The euro remains stable, but at a very high value that continues to put pressure on the daily economy of Cubans.
MADRID, Spain.- The price of the dollar in the informal market Cuba registered an increase again this Tuesday, in an upward trend that has accelerated in recent weeks. According to the daily monitoring of The Touchthe US currency consolidates its position as the main reference for transactions and purchases on the Island, amid the sustained depreciation of the Cuban peso.
While the dollar continues to become more expensive, the euro and the MLC remain stable, a behavior that reflects the dynamics of a parallel market characterized by speculation, high demand and scarcity of official currencies. The difference between the informal price and the rate established by the Cuban State continues to widen, directly affecting the purchasing power of the population.
In addition to these currencies, the Cuban informal market also shows a sustained rise in other foreign currencies, such as the pound sterling, the Canadian dollar and the Mexican peso. Exchange platforms reflect that these currencies follow a trend similar to that of the dollar, although with minor variations. There are also quotes from electronic payment methods, such as Zelle, which continue to consolidate as alternative means for transactions inside and outside the country.
This escalation represents a direct blow to the domestic economy. Salaries and pensions in Cuban pesos are increasingly insufficient to cover basic expenses, especially food and medicine, whose prices are usually governed by the value of informal currencies.
Independent economists point out that the sustained increase in the dollar is also a reflection of the lack of confidence in the national currency and the absence of effective policies to stop its depreciation. Although the Government has talked about implementing a more flexible exchange rate system, no concrete measures have been announced to support that objective.
In practice, the population is forced to turn to the informal market as the only alternative to access foreign currency, which reinforces a de facto dollarization that widens inequalities and makes economic planning even more difficult for millions of Cuban families.
