The value of the dollar and the Freely Convertible Currency (MLC) has surged in recent hours in sales operations in the informal market in Cuba, according to independent media outlet elToque. The average sale price of the dollar in the last 24 hours climbed to 260 CUP, marking a two peso increase from the previous day. This record price has not been seen since elToque began documenting the representative value of the currencies in the informal market. The MLC also saw an increase, rising to 240 pesos on average in informal sales efforts.
The euro remains the best valued on the black market at 265 CUP, now only 5 pesos above the dollar. Purchase offers for the euro stand at 265 pesos and 267 for sale, potentially indicating a future rise in the European currency in the informal market. The median purchase and sale values of the dollar are 257 CUP for acquisition and 260 for sale, while the MLC stands at 237 Cuban pesos for purchase and 240 for sale.
Cubans closely follow the evolution of these currencies in the informal market as a means of coping with the economic crisis and food shortages. The informal market governs a large part of the lives of citizens residing on the island, from setting prices of products to determining the cost of basic necessities. The prices of reference currencies on the Cuban black market have been on the rise, with a rapid recovery process that has been maintained since the beginning of September.
elToque’s reference rate is established after analyzing purchase and sale advertisements published on social networks and classified websites to determine the values of the main currencies circulating in the country. The continuous increase in the value of these currencies reflects the ongoing challenges faced by Cubans in the current economic climate.