The value of the dollar in the informal market in Cuba has reached a new high, according to a report by independent media outlet elToque. The average selling price of the dollar rose to 264 pesos, setting a new record for the US currency in the country.
The euro and the freely convertible currency (MLC) maintained their values from the previous day, with the European currency at 270 and the MLC at 242 CUP. Meanwhile, there are purchase and sale offers for the euro at 270 on average, with the median for the dollar at 262 CUP in the acquisition and 265 in the sale.
This rise in the value of the dollar in the informal market is closely followed by Cubans, who have been using foreign currencies to alleviate the shortage and high prices in the country. The informal exchange market largely governs the lives of citizens, who face inflation and economic crisis on a daily basis.
The Cuban official press has dismissed the value of the dollar in the informal market as “fictitious,” attributing it to political and economic manipulation by external forces. However, the reality indicates that the sale of foreign currency on the black market has become a constant in Cuba, as state banking and financial entities have limited marketing and availability of money.
The exchange rate reported by elToque is prepared after analyzing all the purchase and sale advertisements published on social networks and classified websites, providing a representative price for the main currencies in the country. This informal market has become an essential resource for many Cubans in navigating the difficult economic landscape on the island.