Today, May 4, the currency market in Cuba has seen the Freely Convertible Currency (MLC) reach a new record in its price, while also experiencing stability in European and North American currencies. The Toque daily study reported that the MLC has finally reached round figures in its cost after days of hovering around 300 pesos.
Despite the calm in the market, there is concern about the impact of the rising prices of foreign currencies on the national currency and the purchasing power of Cuban workers. The lack of government intervention in the exchange market has exacerbated the situation, leading to a continuous devaluation of the Cuban peso.
The increase in foreign currency prices has directly affected the purchasing power of Cubans, making it challenging for them to afford imported products and services. This situation has contributed to a rise in poverty levels in the country.
According to the Toque website, the informal currency exchange rate in Cuba today shows the US dollar being traded at an average of 385 Cuban pesos, while the euro remains stable at 390 pesos. The MLC has reached 300 pesos, and the Canadian dollar is selling for over 240 pesos on the black market.
The ongoing fluctuations in currency prices highlight the challenges facing the Cuban economy and the need for sustainable solutions to improve the financial stability of the country. Subscribe to notifications for the latest updates on Cuba’s currency market.