Title: US Dollar Hits Record High in Cuba’s Informal Currency Market
Subtitle: Cuban Regime’s Measures Bring Uncertainty as Demand for US Dollar Continues to Soar
The US dollar’s value in Cuba’s informal currency market has surged to new heights, surpassing previous records. As reported by the independent medium, The touch, the US dollar reached a staggering rate of 235 Cuban pesos (CUP) on Saturday, following its recent breach of the 230 CUP milestone.
The touch, known for monitoring the Informal Currency Market and preparing its Representative Rate, analyzes a significant number of currency purchase and sale offers. As per their calculations based on 1,913 messages in the past 24 hours, the reported figures indicate the ongoing upward trend in the value of the US dollar.
Not only has the US dollar witnessed enormous growth, but the freely convertible currency (MLC) has also experienced an increase, rising by one point to 206 CUP compared to the previous day. Meanwhile, the European currency (Euro) remains steady at 240 CUP.
Contrary to the Cuban regime’s efforts to limit the outflow of cash in the Central Bank, their measures have only added to the uncertainty among the population, which has already suffered from previous economic policies aimed at organizing the economy, eliminating dual currency, and promoting electronic payment methods.
A week ago, concerns about the instability in the informal USD exchange market were raised by The touch. Since then, the US dollar has seen a staggering 10-peso climb, further intensifying worries.
Earlier predictions from mid-July by independent media indicated that the reference currencies in Cuba’s informal market would not only continue their upward trajectory, but also surpass initial forecasts, as observed in the cases of the US dollar and the euro.
The existence of an informal exchange market provides a better alternative for meeting the population’s currency demands compared to the restricted official market, which often lacks sufficient funds and is solely operated by the state’s banking and financial entities.
The reference rate of The touch is determined by analyzing social media announcements and classified sites related to currency purchase and sale. This rate assists in understanding the current values of major currencies circulating in the country.
Despite the Cuban regime’s attempts to curb the surge in the US dollar’s value, the informal currency market in Cuba continues to defy expectations, leaving the population uncertain about the future of the country’s economy.