Cuba woke up today with record values ​​in the price of the dollar, euro and MLC

The informal currency exchange market in Cuba is growing uncontrolled, with the continued strengthening of the US dollar and the euro. This Saturday, there has been a significant increase in the value of both these currencies as well as Freely Convertible Currency (MLC).

Prices of the dollar and euro are rising against the Cuban peso (CUP), according to a daily report of unofficial market representative rates prepared by independent media El Toque.

The price of the euro reached a new record today $340.00 cupCUP is increasing by 2 units in the last hours.

Meanwhile, the most spoken currency on the island, the US dollar, experienced the most notable increase over the past day, bringing its average value to around $335.00 cupWhich is $3.00 CUP higher than Friday’s price.

On the other hand, freely convertible currency (MLC) also recorded an increase, reaching $278.00 cupThat means, $2.00 more a cup.

The value of the dollar will continue to rise in Cuba

This phenomenon is attributed to various causes, including restrictions on access to foreign currency by state banks and the need for Cubans to obtain foreign currency to conduct commercial transactions and meet basic needs.

The growth of foreign currencies in the informal market has had a direct impact on the purchasing power of the Cuban population, especially those whose income is denominated in the national currency. This situation has generated an increase in the prices of imported products and dollar-based services.

Despite concerns expressed by Cuban authorities, no concrete details have emerged regarding measures to be taken to address this economic situation.

Meanwhile, Cubans are having to turn to the informal market to obtain foreign currency, raising questions about the country’s economic future and the need to implement reforms that promote greater openness in the financial system.

The price of the dollar and the euro in the Cuban informal currency exchange market is constantly rising, and at the moment there are no significant factors that allow us to think about a change.

The expected economic recovery in the island has not occurred, and on the contrary, the situation is being worsened by general food shortages and excessive importation of products not needed by the government.