For the third consecutive day the US dollar is being bought and sold below 100 pesos (CUP) in the informal Cuban currency market, according to the bowl representative that calculates the independent mean The touch.
The cited source states that the dollar is being sold on average at 98 CUP and is being bought at 90.
The average trading value of the Freely Convertible Currency (MLC) and the euro have also continued to decline, although they maintain very similar figures. The MLC is sold at 107 and bought at 105; while the euro is sold on average at 110 and bought at 105.
Since last May 27, when the sale of a dollar reached 100 Cuban pesos on averagethe informal value of the US currency has remained below 100 CUP.
The figures at first glance show a timid revaluation of the Cuban pesowhich some attribute to the announcement of a relaxation of US sanctions on the island since the Cuban government will sell foreign currency at an exchange rate higher than the official one and below the informal.
However, the prestigious economist Elías Amor described the current situation as a “specific parenthesis” and believes that in the coming months the national currency will continue to depreciate in relation to currencies.
“Except for this punctual parenthesis, which may be motivated by the massive arrival of travelers from the United States between January and April, the downward trend continues. The peso will continue to depreciate against the dollar, euro and MLC because there is no reason why justify a change in trend,” said the expert.
“The Cuban economy is in a very weak situation (…) On the other hand, regardless of what happens with the peso, the restrictive monetary policies adopted in the United States, and in Europe as of June, reinforce the value of their currencies, further dragging down the peso,” he added.
Another who has recently given his opinion on the subject is the popular humorist Ulises Toirac. In his opinion, the latest measures of the North American president Joe Biden they will not achieve a substantial change in the flow of money on the island because despite the previous restrictions, Cuban families “continued to find ways to get their help through the most unthinkable ways.”
“The second reason is that inflation rates are so bizarre that in the medium term these measures are not going to change that. (And the third, which I say and repeat, and it’s not my joke, is that the real recovery of the peso against currencies it is production, more na, forget about juggling with the foreign exchange market… that’s stupid)”, Toirac assured on Facebook before describing the current circumstance as “montage”.
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