MLC emerged in Cuba’s informal market. This is the price of dollars and euros

Today, the value of the freely convertible currency (MLC) in Cuba’s informal market increased by three pesos, reaching 243 CUP.

This increase represents a significant change in trend, as the virtual currency used by the government in its special establishments had suffered a consistent decline on December 31 (reaching 242 CUP) and January 1 (descending to 240). .

This surge in the average price of MLC comes amid a general decline in value that has affected the three reference currencies in the informal market since last December 22.

Price of dollar and euro in Cuba today

In contrast, the dollar and euro maintained their value at 265 and 270 respectively, according to the latest rates reported by independent media Altok, which closely follows the daily exchange rates of the currencies on the island.

The average of buying and selling prices registered over the last 24 hours suggests that it is possible that the dollar will also soon experience an increase in value, as it is presented with an average of buying offers and selling offers at 265 CUP. 267 pesos.

The government intends to control the exchange market

This widespread decline in the value of the three reference currencies began on December 22, two days after Cuban Prime Minister Manuel Marrero Cruz announced changes to the official dollar rate in Cuba from January. However, no details were given about the new rate or the exact date of implementation.

During his speech at the National Assembly of People’s Power (ANPP), Marrero took the opportunity to criticize independent media reporting on movements in the informal currency market on the island, pointing out that “the fact that he is a foreigner must be eliminated.” Is from the country and a computer is predicting what the exchange rate will be in the country.

A few days later, Cuban Economy Minister Alejandro Gil announced intervention in the unofficial currency market, which he described as a “distortion”.

“The exchange market is one of the main distortions the economy is facing and this is not by design. “We did not design the exchange market that operates in the country, but rather non-state entities acquire a significant portion of the foreign exchange that is acquired in that market,” Gil said on the Mesa Redonda television program.

No action taken yet

Despite these announcements, Gill did not provide details on how the regime planned to address the “distortions” and limited himself to maintaining that they were addressing the situation with “very well-thought-out strategies”. Will solve with “.

In recent months, the Cuban government has attempted to assign responsibility to ALTOC for promoting a high exchange rate, which, according to its claims, hurts the Cuban economy and contributes to inflation on the island. The Altok reference rate is drawn from the analysis of purchase and sale advertisements published on social networks and classified websites, thus establishing a value that reflects the values ​​of the main currencies in circulation in the country.