The dollar price today reached $330.00 Cuban pesos. The position of the Euro and the MLC in Cuba’s informal market is as follows

The price of the US dollar in Cuba’s informal market reached a new record this Sunday, reaching $330.00 Cuban pesos (CUP) for each USD.

This increase in the unofficial exchange rate matches the remarkable growth trend that both the dollar and the euro have been registering in recent times. And of course this is bad news for the Cuban population, which is facing severe economic difficulties. Financial and supply crisis.

According to the representative exchange rate of the informal currency market, which El Toque shares every day, the US bill rose by 2 CUP units in the last few hours. This way it reaches $330.00 CUP, only 5 pesos less than the euro zone bill, which maintains its value this Sunday around $335.00 CUP.

The price cut between the two currencies is not entirely in line with international exchange rates, as the euro has shown a modest recovery against the US dollar in recent days. However, it is worth remembering that the unofficial Cuban currency market runs with its own resources and is not necessarily linked to the international currency market.

freely convertible currency

According to El Toca’s own estimate, the freely convertible currency (MLC) maintains its convertibility at around $275.00 cup, i.e. 60.00 cups below the euro and $55.00 cup below the US dollar.

Several factors are responsible for the increase in the price of the dollar, including the shortage of foreign currency in the country, restrictions on imports and exports, as well as economic sanctions imposed by the United States. However, the increasing migratory trend in the country is one of the factors that generates the greatest demand for dollars and euros, which has supported the value of these currencies against the Cuban peso.

The depreciation of the Cuban peso against the dollar has a profound impact on the Cuban economy, as it affects the purchasing power of citizens and increases the cost of living.

Yes, OK Cuban authorities have expressed their concern and announced measures to reverse this dangerous trend, but have failed to take control of the informal currency market.