The price of the euro in the Cuban informal market broke a new record this Thursday after suddenly gain three pesos in just 24 hours and climb up to 240 CUP.
The freely convertible currency (MLC) also increased its price, which went from 202 to 203 CUP, marking a slight increase of one peso compared to the previous day, according to the rate published by the independent digital media. the touch.
Regarding the dollar, maintains its value at 230 CUPa figure that reached the 1st of August.
Although in recent days the dollar had closed the gap in the informal market in relation to the European currency, the euro is now imposed by 10 pesos of difference with the value of the dollar in the informal representative rate.
In the case of the euro, they were reported in the last 24 hours purchase offers for a minimum of 238.50 pesos and a maximum of 240 in the saleaccording to the information provided by digital means.
For the MLC, the oscillation was 200 CUP in the purchase and 205 in the sale; while the US currency registered average purchases of 230 pesos and sales of 231.
The sudden increase of three pesos of the European currency led the aforementioned independent media to describe once again as “unstable” the outlook for the euro in the informal market.
As they have already explained on other occasions, the alert is activated when the exchange rate (measured in real time) varies (rises or falls) by 1% above what it had varied in the last 20 days.
“This applies to the Representative Rate of the Informal Market (TRMI) of the dollar, the euro and the MLC. The objective is to generate alerts only when there are sudden and unexpected changes compared to the trend that the market brings in recent weeks”, Explain the touch.
Regarding the reason for considering 1% as a limit to alert about instability, they refer that a 1% change in a single day is larger than usual.
The euro reached 200 pesos in the informal sale in mid-May; it supposes that In two and a half months, the European currency has achieved an increase of 40 pesos for each euro sold in the informal market.
The price of the reference currencies in the Cuban informal market were on the rise throughout July, and have begun August with a similar trend, which consolidates the devaluation of the Cuban peso, which continues in free fall against the systematic increase of the reference foreign currencies.
The strong devaluation of the national currency in the face of the sustained increase in the price of the reference currencies in the informal market occurs, in addition, at a delicate financial moment in the country, as the Central Bank of Cuba (BCC) imposed a strong control on cash on Wednesday through the announcement of measures aimed at banking collection and payment transactions among all the actors in the economy.
The bankarization of the country aims to minimize the use of cash. The measures announced this Wednesday by the BCC begin to be applied on August 3, 2023.
The existence of an informal exchange market satisfies the demand of the population with better results than the official one, where sales are limited and there is not always cash in state banking and financial entities, the only ones authorized to carry out this type of activity.
The reference rate of the touch It is elaborated after analyzing all the purchase and sale announcements published on social networks and classified websites. With this result, a price is established that serves to know the values of the main currencies that circulate in the country.
