The United States dollar (USD) remains unstoppable in the Cuban informal market. The currency rose today to $2.00 CUP and is now trading at $320.00 CUP on the streets and social networks of the Island.
The accelerated pace has caused the USD to cut its current margin against the euro. During this week its value has not stopped rising; It is estimated that in the coming weeks it will reach $400.00 CUP.
If we talk about the euro, today it woke up with the same value as yesterday Thursday, $322.00 CUP. The European Union currency has lost the wide difference it had with respect to the USD in just a couple of weeks. However, it is also forecast to rise in price as the month of March progresses.
Finally, the Freely Convertible Currency (MLC) dawns this Friday with a stable value of $270.00 CUP. Of the three main currencies in terms of exchanges and redemptions, only the USD showed an increase in its price compared to the previous day.
Dollar governs prices in Cuba
It is a fact that every day that the American dollar increases its value in the Cuban informal market, prices on the Island also increase the cost of living. In fact, inflation indices register records every day in all the products that are marketed.
In this case, those that increase the most without stopping are the costs of food and medicine in the illegal market. Private businesses import their products in USD. Hence, by increasing its value they automatically have to increase the cost of the products they sell in their stores.
So far Cuba has not “corrected” the currency rate in its Exchange Houses (CADECA). For now, the quarter remains the same with the dollar deciding and setting guidelines in the life of each Cuban.
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