MIAMI, United States. – This Wednesday, the informal currency market in Cuba registered an increase in the values of the euro and the US dollar. According to monitoring carried out by The Touchthe European currency rose five pesos, reaching 340 Cuban pesos (CUP), while the dollar rose one peso, reaching 323 CUP.
In this way, the euro reaches its highest value in recent weeks. For its part, the dollar, which has shown slight fluctuations in its value in recent days, is once again at the level of 323 CUP.
In contrast, the Freely Convertible Currency (MLC) registered a drop of five pesos, settling at 265 CUP.
Exchange rates on October 9, 2024
- Euro (EUR): 340 CUP
- US Dollar (USD): 323 CUP
- Freely Convertible Currency (MLC): 265 CUP
These variations reflect the unstable behavior of foreign currencies in Cuba, where the informal market has become a barometer of the country’s economic situation.
This economic context, marked by constant fluctuations, affects both the population and commercial operations, which depend on foreign currencies in a limited and highly speculative financial market.
Last June, the price of foreign currencies increased steadily, while in July it experienced a significant drop and subsequently a period of stability for several weeks.
According to the Central Bank of Cuba (BCC), the dollar is quoted at 120 CUP and the euro at just over 130 CUP, but the demand for foreign currency makes the majority of the population turn to the informal market, where prices are higher. and the most accessible currencies.
Recently, the Cuban authorities They threatened sanctions to those who carry out transactions in the informal foreign exchange market. According to the official newspaper Granma, These operations are illegal and can result in penalties of “deprivation of liberty of two to five years, or a fine of 500 to 1,000 quotas, or both.” Cuban legislation emphasizes that any transaction of sale, transfer, transmission or acquisition of foreign currency outside the official framework constitutes a crime.
