Saturday, February 24, 2024

The price of the dollar rose in informal trading in Cuba for the third day in a row

The dollar and MLC woke up this Sunday with new record sales figures in the informal market of Cuba, as revealed by the daily rate of independent media ElToque, which records movements in the informal price of the island’s currencies.

The dollar, in particular, chained three consecutive days of increase and rose on January 28 to 285 pesos.

The Freely Convertible Currency (MLC) also increased, reaching 252 pesos on average in informal sales, an increase of two pesos compared to its previous value.

The European currency, for its part, remains unchanged and is traded at 290 CUP.

The median of the values ​​registered in the last 24 hours marks the purchase offers with an increase in the case of three currencies.

The dollar registers average offers to buy and sell at 285 CUP, while the euro registers an average of 290 pesos for both operations.

In the case of MLC, the average is 252 for the acquisition and the sale of convertible currency.

The sharp increase in the dollar and the euro in the informal market comes after an announcement by the Cuban state corporation CIMEX. SA on the launch of the Classic Card, a rechargeable dollar card for nationals and foreigners, as well as the launch of another USD prepaid card from Banco de Crédito y Comercio (BANDEC).

The path of the dollar, euro, and MLC is uncertain after the announcement of a crusade by the Cuban government against the informal sale and purchase of these currencies. However, at the moment, they have not only regained their values ​​before the decline they suffered at the end of December but have also begun to rise to prices they have not yet reached.

The temporary fall affecting the three reference currencies began on December 22, just two days after the Cuban Prime Minister, Manuel Marrero Cruz, let that be known Starting this January, the official dollar rate in Cuba will change.

At the time, Marrero Cruz did not specify what the new amount would be or the exact date on which it would begin. Until January 24, the Cuban authorities did not make any official announcements about this issue.

Days after Manuel Marrero’s public intervention before the National Assembly, the Minister of Economy of Cuba, Alejandro Gil, committed that they intervene in the informal currency market, which they describe as “distortion.”

The reference rate of elToque is prepared after analyzing the advertisements for buying and selling published on social networks and classified websites. From this result, a price is established that is used to determine the values ​​of the main currencies circulating in the country.

For months, the Cuban regime has been trying to blame ElToque for promoting a high exchange rate that, in the opinion of the government, would harm the Cuban economy and cause inflation on the island.

World Nation News Desk
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