MLC recovery amid volatile currency prices in Cuba’s informal market

This Friday, the value of freely convertible currency (MLC) in the Cuban informal market will increase by three pesos. It is 243 CUP.

The virtual currency that the Cuban government operates in its stores is designed for this purpose. experiences a rebound after consecutive falls occurring on December 31 (to 242 CUP) and January 1 (at 240).

MLC average price increase inserted in the middle the overall fall in the value of the three benchmark currencies on the unofficial market since December 22 last year.

On January 5, the dollar and euro remain at their values ​​of the last days: at 265 for US currency and 270 for European currencyAccording to independent media touch The daily rate is reported using the island’s exchange rate.

The median value of purchases and sales recorded over the last 24 hours predicts that The dollar may also soon increase in value, with the average buy offer price being 265 CUP and the sell offer price being 267 pesos.

Median value of purchases and sales recorded in the last 24 hours (photos from elToque)

The fall of the three base currencies began on December 22, two days after the speech of the Prime Minister of Cuba. Manuel Marrero Cruz would announce that Starting in January, the official dollar exchange rate in Cuba will be changed.although he did not specify what the new value would be or the exact date it would take effect.

Marrero did not miss the opportunity – during his speech to the National Assembly of People’s Power (ANPP) – to criticize the independent media recording movements in currency exchanges on the island’s informal foreign exchange market.

“We must put an end to the fact that a foreign country and a computer predict the exchange rate that will govern the country. Moreover, this exchange rate is speculative and is used as a benchmark for setting all prices. national level,” the senior leader emphasized.

A few days later he became Cuba’s Minister of Economy. Alejandro Gilwho assured that They would intervene in the informal foreign exchange market, which they called “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 the important part of foreign currency that is made by non-state purchasers. it’s the same in this market,” Gil said on the TV program. Round table.

In his speech, Gil did not provide details on how the regime plans to fix the economy, but limited itself to identifying “distortions” and ensuring that they are corrected through “very well-thought-out strategies.”

The Cuban regime has been trying to blame touch promoting a high exchange rate, which the government believes will harm the Cuban economy and trigger inflation on the island.

Base rate touch It is compiled after analyzing purchase and sale advertisements published on social networks and classifieds websites. Based on this result, a price is set that is used to determine the value of the major currencies circulating in the country.

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