Monday, December 11, 2023

The price of the dollar fell in the informal market in Cuba

The value of DOLLARS experienced a slight drop in the Cuban informal market this Tuesday after dropping by one peso and from 253 a 252 CUP.

The euros and the freely convertible currency (MLC), for their part, maintained their values ​​in the last days of October 24 at 260 and 230 pesos, respectively, as revealed by the rate published today by independent media eloquent.

In the last 24 hours, the euro reported offers to buy and sell an average of 260 pesos, which points to the strength of that currency in the market.

In the case of the dollar, the median is 250 CUP to acquire and 254 to sell.

The MLC stands at 230 Cuban pesos to buy and the sale of the virtual currency that it is bought in Cuban stores made for that purpose fell by two pesos, standing at 228 pesos, two below the relation of the previous day.

The informal Cuban market, not very stable, governs most of the lives of the citizens living on the island.

From the oscillations of this exchange rate movement the rising price of products, especially essential items, is established at street level.

The price of reference currencies on the Cuban black market rose throughout July and most of August.

However, at the end of August, the three currencies began to fall, once again exposing the instability of informal currency buying and selling on the island.

After almost two weeks in which the devaluation of the Cuban peso was stopped in the informal market – between the end of August and the beginning of September – last month the dollar, the euro, and the MLC began a process of recovery, which is little failure in between. , as experienced this Tuesday in the US currency.

The Observatory of Currencies and Finance of Cuba (OMFi) expects in its bulletin “Signals of the Cuban exchange market”, published at the end of August, that the brake on the devaluation of the Cuban peso will lose momentum, as it happened.

World Nation News Desk
World Nation News Desk
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