The euro hits a new record and continues to rise. cuban news 360

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Text: Editorial Cuba Noticias 360

The euro (EUR) in the Cuban unofficial currency exchange market reached its historical maximum this Monday, March 25 and, according to forecasts, its value will continue to rise against the Cuban peso (CUP).

The representative exchange rate, offered daily by non-state media El Toca, values ​​the European currency at 336.00 CUP, a trend that will continue this week.

For its part, the United States Dollar (USD) and the Freely Convertible Currency (MLC) are experiencing a similar upward scenario, which reflects the difficult situation that exists on the island as a result of certain measures taken by the authorities. USD has maintained its price at 330 CUP, while MLC is priced at 275 CUP today.

After a period without any fluctuations, this last currency rose significantly in Cuba’s unofficial market at the end of last week.

As of this Friday, El Toc had priced MLC at 275 CUP, rising by 5 to 270 CUP, which it had maintained for several weeks.

The offered prices take as reference the approximately 2,000 currency trading advertisements that are published every day on various websites on the island. From them this non-state media establishes “representative exchange rates in the informal currency market in Cuba”.

Faced with these increases in the value of foreign currencies, the Cuban currency continues to depreciate. As explained by many experts and economists, the trigger for this situation was the implementation of new economic measures by the island’s government.

Inflation on the island further increased due to increases in prices of certain products and services such as fuel, transportation and electricity, which in addition to other factors exacerbated existing shortages in the state’s markets.

Although the National Office of Statistics and Information (ONEI) projects inflation to have increased by 32% so far in 2024, many international economists propose that this level could double.

According to ONI, inflation rose 2.9% in February, higher than the 2.6% registered in January, setting a cumulative figure of 5.5% in 2024. Now, if these figures are compared with figures for the same period until 2023, Cubans pay 32%. More on average.

However, an analysis by American economist Steve Hanke refutes this figure, as according to his study, the actual inflation was 76%. That is, more than double the figure from the Cuban state entity, which takes into account only state markets for its reports.

The continued depreciation of the CUP, which has lost 45.9% of its value against the USD since January 2023, is one of the phenomena that validates the data presented by the American expert.

(TagstoTranslate)Currency exchange(T)Currency exchange in Cuba(T)Currency in Cuba(T)US dollar(T)Inflation in Cuba(T)Currency market(T)MLC(T)Cuban peso(T)Value of euro

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