Today, the Cuban informal market once again registers an increase in the price of the US dollar, a sustained upward trend that has already been going on for 4 consecutive days.
This Tuesday the US dollar marks a new sales record, according to the independent media elToque, in its daily analysis of exchange rates on the island.
The US currency reached $346 Cuban pesos per unit, an increase of 1 peso compared to the previous day.
In just 4 days, from April 6 to 10, the dollar has experienced an increase of 6 Cuban pesos, now being only 4 units behind the euro, which remains at 350 pesos but is the most valued currency on the island.
In addition, the Freely Convertible Currency (MLC) has also increased its value today, reaching $284.00 CUP.
As we know, elToque’s referral rate is based on buy and sell ads on social networks and classified websites. Therefore, the figures shared should be considered as references and not necessarily representative of completed operations. In any case, they are much more faithful than those imposed by the island’s financial institutions, which are already talking about a new and necessary correction.
A new government announcement
In fact, the increase takes place despite the fact that many expected a drop in informal exchange rates, following new statements by Cuban Prime Minister Manuel Marrero Cruz on the need to address exchange duality and the informal currency market, quotes show no signs of slowing down.
It is not the first time that the government makes allusions to the need to intervene and take center stage in the currency exchange in Cuba. On previous occasions, some assertions have triggered the fear of sellers and buyers, leading to a fall in exchange rates. This time it has not been like that.
In any case, the growing increase in the US dollar and the euro against the Cuban peso speaks of the deep economic crisis that Cuba is going through. A situation exacerbated by the lack of effective policies to stabilize the national currency. The exchange rate instability highlights the failures of the centralized economic model, evidencing a crisis both economically and in the design of a serious and credible strategy to reverse the current situation.
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