The “correction” experienced by the informal currency market in Cuba, after a month of May of abrupt rises and falls, leaves this Sunday a new rise in the price of the freely convertible currency (MLC).
The volatility of the informal market has caused recent weeks of vertigo among buyers and sellers of currency in Cuba. Although the first fortnight of May was one of continuous and rugged increases, the second left a striking collapse in the price of currencies.
However, in the first week of June the trend reversed again, in an even more abrupt and accelerated manner, and in just four days the reference currencies of the informal market had practically recovered their pre-crash prices.
This Sunday, the rate of the informal foreign exchange market prepared by the independent media the touch, registers a new rise in the MLC that, after earning 10 pesos in one day, places its price at 310 Cuban pesos (CUP)the maximum reached by this virtual currency in its history.
Euros and dollars they do not experience changes in their prices compared to the previous day, and they remain at 400 and 390 CUP respectively. Both currencies are also trading at prices very close to their historical highs (402.5 and 395 CUP respectively).
The rise of the MLC – a currency implemented by the Cuban regime for electronic transactions – heralds new changes in the quotes of European and US currencies.
According to the more or less usual pattern of the informal market, increases in euros and dollars usually happen first and then drag down the MLC. The reversal of this trend this Sunday may indicate an imminent rise in the prices of the dollar and the euro.
Madness seems to have broken loose in the informal currency market in Cuba. This Saturday the US dollar experienced an increase of 10 pesos in less than six hours during the same day, which reflects the volatility of money prices in an economy weighed down by stagnation and inflation.
Exchange rate today 06/09/2024 – 7:19am in Cuba:
- Dollar exchange rate USD to CUP according to the touch: 390 CUP
- Euro exchange rate EUR to CUP according to the touch: 400 CUP
- Exchange rate of MLC to CUP according to the touch: 310 CUP
Alternative exchange rate from other platforms:
- Dollar (USD) exchange rate: Buy 371 CUP, Sell 390 CUP
- Euro (EUR) exchange rate: Buy 381 CUP, Sell 404 CUP
- MLC exchange rate: Buy 299 CUP, Sell 304 CUP
Faced with this chaotic panorama, the independent media the touchwhich documents the ups and downs of the value of currencies in the informal market, reported that has strengthened controls to calculate the representative rategiven the growing suspicion of attempts to inflate or collapse values with false advertisements.
The independent media alluded to a campaign by “government actors associated with State Security and with propaganda spokesmen of the Communist Party” who, since April, have tried to delegitimize that media and the methodology they use to calculate the rate.
Campaign to which – as they pointed out – “private sector actors have joined who ensure that they have the ability to coordinate to promote the appreciation of the Cuban peso.”
