The price of the dollar continues to rise in the informal market after the entry into force of the new currency exchange rates decreed by the government two weeks ago and there is no sign of any change in this trend after the announcement, this Monday at the Round Table, of a supposed opening to foreign investment in trade under state control.
Up to 130 pesos is paid per dollar outside the official circuits, according to the independent media The touch in its daily chart. The euro has the same value in the informal market and the freely convertible currency (MLC) reaches 134.5 pesos.
The Government announced last August 3, in desperation and in the midst of the worst economic crisis in the country’s history, the purchase of dollars in cash at 120 pesos, instead of 24, and since last August 9, the Cubans You can now withdraw national currency at ATMs with this exchange rate. From this Tuesday, you can also transfer funds through magnetic cards in MLC to accounts in pesos with the new exchange rate.
However, the rise in currencies is dragging down the prices of many products that are sold in the private market and also in the informal market in Cuban pesos (CUP).
“The seller says that they have to buy the euro to deposit it and thus acquire the flour in MLC, so now it costs more”
“The bag of bread that last week I paid 70 pesos and this Saturday cost me 90,” laments a resident of Los Sitios, in Central Havana. “The seller says that they have to buy the euro to deposit it and thus acquire the flour in MLC, so now it costs more.”
Merchandise such as soft drinks, juices and beer, which can only be purchased at MLC to supply private businesses, are also on the rise in private restaurants and cafes. The 330 ml can of imported beer that a couple of weeks ago was bought for 200 CUP, is now around 250. Also the main dishes based on chicken, fish or shellfish have increased in price in the palates.
For its part, the real estate market increasingly expresses its prices in foreign currency, given the instability of the peso. On classified sites, listings for homes for sale most often carry the dollar amount with a “payable in the United States” warning. Others clarify that “if you don’t have the euros in your hand, don’t even call.”
The best offer in the informal foreign exchange market contributes to further reduce the lack of enthusiasm that customers had to sell euros and dollars in bank branches. This Monday the employee of the Metropolitan Bank located on the ground floor of the Ministry of Transportation in Havana asked several times while she was organizing the line in front of the office: “Anyone to sell foreign currency?” No one answered.
A few meters from that branch, a private cafeteria offered a more favorable exchange rate. “We accept payment in dollars, one at 130,” explained a young man to a couple of customers who wanted to pay with a ten-dollar bill. “The change is given in pesos, yes,” said the employee. “Much better than in the Bank that are still asleep and have not raised the price”.
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