AREQUIPA, Peru – The value of the dollar in Cuba's informal market rose Tuesday after three days of no change. While the euro also appreciated, both currencies once again reached a record figure in the context of the economic crisis the island is going through.
In the last hours, the American currency climbed to 352 Cuban pesos (CUP), experiencing an increase of two pesos compared to the previous day.
For its part, the euro reached 360 pesos, 8 pesos more than the US dollar and with an increase of two pesos compared to Monday.
According to the daily rate of the independent media elToque , which records the behavior of the informal price of currencies in the country, the average sale of Freely Convertible Currency (MLC) remains at 285 CUP.
The index prepared by elToque takes as a reference approximately 2,000 daily advertisements for the purchase and sale of foreign currencies on various Cuban websites to establish the exchange rate , thus providing an approximation of the behavior of the informal foreign exchange market on the island .
Screenshot: Eltoque.com
In late March, Cuban economist Miguel Alejandro Hayes predicted an uncertain future for the Cuban dollar, warning that its value would continue to rise without a clear limit in the short term. In a recent interview with CiberCuba , the specialist analyzed the causes of this phenomenon and possible solutions.
Hayes highlights two main factors that are behind this upward trend. First, it highlights growing widespread shortages, which are putting pressure on dollar consumption . This scarcity of the national currency supply leads the population to increasingly prefer to use the dollar as a means of exchange.
Second, there is private sector pressure on imports, which significantly increases imports, which in turn increases the demand for foreign exchange.