Once again the price of the US dollar has fallen again in the informal market in Cuba, accentuating the downward trend of the last 10 days. The euro zone banknote and the Freely Convertible Currency (MLC) also fell in their prices against the peso.According to the representative exchange rates that El Toque publishes every day, the dollar today is around $220.00 CUP, compared to $225.00 CUP the previous day.
For its part, the euro falls another 5 pesos in the last 24 hours and is trading at $225.00 CUP this Thursday. It continues to be the most valuable foreign currency in the island’s informal market, in line with international exchange rates.
The MLC (denomination referring to the digital or bank dollar) in recent days was anchored around $210.00 CUP, however, today it fell approximately 3 units and is trading around $207.00CUP.
Bancarization and speculations
According to the renowned Cuban economist Pavel Vidal, the current decline in foreign currencies in the exchange market, or the revaluation of the Cuban peso, could have been influenced by the controversial process of accelerated banking that the island’s government is undertaking and by the speculative effect of the own abrupt descent of the last days.
In other words, many Cubans sell their dollar and euro reserves out of fear that they will lose more value. But, as supply increases, and due to the caution of buyers, their devaluation deepens.
However, since there are no more weighty causes in the Cuban economic sphere, experts do not rule out a rebound at any time. Of course, it remains to be seen if the dollar and the euro return to values above 250 pesos, as they were before the decline of the last week.
