MLC is growing in the Cuban informal market. This is the price of dollar and euro

Today, the value of freely convertible currency (MLC) in the Cuban informal market increased by three pesos to reach 243 CUP.

This increase represents a significant change in trend, as the virtual currency used by the government in its specialized agencies fell sequentially on December 31 (reaching 242 CUP) and January 1 (falling to 240).

This recovery in the average MLC price comes amid a general depreciation that has affected the three base currencies in the unofficial market since December 22 last year.

Price of the dollar and euro in Cuba today

In contrast, the dollar and euro maintain their value at 265 and 270 respectively, according to the latest rates published by independent media outlet elToque, which closely monitors the island’s daily exchange rates.

The median buy and sell values ​​recorded over the last 24 hours suggest that it is possible that the dollar will also soon experience an increase in value, as it is represented by average buy offers at 265 CUP and sell offers at 265 CUP. 267 pesos.

The government intends to take control of the foreign exchange market

This widespread decline in the value of the three base currencies began on December 22, two days after Cuban Prime Minister Manuel Marrero Cruz announced changes to the official dollar exchange rate in Cuba starting in January. Although no details about the new rate or the exact date of its entry into force were reported.

During his speech at the National Assembly of People’s Power (ANPP), Marrero took the opportunity to criticize independent media coverage of movements in the informal foreign exchange market on the island, noting that “this fact must be put to an end.” it is from a foreign country and a computer that predicts what the exchange rate will be in the country.”

A few days later, Cuban Economy Minister Alejandro Gil announced an intervention in the informal foreign exchange market, which he called a “distortion.”

“The foreign exchange market is one of the major distortions facing the economy, and this is not intentional. We did not design the foreign exchange market that operates in the country, but an important part of the foreign exchange that non-state actors acquire occurs in this market,” Gil said on the Mesa Redonda television program.

No action taken yet

Despite these statements, Gil did not provide details on how the regime plans to address the “distortions” and limited himself to saying that they would resolve the situation through “very well thought out strategies.”

In recent months, the Cuban government has attempted to hold elToque responsible for promoting a high exchange rate that it claims is harming the Cuban economy and contributing to inflation on the island. The elToque base rate is calculated by analyzing buy and sell advertisements posted on social media and classifieds sites, allowing a price to be set that reflects the value of the major currencies in circulation in the country.

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