AREQUIPA, Peru – The price of the US dollar in the Cuban informal market experienced another increase on July 24, reaching a value of 310 Cuban pesos (CUP), which represents an increase of seven pesos compared to the previous day.
The euro remained stable in the informal market, trading at 315 CUP, according to the daily study carried out by the independent media The touch.
For its part, the freely convertible currency (MLC) maintained its value on Wednesday in the island’s informal market, opening at 270 Cuban pesos.
The index prepared by the media takes as a reference about 2,000 daily currency buying and selling advertisements on various Cuban websites to establish the exchange ratethus providing an approximation of the behavior of the informal foreign exchange market on the Island.
After a sustained decline, the new upward trend in the value of the dollar (started this Tuesday) takes place in the midst of the struggle between the island’s micro, small and medium-sized enterprises (MSMEs) and the Cuban regime. In particular, after the controversial decision of the Government to cap the prices of high-demand products sold in the retail network.
Cuban economist Pedro Monreal He recalled on his social network account X that one of the clearest lessons left by the experience of price caps in Cuba is that they do not work effectively.
“The ‘price containment’ established in official documents ends up becoming a ‘repressed’ inflation that is accompanied by shortages and prices on the black market,” he concluded.
In this scenario, the results of the measure remain to be seen and the future of the quotation of the three reference currencies in the informal market of Cuba may continue to be unstable.
Follow our channel WhatsApp. Receive the information from CubaNet on your cell phone through Telegram.
