Friday, December 1, 2023

The price of the Euro in Cuba has risen again

The average value of the euro experienced an increase in the last few hours, according to the independent media elToque on November 17.

The increase puts the selling price of the euro at 268 Cuban pesos (CUP), dangerously close to 270 CUP. This data marks the increase of one peso in relation to the value maintained by the European currency since November 12, when it went from 265 to 267 pesos.

This recent value of 268 CUP for one euro sets a record, reaching a level that has never been recorded since elToque began documenting the price of the three main currencies in the informal market of island.

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In contrast, the US dollar and the freely convertible currency (MLC) maintained their values ​​in recent days, with the North American currency at 260 pesos and the MLC at 240 CUP.

In relation to the median of the purchase and sale values ​​recorded in social networks in the last hours, the euro shows offers to buy for 265 pesos and 269 for sale, which can expect a future increase in the informal market.

Current dollar price in Cuba

For its part, the dollar remained at a median of 260 CUP in both acquisitions and sales, while the MLC stood at 240 in both transactions.

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Cubans continue to closely observe the evolution of these three reference currencies in the informal market, because they represent a “lifesaver” for those who have access to them. Rising inflation, the ongoing economic crisis and food shortages have led to the informal market playing a leading role in the lives of the island’s residents.

It is from the movements of these street currencies that the rising price of Cuban products is established, especially basic needs. Although the price of the currencies had an upward trend in July and most of August, experiencing a short decline at the end of August, the three currencies began a rapid recovery process at the beginning of September, continue until now.

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The reference rate of elToque is prepared by analyzing all advertisements for buying and selling published in social networks and classified websites. This result is used to establish a representative price that reflects the values ​​of the main currencies in circulation in the country.

Nation World News Desk
Nation World News Desk
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