The American dollar (USD) continues to climb in the Cuban informal market, reaching a new record price in the last 24 hours. The independent media elToque reported on Wednesday that the dollar rose to 1 x 267 CUP, which is an increase of one peso compared to the previous day.
Many people on the street are anticipating that the value of currencies will continue to rise, especially with the approaching end-of-year holidays and increased consumption despite the struggling Cuban economy.
The euro also remains high at 1 x 275 CUP, while the freely convertible currency (MLC) stands at 1 x 245. The median purchase and sale values for the euro also remain at 275 pesos.
The informal exchange market has a significant impact on the lives of Cuban citizens, who are facing inflation, widespread shortages, and an ongoing economic crisis. The increasing value of reference currencies in the informal market is seen as a way for people to meet their growing daily needs.
The Cuban official press has dismissed the value of the dollar in the informal market as “fictitious,” attributing it to external forces attempting to destabilize the government. However, the reality of the rising currency values is reflected in the purchase and sale announcements on social networks.
elToque calculates its reference rate by analyzing all purchase and sale advertisements on social networks and classified websites, providing a useful tool for understanding the values of major currencies in the country.