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Sunday, October 2, 2022

The unofficial exchange rate for the euro, dollar and MLC in Cuba is skyrocketing

Nothing has calmed the exchange rate of currencies such as the euro and the US dollar in the so-called “black market” in Cuba. On this day of 9 August, their cost has skyrocketed to close to 130 Cuban pesos, with a steady upward trend of the three currencies of the street exchange, including the Freely Convertible Currency (MLC).

After the government measure to introduce an alternative rate of 120 Cuban pesos for every dollar to buy foreign currency, the black market skyrocketed. It’s lukewarm at first, but a week later it’s already well above the state rate. According to various currency buying and selling groups, this is how things are going today.

The Schengen Zone Euro is being sold in the informal market for an average of 129 Cuban Pesos. And it is being bought for 125. Its average value is around 127 Cuban Pesos. At the same time, the US dollar is selling above 125 pesos and is being bought at 120.

Finally, a freely convertible currency has become operational in Cuba. It is sold for over 127 Cuban pesos on average, and is bought for upwards of 126. Thus the range of sales today is between 126 and 127 Cuban pesos. As we anticipated, The exchange rate of the MLC is equivalent to the Euro in Cuba.

Exchange rates in Cuban banks today, Euro, Dollar, MLC

For example in Cuban banks banco central The position of the Cuban currency exchange rate is as follows. The Euro is being bought above 122 Cuban Peso, Swiss Franc above 125 and Pound Sterling above 145 Cuban Peso. The US dollar is still agreed upon at 120 pesos.

Other banks, such as Metropolitano, which serves the population of Havana, report the euro at 119.98, and the US dollar at 110.40. With these rates, it is still convenient for the on-going population with foreign exchange on the island to sell their money in the informal market.

The Unofficial Exchange Rate For The Euro, Dollar And Mlc In Cuba Is Skyrocketing

World Nation News Desk
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