The price of the dollar rose in the Cuban exchange market today

Every day of the last week of March 2024, we wake up to the news of an increase in the price of the dollar or euro in the Cuban exchange market. There is no relief for the already depressed wallets of “ordinary” Cubans.

The price of the US dollar in Cuba’s informal market reached a new all-time high in trading this Thursday 332 Cuban Pesos (CUP) For every USD. This worrying increase reflects the upward trend experienced by both the dollar and the euro in recent days in the black currency market.

This panorama represents a difficult blow to the Cuban population, which is already in a precarious economic situation due to a severe financial and supply crisis. The appreciation of the dollar increases difficulties in obtaining basic products, limits savings options and increases inflation, which has a negative impact on the purchasing power of citizens.

The US dollar rose today at an average exchange rate of 332 Cuban pesos for each green bill, according to a daily study by independent media El Toca. Two seats more than yesterday. While in the European region the euro continues to trade at an exchange rate of 340 pesos per euro. Finally, Freely Convertible Currency (MLC) is sold for an average of 275 pesos.

The value of the dollar is skyrocketing. a continuing trend

The increase in the price of the dollar, as well as the price of the euro, in the Cuban exchange market is a constant trend on the island.

The population’s need to acquire dollars to meet basic needs such as purchasing food and medicine in the informal market increases the demand for the US currency.

The lack of liquidity in the official exchange market, combined with the government’s limited ability to obtain foreign currency, creates an imbalance that drives up the price of the dollar in the unofficial market. In Cuban banks the US dollar is being sold at 120 Cuban pesos and the euro at 130 pesos, which is far from reality.