Today, the freely convertible currency (MLC) appreciates three pesos in the Cuban informal market, reaching 243 CUP.
This increase represents a significant change in trend, as the virtual currency used by the government in its specialized institutions had steadily decreased between December 31 (reaching 242 CUP) and January 1 (descending to 240).
This rebound in the average price of MLC comes amid a general devaluation that has affected the three reference currencies in the informal market since December 22 last.
Today’s dollar and euro price in Cuba
In contrast, the dollar and the euro maintained their values at 265 and 270 respectively, according to the latest rates reported by independent media elToque, which closely follows the daily exchange rate of the currency on the island.
The average of the buy and sell values recorded in the last 24 hours suggests that it is possible that the dollar will also experience an increase in value soon, as it is presented with an average buy offer and sell offer at 265 CUP. 267 pesos.
The government wants to control the exchange market
This broad decline in the value of the three reference currencies began on December 22, two days after Cuban Prime Minister Manuel Marrero Cruz announced a change in the official dollar rate in Cuba in January. However, no details were given about the new rate or the exact date of entry into force.
During his speech at the National Assembly of People’s Power (ANPP), Marrero took the opportunity to criticize the independent media that reported on the movements in the informal currency market on the island, pointing out that “it must put an end to the fact that foreigners and computers from one country Projecting what the exchange rate is in the country.
Days later, the Minister of Economy in Cuba, Alejandro Gil, announced intervention in the informal currency market, which he described as a “distortion”.
“The exchange market is one of the major distortions that the economy is facing and it is not by design. We did not design the exchange market to function in the country, but a significant part of the foreign exchange that non-state entities acquire does so in the market,” Gil said on a Mesa Redonda television program.
No action has been taken yet
Despite these announcements, Gill did not provide details on how the regime planned to address the “disorders” and limited himself to ensuring that the situation would be resolved with a “very well thought out strategy”.
In recent months, the Cuban government has tried to blame LTOC for promoting a high exchange rate that, it claims, is hurting the Cuban economy and contributing to inflation on the island. The elToque reference rate is prepared from the analysis of buy and sell ads published on social networks and classifieds websites, thus establishing a price that reflects the values of the main currencies prevalent in the country.
