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How did the exchange market in Cuba and the price of currencies such as the US dollar or euro open on March 19? After several days of heavy growth, stability is maintained, but this is not something that usually lasts for long. These are the prices of hard currencies on the island today.
A brief truce in the illegal Cuban exchange market has come to an end due to a new historic rise in the dollar, euro and other strong currencies. This weekend, prices reached levels never seen before, leading to uncertainty and unrest among the population. However, everything points towards stability this Tuesday, both in the dollar, the euro and the freely convertible currencies (MLCs).
The US currency, which is most commonly used in Cuban black market transactions, experienced a rebound in recent days, reaching a price of 325 pesos to one dollar, according to Tokay. This price is the same today as on Tuesday. Meanwhile, the European currency also saw a significant rise, currently trading at 330 Cuban pesos. After increasing two seats yesterday, MLC finally remained at 272 pesos.
The demand for foreign currency by the Cuban population has increased significantly in recent months, due to the need to purchase basic products not sold in Cuban pesos.
Exchange markets and dollar price in Cuba today
Today the increase in the price of currencies, such as the dollar, in the Cuban exchange market is a constant problem on the island. Without any doubt, an increase in the price of currencies makes imports more expensive, resulting in an increase in inflation.
Furthermore, the purchasing power of the Cuban population has decreased, as their wages have not kept pace with the devaluation of the Cuban peso and the value of currencies such as the dollar and euro. As if this were not enough, the shortage of basic products is getting worse, as state companies have difficulty obtaining inputs abroad and private companies take advantage of this.
