MLC rebounds amid volatile currency prices in Cuban informal market

The value of the freely convertible currency (MLC) rose by three pesos in Cuba’s informal market this Friday and That’s 243 cups.

The virtual currency with which the Cuban government operates in its stores is capable of this purpose Then feel the rebound Dec 31 (from 242 CUP) falling consecutively and January 1 (at 240).

The increase in average cost of MLC is inserted in the middle The three reference currencies experienced a general decline in value in the informal market since last December 22.

This January 5, the dollar and the euro will remain at their values ​​of recent days: 265 for US currency and 270 for European currencyAccording to independent media touch In the daily rate reported by the currency exchange rate on the island.

Average forecasts of buy and sell values ​​recorded in the last 24 hours The dollar may also appreciate soon, seen with average buy offers at 265 CUP and sell offers at 267 pesos.

The decline experienced by the three reference currencies began on December 22, two days after the Cuban Prime Minister Manuel Marrero Cruz Will announce it Starting in January, the official dollar rate in Cuba will changeHowever, he did not specify what the new value would be and the exact date on which it would come into effect.

During his speech before the National Assembly of People’s Power (ANPP) – Marrero did not miss the opportunity to criticize the independent media recording movements in the currency exchange in the island’s informal currency market.

“We must put an end to the fact that a foreign country and a computer represent the exchange rate that will govern the country. Furthermore, this exchange rate is speculative and is taken as a reference to determine all prices. The abuse that exists today. At the national level, ” emphasized the senior leader.

Days later, he was Minister of Economy in Cuba. Alejandro Gilwho assured They would intervene in the informal currency market, which they described as “distortions”.

“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 an important part of the foreign exchange that the non-state acquires. So in that market,” Gile. said in a television program round table.

In his speech, Gill did not provide details on how he planned to fix the economy and limited himself to identifying “distortions” and ensuring that they would be addressed with a “very well thought out strategy”.

For months the Cuban regime has been trying to shift the blame touch Promoting a higher exchange rate would – according to the government – harm the Cuban economy and fuel inflation on the island.

A reference rate of touch It is prepared after analyzing buy and sell ads published on social networks and classifieds websites. From this result, a value is established which is used to determine the values ​​of the major currencies circulating in the country.