Monday, October 2, 2023

The value of the dollar rises for the fifth consecutive day

The dollar and the euro mark a day of new price increases in the Cuban informal market on September 9, data that consolidates a progressive recovery in the value of the main market Reference currencies when buying and selling at street level.

The value of the dollar in the Cuban informal market rose this Saturday for the fifth consecutive day and rose 225 to 230 pesos in the informal market, according to the informal tariff published by independent digital media elTOQUE.

The euro, in turn, marks its third day in the upswing and also adds a gain of five pesos, at home from 230 to 235 CUP.

For its part, the freely convertible currency (MLC) remains stable at 205 pesos, the same price as the previous day.

The Cuban peso in cash also remains unchanged today and continues to be valued at 1.18 bank pesos.

According to the published rate, In the last 24 hours, the dollar even reported buy offers for a minimum of 230 pesos and a maximum of 235 pesos for sale.

For the euro, the median was 235 CUP when purchasing and 240 when selling. The MLC was 201 CUP when buying and 205 CUP when selling.

The price of benchmark currencies on the black market rose throughout July and much of August. On August 16, the US currency Reached 250 CUP and stayed stable at this value until August 23, when it began to fall.

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.

The Observatory of Currency and Finance of Cuba (OMFi) has expected this in recent days The devaluation of currencies traded in the informal market was not sustainable in line with the observed supply and demand movements.

In its bulletin “Cuban FX Market Signals,” data collected through August 31, 2023, the company noted that “the forecast models suggested this.” The appreciation of the peso is likely to lose momentum in the coming days, as is currently the case.

The source added that “the models are based on historical experience of currency value corrections in 2021 and 2022.” Minimum support values ​​for the value of currencies of 208 for the USD, 217 for the EUR and 199 for the MLC. A second support level would be aro,und 194 for the USD, 209 for the EUR, and 193 for the MLC.”

The OMFi estimates that the models are forecasting from the second or third week of September “a stability or partial recovery in currency value to approach central values ​​or predicted peaks.”

This was assured by economist Pavel Vidal, main specialist at the observatory It is not the first timthe e that there has been a recovery of the Cuban national currency against foreign currencies.

They’ve remembered it ever since elTOQUE Registered buying and selling announcements in the informal market, there were at least four moments of temporary appreciation of the Cuban peso.

One of the possible determinants that OMFi used as a hypothesis to explain the fall in interest rates was the impact of banking access on the operations of MSMEs.

The reference interest rate of elTOQUE It is created after analyzing all the buy and sell advertisements published on social networks and classified sites. 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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