How is the euro worth in Cuba today? This February 11, the price of the euro skyrocketed in the informal currency market in the European region. Given the high demand and low availability, records are set in foreign exchange every day in Cuba. The national currency, the Cuban peso, continues to lose value against foreign currencies.
The informal currency market in Cuba reveals a large gap between the prices of major foreign currencies and the official exchange rate set by the Central Bank of Cuba (BCC). This indicates a shortage and high demand for foreign exchange on the island, which is suffering from a severe economic and social crisis.
The US dollar reached 300 Cuban pesos today, according to a daily report by independent media El Toca. In the black currency market today one dollar is exchanged for 300 pesos, while the BCC receives it for 120 pesos. Of course, no one sells to the state.
Meanwhile, the euro rose above 300 Cuban pesos and the MLC, the currency used for payments in foreign exchange shops, was bought and sold at 260 Cuban pesos. This virtual currency, equivalent to one dollar, has increased continuously in recent weeks.
Euro, dollar and MLC in Cuba today
One of the main needs of Cubans today is to obtain foreign currency, especially dollars and euros, so that they can purchase basic necessities and enter stores in the MLC. This reality reflects the deep economic crisis Cuba is going through, with a shortage of foreign currency, instability of the Cuban peso and a lack of confidence in the national currency.
The informal exchange market, which escapes the control of the Cuban state, sets exchange rates according to supply and demand, generating a situation of uncertainty and variability for the population. The Cuban government must adopt immediate measures to overcome the economic and financial crisis.