record! The price of Euro and MLC is skyrocketing in Cuba today. dollar remains stable

The value of the euro in the European region and the freely convertible currency (MLC) in Cuba skyrocketed today, February 29. Meanwhile, the US dollar remains stable, albeit with an upward trend as we have been warning about in recent days. What is the price of these currencies in Cuba’s informal market this Thursday?

According to the daily study conducted by the independent media El Toque, the price of the euro rose to 318 Cuban pesos and it is very likely that it will close the week at 320 pesos. While the MLC, Cuba’s virtual currency to buy in foreign exchange shops, reached an exchange rate of 266 Cuban pesos today. Ultimately, the US dollar is bought and sold at 310 Cuban pesos today.

As we warned in our daily briefing, trends indicate that after a few days of stability, the price of currencies will skyrocket. This also has to do with the government’s announcement that fuel and electricity prices will increase for higher end consumers from tomorrow, March 1.

It was clear that from the end of 2023, these measures announced by the Cuban government will have a direct impact on people’s wallets, as prices will start rising and the local currency will depreciate further.

Dollar, Euro and MLC in Cuba today

Cuban citizens require currencies such as US dollars and euros on a daily basis. These currencies are important for purchasing basic products in MLC stores, which offer greater variety and quality than stores that only accept Cuban pesos. Additionally, hard currencies are required to complete immigration procedures at some embassies, which require payment for visas in these currencies.

Today, an increase in the price of Euro and MLC was observed in the Cuban currency market. This increase in the value of international currencies such as the dollar, euro and MLC in Cuba today creates uncertainty and makes economic planning difficult for ordinary Cubans.

Fluctuations in the value of hard currencies have a significant impact on the Cuban economy, which largely depends on their circulation. Cuba’s economy is in a fragile state due to the huge demand for and dependence on these currencies.

It is necessary to find long-term solutions that diversify the Cuban economy and reduce dependence on international currencies. The current situation is complex and requires urgent measures to prevent the Cuban economy from being further affected by the high demand for hard currencies.