The Freely Convertible Currency (MLC) remained stable at 205 pesos, a sign of the lack of popular interest in a currency of little use.
HAVANA.- The US dollar fell this Monday to 440 Cuban pesos in the informal market, its lowest level in almost three weeks, according to the representative rate disclosed by the independent media The Touch. The drop was ten pesos in just 24 hours. The euro also decreased to 500 CUP and the Canadian dollar fell to 260 CUP. The only value that showed a slight rebound was the Mexican peso, which rose to 22.65 CUP, in a context of lower demand for foreign currency on the street.
Economist Pedro Monreal explained in your X account that this recent depreciation is influenced by current factors, especially the expectation of an increase in remittances after the passage of Hurricane Melissa, a frequent behavior in Caribbean countries after severe natural events. This temporary increase in dollars in circulation would have reduced pressure on the exchange rate.
On the other hand, the Freely Convertible Currency (MLC) remained stable at 205 pesos, a sign of the lack of popular interest in a currency useful only in undersupplied state stores.
Cuba is currently facing a humanitarian crisis marked by widespread blackouts, water shortages, and damage to infrastructure and homes. The disconnection between the official economy and daily life deepens: the average state salary is around 4,000 CUP, less than ten dollars at the street exchange rate.
In this emergency context after Hurricane Melissa —coupled with dengue outbreaks and a structural poverty crisis—, the current decline in the dollar appears to be a temporary oscillation. Once the extraordinary flow of remittances has been overcome, everything indicates that the currency will become more expensive again.
Furthermore, specialists point out that the recent volatility of the informal market reflects the absence of institutional mechanisms capable of stabilizing the exchange rate. The lack of transparency in state operations, restrictions on the purchase and sale of currency, and uncertainty about future economic measures create an environment in which any expectation—from the arrival of remittances to rumors of new regulations—can cause abrupt variations in prices.
