Record price of dollar, euro and MLC in Cuba today!

This Monday, February 5, the black currency market in Cuba will open with record prices for dollars, euros and freely convertible currencies (MLCs). The Cuban peso continues to depreciate against stronger currencies in the parallel currency market.

Media El Torque reports daily the rates used for the main foreign currencies on the island, which recorded a significant increase, reaching historical levels for 2024 this Monday. We explain them in detail below.

According to this report, the euro (EUR) has increased by two seats, and is currently sold for 297 Cuban pesos, which is close to 300 pesos in the national currency, a price never seen before on the island. Meanwhile, the US dollar also increased its cost and is now sold and bought at 295 Cuban pesos, although there are those who already sell it for 300 pesos.

Also, the Freely Convertible Currency (MLC) remains strong and increasing in value, and today it was exchanged at 258 Cuban pesos to the MLC in the informal foreign exchange market in Cuba.

This comes after the Cuban government promised to intervene in the said informal market this February, although no concrete steps have currently been taken towards that measure.

Dollar, Euro and MLC price in Cuba today

The Cuban economy depends largely on the value of the dollar, which affects the prices of many products and services. However, the lack of clarity about when the new government policy will be implemented creates volatility in the currency market and hence in prices, which are higher than what is normally seen these days.

Since there is no dollar, euro etc. Available for sale to the public at the island’s official banking institutions, people can only turn to the informal market to make their purchases at current rates.

Meanwhile, the official dollar rate at Cuban banks remains at 120 Cuban pesos per dollar, much lower than the unofficial market, with record prices for both the dollar and the euro.