When everything on the island breaks down due to the lack of fuel, the value of the dollar and the euro continues to grow in the informal market.
LIMA, Peru – In the midst of the acute crisis that the Island is experiencing and the new restructuring undertaken by the Cuban regime due to fuel shortages, the value of foreign currency in the informal market continues to grow.
According to data published by the independent observatory theTOUCH, The dollar rose this Saturday at 495 Cuban pesos (CUP), about five pesos more than the day before. While the euro had a similar behavior: it now stands at 550 CUP.
Likewise, the Freely Convertible Currency (MLC) fell to 400 CUP, five pesos less than the previous day.
The rise on February 7 marks the end of the brief stability that the US currency had presented in the informal market in recent days and continues to establish the euro as the largest currency traded on the Island.
For its part, the floating and official rate imposed by the Cuban regime on December 18 continues to be out of date with the informal scheme. This, despite the fact that the Central Bank of Cuba (BCC) moved its exchange rate rule for the so-called Segment III this Saturday.
This morning, the Cuban State set the US dollar at 455 Cuban pesos, with an increase of six pesos, while the euro rose to 537.86 CUP.
The Cuban Government’s measure is part of the so-called “gradual transformation” of the exchange system, which introduced a third segment with a daily floating rate, determined – according to the official version – by supply and demand and published directly by the BCC in its capacity as monetary authority. This new exchange rate coexists with the two fixed rates already in force: one of 1 USD for 24 CUP and another of 1 USD for 120 CUP, applied to specific operations of the state economic system.
During the advertisement of floating rate on state television, the president of the Central Bank, Juana Lilia Delgado Portal, recognized the existence of differences between official rates and the real value of currencies, a gap that the Government attributes to the shortage of foreign currency and that is now trying to channel through a mechanism controlled by the State.
