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Dollar exchange rate in Cuba today October 16

After several months of continuous growth, the loss of value of the USD on “the street” has been news in Cuba. This is how the dollar exchange rates are today, October 16, in the official and informal markets of the island.

Let’s start with the exchange rates established by the network of Exchange Houses (CADECA).

According to information disclosed on their social networks, the USD is sold to Cubans at a rate of 1 USD = 124.80000 CUP in their offices. In airports and hotels it is bought at 109.20000. The official sales figure has increased compared to previous days: 123,600,000.

The dollar in the informal market: as always we show some sales values ​​in one of the largest currency trading groups in Cuba on the messaging platform, Telegram.

Finally coming down from the scandalous 200 CUP, some proposals for ccommercialization of dollars in the mentioned group were: 180, 185, 190, 193 and 195.

For its part, the representative rate of the informal market prepared by The touch records the change in 1 USD = 193 CUPshowing a downward trend.

Recently, the Cuban state press questioned the foreign exchange market established by the government. The little availability of foreign currencies to sell to the population and an informal market with skyrocketing prices, made that measure announced in July be cataloged as “seven months”.

Let us remember that that month the Minister of Economy and Planning, Alejandro Gil Fernández, reported on the establishment of an exchange market to sell foreign currency in cash to the population.

Among the reasons, he argued that the unofficial market could not continue to proliferate, and, on the other hand, there is a level of foreign currency that enters the country and is feeding that illegal market.

At that time, he assured that the new dollar exchange rate in Cuba was “economically based”, something that was harshly criticized, since it was not far from the figures on the street that authorities and official media demonized so much.

Although the minister pointed out that there were many people “willing to sell the foreign currency to the State and not to the illegal market”, the very obstacles with which the process was born have ended up disproving it.

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