The dollar and the MLC approach 170 Cuban pesos in the informal market

The US dollar and the freely convertible currency (MLC) are trading this Thursday at 168 and 169 Cuban pesos, respectively, on the island’s unofficial market.

These values, calculated from the analysis of offers posted on social networks and classified advertising sites, are further and further away from the official rate set by exchange offices (CADECA).

The euro also continues to rise in the informal marketat a value of 166 CUP, according to the representative rate of the unofficial foreign exchange market in Cuba prepared by independent digital media touch.

These representative values ​​take into account the prices set by natural persons and some amount to 170 CUP for 1 US dollar.

Since the Cuban government announced the second phase of the implementation of An exchange rate controlled by state institutionsForeign exchange and MLC did not stop its increase in the informal market, a situation for some economists caused by the lack of action by the Cuban Central Bank.

In this scenario, before the end of the year, these currencies could be sold for 300 Cuban pesos or more, which would mean an increase in the impoverishment of citizens, an increase in inflation in Cuba, and a decrease in the purchasing power of salaries and pensions.

American economist The Cuban Peso is ranked by Steve Hanke as the fourth most valuable currency in the world In the last years.

“Since January 2021, the peso has depreciated by 68.35% against the dollar,” the expert said this week.

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