of Cuba (OMFi), in its bulletin “Signals of the Cuban foreign exchange market,” assumed that the brake on the devaluation of the Cuban peso would lose momentum, which is what is happening.

Since elTOQUE Registering buying and selling announcements in the informal market, there were at least four episodes of temporary appreciation of the Cuban peso, which were then followed by periods of devaluation of the national currency.

The reference interest rate of elTOQUE It is created after analyzing all the buy and sell advertisements published on social networks and classified websites. With this result, a price is determined that serves to know the values ​​of the main currencies circulating in the country.

Nation World News Desk
Nation World News Desk
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