Unstoppable rise of dollar, euro and MLC in informal market creates uncertainty

How did the dollar, euro, and freely convertible currencies (MLCs) emerge in the informal currency market in Cuba? The continued increase in the value of these currencies leaves ordinary Cubans who depend on this support for basic purchases in uncertainty.

The unofficial currency market in Cuba opened this March 5 with stable prices of the dollar, euro and freely convertible currencies (MLCs). Although there is no immediate increase, exchange rates remain unchanged Record levels: 320 cups per euro, 315 cups per dollar and 270 cups By MLC. This means that the cost of convertible currencies remains high for the Cuban population.

It is important to keep a close eye on the market behavior in the coming days as there is a possibility that the uptrend will resume later this week.

Dollar, Euro and MLC in Cuba today

The Cuban peso continues to depreciate, leading to a steady rise in the currency’s price in recent weeks. However, according to a daily study by independent media L Talk, this March 5 has seen an unusual stability in the value of foreign currencies against the local currency.

It is still too early to determine whether this stability will hold, as the devaluation of the Cuban peso is a constant factor that could put upward pressure on the currencies price at any time. It is recommended to closely monitor market developments in the coming days to gain a better perspective on the situation.

It is important to mention that the exchange rates mentioned above are in line with the unofficial currency market in Cuba. In this market, the prices of foreign currencies are usually much higher than the official rates set by the Central Bank of Cuba.

This significant difference between official rates and unofficial market rates is due to the shortage of foreign currency in Cuba. The devaluation of the Cuban peso has also contributed to the problem.

It is important to note that the informal currency market is illegal in Cuba. However, many people turn to this market to obtain the foreign currency needed to buy basic products, pay for services, etc.