Sunday, October 1, 2023

Another sharp fall in the value of the dollar in the Cuban informal market

A week after the dollar’s price began to fall on the Cuban informal market after months of inexorable gains, this Tuesday marks another day of decline for the US currency, which is trading today at 230 CUP, five pesos less compared to the previous day.

The euro and the freely convertible currency (MLC), on the other hand, will not experience a price change on August 29th; they remain at 240 and 210 CUP, respectively.

The Cuban peso in cash is trading at 1.18 pesos in bank accounts, despite recent warnings from authorities about the illegality of such operations.

According to the rate published by independent digital media company elTOQUET dollar has been reported to have bought a minimum of 220 pesos and a maximum of 230 pesos for sale in the last 24 hours, which could indicate the downward trend may resume.

In euros, the median was 230 CUP when buying and 240 when selling.

The MLC was 205 CUP when buying and 210 CUP when selling.

On October 3, 2022, the dollar reached 200 pesos for the first time. However, there were fluctuations in the following months, characterized by several declines. On June 12, the US currency rebounded to 200 pesos, and since then, the US currency has risen steadily in the informal market.

The prices of the reference currencies on the black market rose throughout July and much of August. The dollar was quoted at 250 CUP for the first time, and the price remained stable for a week.

However, on August 23, after the US currency traded at 250 pesos, 255 pesos for the euro, and 215 pesos for the MLC for a week, the three currencies gradually began to fall, indicating instability on the informal currency buying and selling market in Cuba.

After months of progressive devaluation, the Cuban peso has halted its fall and is gradually beginning to rise.

The reference rate of elTOQUE The elaboration is carried out after analyzing all the announcements of purchases and sales published on social networks and classifieds sites. With this result, a price is established, which serves to determine the values ​​​​of the main currencies circulating in the country.

World Nation News Desk
World Nation News Desk
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