The informal Cuban currency exchange market has started the day with a prevailing instability, hinting at a potential increase in prices as the US dollar and the euro have been at the same cost for days. The Freely Convertible Currency (MLC) is currently experiencing the most fluctuations on the black market. The recent rise in prices over the weekend has caused uncertainty and anxiety among the population, but today’s market seems to indicate a return to that moment for both the dollar and the euro, as well as the MLC, which has notably risen in price on March 21.
According to the daily analysis by Toque, foreign currencies in Cuba remain relatively stable on March 21, 2024. The euro is quoted at 330 pesos, the American dollar at 325 pesos, and the Freely Convertible Currency (MLC) has seen a price increase to 275 Cuban pesos in the informal currency market on the island. It is important to note that these prices are averages and may vary slightly in different parts of the island.
The increasing demand for foreign currency among the Cuban population in recent years can be attributed to the need to acquire basic products not available in the national currency, the Cuban peso. This demand is also fueled by the scarcity of basic goods in stores that operate in Cuban pesos, forcing citizens to turn to stores selling foreign currency for essentials like food and personal hygiene products. The limited access to foreign currency poses a significant challenge for the Cuban population, impacting their consumption possibilities and quality of life.